NJ BAC nNews Release: 11/17/2022

IRS.gov Banner
e-News for Small Business November 16, 2022

Tax Resources for Small Business

Small Business Self-Employment Center
Small Business Forms & Instructions
Small Business Tax Workshops, Meetings and Seminars
Webinars for Small Businesses
E-file Employment Tax Forms
Businesses with Employees
Self-Employed Individuals Tax Center
S Corporations

Other Resources

IRS Home Page
A-Z Index for Business
Forms, Instructions & Publications
Filing Your Taxes
Pay Online
Taxpayer Advocate Service
Retirement Plans for Small Entities and Self-Employed
Tax Information for Charities
and Other Non-Profits

State Government Websites
SSA/RS Reporter
IRS Social Media
 
 

Issue Number:  2022-17

Inside This Issue

  1. IRS improving service by hiring thousands for 2023 filing season
  2. Know the difference between a hobby and a business
  3. Program expanded for certain retirement plans
  4. Taxpayer Bill of Rights: Taxpayers right to finality
  5. 2023 PTIN renewal period underway
  6. Doug O’Donnell to serve as acting IRS Commissioner
  7. New Tax Gap data underscores importance of compliance efforts
  8. Other tax news

1.  IRS improving service by hiring thousands for 2023 filing season


The IRS recently hired 4,000 new customer service representatives to help answer phones and provide other services. In addition to the thousands of employees already hired, the IRS is also seeking over 700 new employees to help taxpayers at Taxpayer Assistance Centers across the country.
This marks significant progress as the agency prepares for the 2023 filing season. This increase in staffing is part of much wider IRS improvements enabled by the Inflation Reduction Act funding approved in August 2022.
Back to top

2.  Know the difference between a hobby and a business


Sometimes knowing the distinction between a hobby and business isn’t always clear cut. The IRS has provided resources to help people make the determination.
The following information is available on IRS.gov to help a taxpayer determine if their hobby qualifies as a business: Back to top

3.  Program expanded for certain retirement plans


The Treasury Department and the IRS recently announced an expansion of the 403(b) retirement plan. Taxpayers can find details of the expansion in Revenue Procedure 2022-40, which includes other changes and contains notable additions for:
  • Expansion for initial plan determination
  • Terminations
Back to top

4.  Taxpayer Bill of Rights: Taxpayers right to finality


The IRS reminds taxpayers interacting with the IRS on one of their ten basic rights - the right to finality. These ten basic rights, known as the Taxpayer Bill of Rights, are a set of fundamental rights that taxpayers should be aware of. The right to finality comes into play for taxpayers going through an audit and explains that taxpayers have the right to know when the IRS has completed their audit.
Back to top

5.  2023 PTIN renewal period underway


The IRS urges active tax return preparers to start the upcoming 2023 filing season smoothly by renewing their Preparer Tax Identification Numbers (PTINs) now. All current PTINs will expire December 31, 2022.
Visit IRS.gov for more information about how to renew a PTIN online, how to apply for a PTIN and PTIN system enhancements.
Back to top

6.  Doug O’Donnell to serve as acting IRS Commissioner


Outgoing IRS Commissioner Chuck Rettig recently announced that Doug O’Donnell, IRS Deputy Commissioner for Services and Enforcement, has been selected to serve as acting IRS Commissioner. Commissioner Rettig’s term ended on November 12,2022.
Back to top

7.  New Tax Gap data underscores importance of compliance efforts


The IRS released a new set of tax gap estimates on tax years 2014 through 2016 showing the estimated gross tax gap increased to $496 billion, a rise of more than $58 billion from the prior estimate.
Back to top

8.  Other tax news


The following information may be of interest to individuals and groups in or related to small businesses:

 

Back to top

FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo LinkedIn Logo

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.