Individual retirement accounts can be important tools in retirement planning Tax Tip 2023-116, Sept. 28, 2023 — It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Businesses must electronically file Form 8300 for cash payments over $10,000 Tax Tip 2023-115, Sept. 26, 2023 — Beginning Jan. 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. For those with fewer information returns, e-filing Form 8300 is still optional. Reminder: Educational assistance programs can help pay workers’ student loans Tax Tip 2023-114, Sept. 25, 2023 — Employers that offer educational assistance programs can also use those programs to help pay their employees’ student loans. Builders of new energy efficient homes may qualify for an expanded tax credit Tax Tip 2023-113, Sept. 20, 2023 — Eligible contractors who build or substantially reconstruct qualified new energy efficient homes may be eligible for a tax credit up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home's energy efficiency and the date when someone buys or leases the home. Avoiding identity theft scammers posing as the IRS Tax Tip 2023-112, Sept. 19, 2023 — Imitation may be the sincerest form of flattery, but when scammers pose as the IRS it means trouble for taxpayers. Identity thieves may contact taxpayers through fraudulent calls, emails, texts or social media messages pretending to be the IRS. Here are tips to help taxpayers know when the IRS is contacting them. Know the different types of authorizations for third-party representatives Tax Tip 2023-111, Sept. 18, 2023 — Taxpayers can authorize a third-party representative to work with the IRS on their behalf. Sometimes this person is an unpaid family member or friend, and sometimes this is a tax professional hired by the taxpayer. Different types of representatives need different authorizations before they can represent the taxpayer to the IRS. Tips to help taxpayers make sure their donations go to legitimate charities Tax Tip 2023-110, Sept. 12, 2023 — When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. The extension deadline is coming up – avoid bad apples when choosing a preparer Tax Tip 2023-109, Sept. 6, 2023 — The Oct. 16, 2023, extension filing deadline is coming up, and many taxpayers who requested an extension are now choosing a tax return preparer. Most tax return preparers provide honest, quality service, but there are some bad apples out there – from unethical preparers to outright scammers. Tax basics for setting up a business Tax Tip 2023-108, Sept. 5, 2023 — Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new business owners understand the tax responsibilities of running a business. Tax Tip Archive IRS Tax Tips from January 2011 forward.