The IRS, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax–saving opportunities and get ready for reporting changes that take effect in 2023. The IRS has reminded entrepreneurs that with next year’s filing deadline nearly a year away, taxpayers still have time to identify possible tax benefits, take action to qualify for them and claim them when they file in 2024. They also have time to plan for reporting changes and even claim overlooked tax benefits from the recent past.
Further, the Service has reminded taxpayers to utilize the provisions of the Inflation Reduction Act (IRA), which can save business owners money on energy costs. Additionally, eligible employers who overlooked the Employee Retention Credit (ERC) when they filed payroll tax returns for 2020 and 2021 can still claim it by filing the form 941-X available on the IRS website. Form 941-X filers and businesses that file other types of returns can visit the IRS website for details, forms and instructions.
Meanwhile, employers who provide educational assistance programs can use them to help pay student loan obligations for their employees. Detailed information on the same, taxpayers are requested to see Publication 970. Additionally, information for employers on the employment tax treatment of fringe benefits is available here.
Further, the Service informed that certain businesses and other taxpayers may receive Form 1099-K during January 2024. For more information featuring useful tax-related tools and resources, the IRS has requested taxpayers to visit the Small business week webpage.