Feedback on notices and letters, trucker deadline, stock options, 3 energy credits
Tax Resources for Small Business
Inside This Issue
One year into its modernization efforts under the Inflation Reduction Act and the IRS continues to make significant progress toward its goals of delivering world-class service, upgrading its technology and ensuring high-income taxpayers, large corporations, and complex partnerships pay taxes owed.
First year progress includes:
The IRS Strategic Operating Plan outlines how it will use the funds received under the Inflation Reduction Act of 2022. The plan includes ways for updating IRS notices and letters, making it easier for taxpayers to read, understand and respond.
The IRS is asking for stakeholder feedback on letters or notices they have received to help accomplish this goal.
Anyone wanting to submit feedback or ideas on improving IRS letters and notices can do so though the firstname.lastname@example.org mailbox. Feedback should include the name or number of the notice or letter, the submitter’s experience with the notice or letter, and a clear explanation of how to improve the written communications.
The IRS will consider feedback received by Aug. 23, 2023, in its next round of updates – but welcomes feedback after that date since the agency will be updating its notices and letters on a continuing basis.
The agency will not be able to respond to each individual email, but it will share how it used taxpayer and stakeholder feedback to improve its notices and letters as the projects proceeds.
The IRS encourages those who have registered, or are required to register, large trucks and buses with a taxable gross weight of 55,000 pounds or more to e-file Form 2290, Heavy Highway Vehicle Use Tax Return, by the Aug. 31, 2023, payment deadline for vehicles first used in July 2023.
Get more information on who must file, what information to gather and filing options, and more.
As part of an expanded focus on ensuring high-income taxpayers pay what they owe, the IRS warns businesses and tax professionals to be aware of compliance issues associated with Employee Stock Ownership Plans (ESOPs).
Prior to the Inflation Reduction Act, more than a decade of budget cuts prevented the IRS from keeping pace with the increasingly complicated set of tools that the wealthiest taxpayers use to hide their income and evade paying their share.
“The IRS is now taking swift and aggressive action to close this gap,” IRS Commissioner Werfel said. “Part of that includes alerting higher-income taxpayers and businesses to compliance issues and aggressive schemes involving complex or questionable transactions, including those involving ESOPs.”
The IRS provides avenues to report individuals who promote improper and abusive tax schemes, as well as those who deliberately prepare improper returns.
Energy Efficient Home Improvement Credit
Expanded credit for homebuilders under Section 45L
Solar and wind powered energy facilities in low-income communities
The following information may be of interest to individuals and groups in or related to small businesses:
Guidance and regulations
Thank you for subscribing to this IRS email service.
This message was distributed automatically from the mailing list e-News for Small Business. Please Do Not Reply To This Message.
|This email was sent to email@example.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535