The Internal Revenue Service is accepting applications for the 2024 Internal Revenue Service Advisory Council. Applications are accepted through May 31, 2023.
The IRSAC serves as an advisory body to the IRS commissioner and provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public.
The advisory council:
1. proposes enhancements to IRS operations.
2. recommends administrative and policy changes to improve taxpayer service, compliance and tax administration.
3. discusses relevant information reporting issues.
4. addresses matters concerning tax exempt and government entities.
5. conveys the public’s perception of professional standards and best practices for tax professionals.
IRSAC members are appointed to three-year terms by the IRS commissioner and submit a report to the commissioner annually at a public meeting. The IRS is accepting applications for terms that begin in January 2024.
Nominations of qualified individuals may come from individuals or organizations. IRSAC members are drawn from diverse backgrounds representing a cross-section of the taxpaying public with experience in:
1. tax preparation for individuals, small businesses and large multi-national corporations.
2. tax exempt and government entities.
3. information reporting.
4. taxpayer or consumer advocacy.
Applications should document the proposed member’s qualifications. Applicants must be in good standing with their own tax obligations and demonstrate high professional and ethical standards. All applicants must apply and pass a tax compliance and practitioner check. For those applicants deemed “best qualified,” FBI fingerprint checks are required.
More information, including the application form, is available on the IRSAC webpage. Questions about the application process can be emailed to publicliaison@irs.gov.
The Internal Revenue Service is highlighting tax benefits and resources to help those looking to start a business.
When choosing to start a business, it’s important to consider the following:
Employer Identification Number
Most business owners will need an Employer Identification Number (EIN). It’s a permanent number and can be used for most business needs, from opening bank accounts to filing a tax return by mail. Business owners can get their EIN immediately by applying online at IRS.gov at no cost.
Business structure
Taxpayers must decide what form of business entity to establish when starting a business. This helps determine which income tax return form must be filed. The most common business structures are:
Understand business taxes
By law, everyone must pay taxes as they earn income. For small business owners and self-employed people, that usually means making quarterly estimated tax payments as their business earns or receives income during the year. The form of business being operated determines what taxes must be paid and how to pay them. The four general types of business taxes are:
Good recordkeeping
In addition to helping with tax return preparation, maintaining well-organized records can also help small businesses prepare financial statements, identify sources of income, keep track of deductible expenses and monitor their progress, among other benefits. Taxpayers should plan to maintain their records for at least three years.
Business year options
A “tax year” is an annual accounting period for reporting income and expenses. Small businesses must figure their taxable income based on a tax year and can choose between:
Additional information