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1.  COVID: Broad-based penalty relief for millions of taxpayers

To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 tax returns late certain 2019 or 2020 tax returns late. The IRS is also taking an additional step to help those who’ve already paid these penalties by providing a refund or credit. The IRS expects to complete these payments by the end of September 2022.

This relief will be automatic – there’s no need to call the IRS.

The COVID-related penalty relief news release provides more information on what penalties are included and what criteria must be met to receive relief.

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2.  September 15 deadline for third quarter estimated tax payments

The IRS reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is September 15, 2022.

Taxpayers with income that isn’t subject to withholding can learn more about making timely quarterly payments, including those who:

  • Are self-employed, investors or retirees

  • Have income such as interest, dividends, capital gains, alimony, cryptocurrency or rental income

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3.  2021 tax extension filers, don’t overlook important tax benefits

The IRS reminds taxpayers who’ve yet to file their 2021 federal income tax return to make sure they take advantage of the deductions and credits for which they’re entitled and to file electronically as soon as possible.

"Each year, eligible taxpayers overlook money saving deductions and credits that can help them with the cost of raising a family, daycare, paying for college, saving for retirement or making a donation to charity," said IRS Commissioner Chuck Rettig. "We want to ensure they're aware of all the tax benefits for which they may qualify."

Tax tip: Taxpayers: File when ready, don’t wait until October 17 to file a 2021 tax return

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4.  September is National Preparedness Month

With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the IRS urges everyone to develop an emergency preparedness plan, or if they already have one, update it for 2022.

Taxpayers should consider six areas when updating and securing tax records before natural disasters strike.

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5.  Every taxpayer has the right to privacy

The privacy of America's taxpayers is paramount at the IRS. The right to privacy is 1 of the 10 rights the Taxpayer Bill of Rights gives all taxpayers.

The right to privacy ensures taxpayers can expect that any IRS inquiry, examination or enforcement action will comply with the law and not be unnecessarily intrusive.

Learn how this affects financial documentation, personal property and more.

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6.  Aspiring entrepreneurs: Learn the basics of setting up a business

New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but has resources to help new business owners.

The basics include:

  • Applying for an employer identification number

  • Choosing a business structure

  • Choosing a tax year

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7.  Interest rates increase for fourth quarter

The IRS announced that interest rates will increase for the calendar quarter beginning October 1, 2022. The rate will be 6% for most taxpayers.

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8.  Other tax news

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

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