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IMPORTANT TAX UPDATES FOR SMALL BUSINESS OWNERS


IMPORTANT TAX UPDATES

Understanding the changes to tax laws and regulations can seriously affect your business and personal tax return. Make sure that you have a tax preparer that is aware of these changes and can answer any questions you may have regarding these changes. If you are in need of a professional tax preparer, please contact a Succentrix Business Advisor near you!

 

1. IRS delays $600 reporting threshold change for issuing Form 1099-K


  • The IRS announced a delay to the change of reporting thresholds for third-party settlement organizations. Third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount.

  • The IRS released guidance outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting that would generate Form 1099-Ks for taxpayers. This news release is also available in Spanish and Simplified Chinese.

 



2. Clean Energy

Credits




 

3. Standard mileage rates for 2023; Business use increases 3 cents per mile



  • The IRS issued the 2023 optional standard mileage rates for calculating deductible costs of operating an automobile for business, charitable, medical or moving purposes.

  • Notice 2023-03 contains the optional 2023 standard mileage rates, as well as the maximum automobile cost used to calculate the allowance.

 

4. Final 2022 quarterly estimated tax payments due January 17




- Know what’s taxable o Stay current using the Tax Withholding Estimator

- Understand who needs to make a payment

 


5. Interim guidance on new corporate alternative minimum tax





The Treasury Department and the IRS issued Notice 2023-07, which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.

 


6. Other Tax News





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

For any questions, please contact a Succentrix Business Advisor Near You!



 


SUCCENTRIX BUSINESS ADVISORS "Your Full-Service, Cloud-Based Accounting & Tax Professionals." Accounting > Bookkeeping > Payroll > Tax Preparation > Tax Resolution Business Advisory > Business Valuation


 

“Small Businesses Self-Employed: Internal Revenue Service.” Small Businesses Self-Employed | Internal Revenue Service, https://www.irs.gov/businesses/small-businesses-self-employed.


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