Recent Internal Revenue Service regulations affecting small businesses

IRS requests public comment on Gas Guzzler Tax information collection activities under the Paperwork Reduction Act of 1995.

The IRS reduces the Preparer Tax Identification Number user fee from $11 to $10 for tax return preparers applying for or renewing a PTIN, with an additional amount payable to the third-party contractor.

Final IRS regulations define qualified tips and identify occupations that customarily received tips through December 31, 2024, establishing tax deduction eligibility for tipped workers.

Proposed federal excise tax regulations on remittance transfers effective after December 31, 2025 will affect money transfer providers and individuals sending funds abroad.

IRS requests public comments on the information collection requirements for long-term care premiums paid statements under the Paperwork Reduction Act of 1995.

IRS requests public comments on information collection activities for carrier summary reports, terminal operator reports, and ExSTARS information return filing extensions under the Paperwork Reduction Act.

IRS invites comments on information collection burden for reporting distributions to foreign persons under the Paperwork Reduction Act of 1995.