e-News for Small Business Issue 2022-07
Internal Revenue Service (IRS) sent this bulletin at 05/11/2022 02:45 PM EDT![]() |
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Issue Number: 2022-07Inside This Issue
1. Recap of Small Business Week The IRS joined the Small Business Administration in support of its 2022 National Small Business Week. Small business owners, employers and self-employed individuals should visit the Small Business Week page on IRS.gov. The page features:
As part of the IRS’s increased multilingual outreach, IRS.gov pages have links to all available translations on the right side, just below the title. 2. IRS reminds employers of penalty relief related to claims for the Employee Retention Tax Credit Small businesses and others have asked for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed Employee Retention Tax Credit (ERTC), but the taxpayer is unable to pay the additional income tax because the ERTC refund payment has not yet been received. IRS news release 2022-89 reminds employers that, consistent with the relief from penalties for failure to timely pay noted in Notice 2021-49, they may be eligible for relief from penalties for failing to pay their taxes if they can show reasonable cause and not willful neglect for the failure to pay. 3. IRS issues notices to help payers correct backup withholding errors Beginning in mid-April 2022, the IRS started sending CP2100 and CP2100A notices to financial institutions, businesses or payers who filed certain types of information returns that don’t match IRS records. The notices inform payers that an information return is missing a Taxpayer Identification Number, has an incorrect name or a combination of both; and what steps they need to take to correct it. The notices also inform payers that they are responsible for backup withholding under certain circumstances. 4. 2022 IRS Nationwide Tax Forum begins July 19 The 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday. The forum offers education on tax law, virtual currency, collection issues and many other topics. 5. OIC Form 656 Booklet updated for 2022: Use this version to avoid processing issues The IRS recently updated its Offer in Compromise Form 656 Booklet for 2022. The booklet contains all the forms necessary to submit an offer as an individual or business. Taxpayers submitting OICs to the IRS must use the most current year version of the booklet to avoid unnecessary issues with processing their offers. An updated Spanish version of the form is scheduled for release later this year. Taxpayers thinking about submitting an offer will want to check out the IRS’s Offer in Compromise Pre-Qualifier Tool to make sure they’re eligible to file one. Note: even though individuals and businesses can submit an offer, the tool is currently only available to individuals. The IRS also created an easy-to-navigate OIC video playlist to help taxpayers to file an offer on their own and avoid paying excessive fees to companies advertising outlandish claims. Find more information on offers at IRS.gov/oic. 6. Virtual currency guidance now available in multiple languages IRS tax guidance is now available in multiple languages for individuals and businesses with transactions involving virtual currencies. 7. A Closer Look: Planning for disasters The latest executive column from “A Closer Look” features IRS Commissioner Chuck Rettig, discussing how to prepare for potential disasters from the aspect of safeguarding tax and financial records. “Whether you live in an area frequently impacted by disasters or not, being prepared for an event that could cause damage to your home, your personal property and important documents is critical,” said Rettig. “One of the most important things I tell family and friends to do is to safeguard their financial records.” This column is also available in Spanish. The following information may be of interest to individuals and groups in or related to small businesses:
Filing season follow-ups
Updated and revised FAQs
Applications and nominations
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