e-News for Small Business July 22, 2022
Tax Resources for Small Business
Small Business and Self-Employed One-Stop Resource
Small Business Forms & Instructions
e-File for Businesses and Self-Employed
Other Resources
Tax Information for Charities
and Other Non-ProfitsIssue Number: 2022-10
Inside This Issue
- Extension filers: Summertime tax help on IRS.gov; file taxes soon
- IRS Online Account makes it easy for taxpayers to view their tax info anytime
- Business-related travel deductions
- Companies who promise to eliminate tax debt sometimes leave taxpayers high and dry
- Is your pastime a hobby or a business?
- ID theft and scams
- Taxpayer Bill of Rights
- Other tax news
1. Extension filers: Summertime tax help on IRS.gov ; file taxes soon
Millions of people are still waiting to file their tax returns. The IRS reminds them to file as soon as possible – and to take advantage of special tools on IRS.gov .
Small businesses can use IRS.gov to find:
- An interactive assistant for answers to many tax-related questions
- Tax topic information
- Up-to-date information on refunds
Those who owe taxes and missed the April 18 deadline should file and pay electronically as soon as possible to reduce penalties and interest.
2. IRS Online Account makes it easy for taxpayers to view their tax info anytime
Taxpayers wanting to check their account information including balance, payments, tax records and more, can log into their IRS Online Account. It’s a simple and secure way to get information fast.
Taxpayers can learn more about the available features and access their online account here .
3. Business-related travel deductions
Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able to off-set some of those costs by claiming business travel deductions when they file their taxes.
Learn about what travel deductions are available to businesses with employees who travel away from their tax home or main place of work for business reasons.
4. Companies who promise to eliminate tax debt sometimes leave taxpayers high and dry
As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses who advertise and offer to help them reduce their tax debt.
Dishonest Offer in Compromise mills try to take advantage of a taxpayer's lack of knowledge to make a quick buck.
5. Is your pastime a hobby or a business?
From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies might never turn a profit. For hobbies that do earn income, people should know they must report it on their tax return.
Learn more about what taxpayers should know to help decide whether they have a hobby or a business .
Identity Protection PINs provide an important defense
The Security Summit partners want everyone to spread the word about the IRS Identity Protection PIN Opt-In Program . The program helps protect people against tax-related identity theft.
Spear phishing tips
Spear phishing scams affect all types of businesses and organizations, including small businesses with a client database. Small businesses can use these tips to help protect client data from common identity theft scams .
By law, all taxpayers have fundamental rights when they’re interacting with the IRS. It’s important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories .
The following information may be of interest to individuals and groups in or related to small businesses:
- New IRS Strategic Plan : Agency issues five-year plan with goal to help taxpayers
- Special virtual sessions coming up for those interested in compliance positions; IRS hiring 470 revenue agents
- IRS Security Summit renews warnings for tax pros to guard against identity theft amid continued threats
- Electronic Tax Administration Advisory Committee issues annual report to Congress
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