Author Archives: c07890220

First Thursday Minutes June 6, 2019

Attendees:
Tax Professionals: Darrel Beadle, Jacob Borash, Barbara Brown, Carrie Christensen, Robin Clemmensen, Brad Decker, Jodi Eckhout, Maria Gaffney, Jacen Gondringer, Truman Hardy, Steffanie Haring, Marshall Heap, Cindy Hockenberry, James Hockenberry, Stephanie Jerge, Terry Johnson, Bill Kelly Judy Lashinski, Linda Martin, Ruth Ann Michnay, Kaye Nabo, Dan Ogard, Jodee Paape, Darian Panasuk, Joshua Prince, Kathy Reiniger, Diane Saeger, Jing Shan, Laura Swanson, Will Wallace, Angela Siener Williams

Stakeholder Liaisons:
Doug Blade, Karen Brehmer, Kathleen Fox, Eden Holsman, Alan Gregerson, Mike Mudroncik,
Stakeholder Liaison Managers:
Kristen Hoiby, Manager of Area 6 Shane Ferguson, Director
Departments of Revenue:
Halla Elrashidi – MN John Fuller – IA Dawn Holtmeier – NE Fran Krejci – NE

Webinars
Four webinars planned for June. Check Webinars for Tax Practitioners.
Check out the archived webinars on the IRS Video Portal.

Discussion items
1) Sec 199A, DPAD, Form 1040 line 10
Form 1040 instructions for line 10:

“If you have a domestic production activities deduction passed through from an agricultural or horticultural cooperative under section 199A(g), attach a statement to your return titled “DPAD 199A(g).” Reduce the amount of taxable income you enter on line 10 by the amount of your deduction.”

In some instances, generally before March 1, the IRS appears to have missed this statement, and we sent CP11T telling the taxpayer that their tax was computed incorrectly. But it was not wrong – it was an IRS error. The tax preparer should get Form 2848 and call PPS. (FYI – You can call PPS if you checked the Third Party Checkbox.) Tell PPS that the statement was overlooked and the tax on line 10 is correct. You may have to send a letter to the IRS to get us to correct the tax.

2) The IRS Video Portal has archived webinars
Why this matters: You can view webinars you missed. You can get the PPT and a transcript
of the audio.
• IRS Video Portal at www.irsvideos.gov
• Tax Reform webinars on the home page.
• Click on Tax Practitioners tab for more webinars.
• Use search box to find topics of interest.
• The video portal shows the length of the video or webinar.
• The video portal shows the date it aired, or the date it was reviewed for accuracy.
• You can’t get CE, but it’s good to learn something new!

3) National Taxpayer Advocate Report
Why this matters: Find out what the National Taxpayer Advocate says about the issues the
IRS is facing. Find out what she says about taxpayer’s experiences with the IRS.
• National Taxpayer Advocate delivers annual report to Congress: Addresses impact of
shutdown; urges more funding for IT modernization
• Read the 17 page preface
• The full report is split into two volumes.
• The largest section of the report, which identifies at least 20 of the most serious problems
taxpayers face in their dealings with the IRS, is titled, “The Taxpayer’s Journey,” and is
organized sequentially to track a taxpayer’s interactions with the tax system from start to
finish. Among other issues, it addresses the ability of taxpayers to obtain answers to taxlaw
questions, return filing, notices, audits, collection actions and Tax Court litigation. The
report also contains “road maps” – pictorial representations of the process.

• “One of our goals in creating these roadmaps was to help readers understand the
complexity of the taxpayer journey,” Olson wrote. “It was challenging for us to create
these roadmaps and will probably be difficult for readers to follow them, which hints at the
extreme frustration many taxpayers experience when they have to interact with the IRS.”
o Ruth Ann Michnay commented that she has printed the 6 page “road map” and
shares it with clients to show where they are in the IRS process. She explained
that it’s a great visual.
• The Purple Book presents 58 legislative recommendations designed to strengthen
taxpayer rights and improve tax administration.
• Trivia question: Why is it called the Purple Book? Answer: The Office of the Taxpayer
Advocate is an independent organization within the IRS that advocates for the interests of
taxpayers. The office is non-partisan, and we have dubbed this the “Purple Book”
because the color purple, as a mix of red and blue, has come to symbolize a blending of
the parties.

4) If you are interested in becoming a CAA, now is a good time to do it.
Why this matters: The Service is actively recruiting Certifying Acceptance Agents. The goal
is to increase the availability of individual ITIN services nationwide, particularly in
communities with high ITIN usage.
• CAA stands for Certifying Acceptance Agent.
• Difference between Acceptance Agent and Certifying Acceptance Agent:
o An AA reviews supporting documentation, original or certified copies and
attaches it to Form W-7.
o A CAA reviews and validates the documents and prepares Form W-7 (COA)
Certificate of Acceptance.
• New ITIN Acceptance Agent Program Changes

5) Draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate
IRS, Treasury unveil proposed W-4 design for 2020
FAQs on the early release of the 2020 Form W-4
If you have comments about this draft of Form W-4, you can submit them to
WI.W4.Comments@IRS.gov. Comments should be submitted by July 1, 2019 to be
considered timely.
Publication 15-T, Federal Income Tax Withholding Methods
• Draft Pub 15-T here
• When Pub 15-T is finalized, it will be here

6) Tax Transcript faxing service ends June 28
Why this matters: This is a good time to get set up to access transcripts using Transcript
Delivery System (TDS).
• IRS takes additional steps to protect taxpayer data; plans to end faxing and thirdparty
mailings of certain tax transcripts
• Tax professionals who are attorneys, Certified Public Accountants or Enrolled Agents
(i.e., Circular 230 practitioners) and do not have an e-Services account may create
one and, with proper authorization from clients, can access the e-Services’ Transcript
Delivery System. Unenrolled tax practitioners must have an e-File application on file
and be listed as delegated users to access TDS.

7) Follow up on previous month’s IMRS issues
No POA Notices Received, IMRS issue 18-0002259.
Notice CP522 was not sent to practitioner who had a valid POA, but only to the taxpayer.
Collection indicates that the CP522 is only sent to the taxpayer or entity, even if there is a
POA on file. Practitioners say that they need to get copies of CP522.
Similarly, only the taxpayer gets a copy of the letter informing them they are switching from
being a monthly depositor to semi-weekly depositor. The POA or reporting agent needs to get
a copy of this notice, too.
This issue is still being worked.

Your issues and questions:
1) Filing season review
What went well? What didn’t? What can the IRS do to help you prepare for filing
season 2020?
Comments on the new 1040 form:
The new Form 1040 is like signing a blank check. The taxpayer signs under penalty of
perjury on page 1. There are no dollar figures on page 1 (no income, AGI, tax, etc). All of
that is on page 2. The taxpayer could sign page 1 and an unscrupulous person could
change everything on page 2. The taxpayer has no idea what he or she is signing.

  • Many tax pros agreed with the statement above: the comment that signing page one is
    like signing a “blank check” was excellent. Anything on page two could be added or
    changed without the taxpayer or preparer awareness.
  • The new Form 1040 serves no real purpose. It wastes paper. It’s time-consuming when
    trying to compare years because numbers are buried.
  • New forms are awful. They added wasted paper and confusion.
  • The new 1040 makes it more difficult to explain to taxpayers, having to switch between
    1040 and schedules.
  • The old 1040 was a good summary of income and deductions. They fixed something that
    did not need to be fixed.
  • Agree with everyone – need to scrap the whole thing and go back to the “old” form.
    Waste of paper, very confusing, lots of flipping back and forth when trying to review, etc.
  • The numbers don’t add up. An example would be the calculations on line 6 and line 7 of
    Form 1040.
  • Line 6 Total income. Add lines 1 through 5. Add any amount from Schedule 1,
    line 22
  • Line 7 Adjusted gross income. If you have no adjustments to income, enter the
    amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6
  • There is no place for the tax preparer to enter the date they signed the return.
  • One tax pro said the new 1040 design doesn’t go far enough. They should have changed
    Form 1040 to be more like Form 706. One line for income with a schedule attached. One
    line for deductions with a schedule attached, etc.

2) Another DPAD question
Marshall Heap asked: What about the deduction of the DPAD when calculating MAGI for
determining taxable social security benefits? IRC §86(b)(2)(A) was modified by the TCJA to
no longer make this adjustment but some taxpayers are receiving DPAD in 2018 from fiscal
year partnerships. Most tax preparation software no longer makes this adjustment for 2018
even though it was made in prior years. However, the IRS have been making this adjustment
and issuing refund checks. What should taxpayers do with these checks? The IRS recalculation
complies with the intent of the law but not the letter of the law.
This has been elevated to the TCJA cadre via the IMRS process.

3) VITA returns
Mike provided filing season statistics. This page shows the number of returns e-filed by tax
professionals, and the number of e-filed returns that are self-prepared. Someone asked if
returns prepared through the VITA/TCE program are included in those numbers. No, they are
not.

4) Fax machines
Question: Are fax machines turned off on evenings and weekends? Tax pro sent a fax but it
did not go through.
Answer: The majority of IRS fax numbers are e-Fax numbers, which means the fax is
delivered to an email Inbox. We have very few, if any, traditional fax machines. The e-Fax
numbers were turned off during the government shutdown. Under normal circumstances, e-
Fax numbers remain available 24/7. If you send a fax to an IRS fax number and feel it did not
go through, please contact your local stakeholder liaison.

5) Form 8839
IRS did not accept F8839 adoption electronically last filing season. Why?
We will research this.

State Departments of Revenue:
John Fuller – IA
The Iowa Department of Revenue has partnered with the Center for Business Growth
and Innovation at the University of Northern Iowa to provide free tax webinars on
IASourceLink. https://tax.iowa.gov/webinars
Geothermal Heat Pump Tax Credit

Mark Krause – MN
Our new website launched June 4th. The main website address remains the same.
However, many of the URLs have changed that take you to specific pages. You may
need to update any saved bookmarks in your browser to reflect the changes to our
website. We hope you enjoy using our new website. If you have any feedback or notice
anything missing, please contact me.
• The Governor signed the 2019 tax bill into law on May 29th. This bill address conformity
for tax years 2017 and 2018 and updates the tax code for tax year 2019. We have begun
reviewing and analyzing the bill and its impacts on our customers. It’s extremely
important that you do not file any amended returns that specifically address retroactive
provisions contained in the tax bill for any tax year affected. We will provide further
guidance and resources on our website once we have determined the full impacts of the
bill. Notice that the orange Tax Law Changes button has been replaced by a link on the
bottom of our website. In the meantime, you may sign up , verify or update your
subscription by entering your email address in the request field on the lower right hand
corner of our website and then clicking the Subscribe button.
• We began mailing letters this week to approximately 185,000 taxpayers that may have
included pre-tax medical and dental premiums on line 5 of the M1PR as household
income for 2018. Do not amend a 2018 M1PR to correct this specific issue. If there were
no pre-tax premiums included, the taxpayer doesn’t need to respond. If there were pretax
premiums included, they can either enter the total amount on the letter and mail it
back to us or they can use our new online Letter Response System which will ask for a
few simple pieces of data and then it will submit the information electronically. The
requested information cannot be phoned in by anyone. The good news is that refunds will not be delayed regardless of receiving a response or not. If we get new information after
the refund was processed, we will issue a separate additional refund. For any year other
than 2018 that needs to be corrected, an M1PRX will need to be filed.

Dawn Holtmeier and Fran Krejci – NE
Filing season went well.

Next Call:
The next call will be on the second Thursday in July: THURSDAY, JULY 11.
We’ll send out the WebEx link closer to that date.

Meetings are one hour long. Come when you can, leave when you must.
Thank you to everyone who attended. We appreciate your time and input!

IRS Communications Alert: June 2019 Withholding Outreach Campaign

This week, the IRS has communication to determine the proper amount withheld from employees and estimating accurate tax for the year. There are various links, social media, webinars, YouTube videos, Fact sheets, resources, and newsletters.  Let me know if you share with your members, employees, and others to assist with accurate withholding.  Information is attached above and also below with important information on withholding and estimating accurate tax for the year.            

The IRS continues to urge taxpayers to do a Paycheck Checkup as soon as possible to see if they’re having their employer withhold the right amount of tax. The IRS Withholding Calculator canhelp taxpayers check their current withholding, determine if they need to adjust it and avoid tax filing surprises next year.

 During the week of June 10, the IRS is focusing on helping taxpayers understand what actions they should take now – especially if their taxes turned out differently than they expected this year, and even if they adjusted their withholding last year. If their withholding won’t be enough, they can adjust it or make estimated tax payments to the IRS. The next payment deadline is coming soon: June 17.

 Please help us get the word out — the earlier people check and adjust their withholding, the more time there is for changes to take place evenly during the rest of the year.

 Information to share with your members, clients or employees through your website, emails, social media accounts, newsletters or other channels:

  • News releases, tax tips and drop-in articles: These products are attached to this message. They’ll also be posted in the Paycheck Checkup section of the Tax ReformResources page as they’re issued.
    • June 10
      • IRS continues campaign to encourage taxpayers to do a Paycheck Checkup; use Withholding Calculator to help get right amount for 2019 (news release)
      • Remember: All taxpayers should check their withholding ASAP (tax tip, drop-in)
    • June 11
      • IRS reminder: Get tax withholding right; do a Paycheck Checkup at least once every year (news release)
      • Here’s what taxpayers should know about doing a Paycheck Checkup (tax tip, drop-in)
    • June 12
      • IRS Withholding Calculator can help workers have right amount of tax withheld following tax law changes (news release)
      • There are two ways taxpayers can check their withholding on IRS.gov (tax tip, drop-in)
    • June 13
      • IRS reminds taxpayers to adjust tax withholding to pay the right tax amount (news release)
      • Taxpayers have options for paying the tax they owe throughout the year (tax tip, drop-in)
    • June 14
      • IRS reminder: Taxpayers can help determine the right amount of tax to withhold from their paychecks by doing a Paycheck Checkup now (news release)
  • Fact sheets: Learn the basics of withholding and estimated tax payments. The fact sheets attached to this message in English and Spanish are available on the Tax ReformResources page where they are also available in Korean, Vietnamese, Chinese and Russian.
    • FS-2019-4 – Tax withholding: How to get it right
    • FS-2019-6 – Basics of estimated taxes for individuals
  • Social media: Social media images and posts/tweets in English and Spanish are attached for use on your own social media accounts. You can also share #PaycheckCheckup info from the IRS Instagram account – IRSNews – and the IRS Facebook, LinkedIn and Twitter accounts:

·         @IRSnews – IRS news and tips for the public

·         @IRSsmallbiz – Information for small businesses – NEW!

·         @IRStaxpros – IRS information for tax professionals

·         @IRSenEspanol – IRS news and tips in Spanish

  • Paycheck Checkup: English | ASL
  • How to Use Withholding Calculator for Paycheck Checkup: English
  • IRS Withholding Calculator Tips: English | ASL
  • Do I Need to Fill Out a New W-4?: English | ASL

·         Other resources and general information:

·         Paycheck Checkup page on IRS.gov

·         Tax Reform Resources page

    • FAQs and additional drop-in articles

·         One-page flier: Paycheck Checkup (Pub. 5303), also attached here in English and Spanish

·         Subscribe now to get the IRS’s tax tips or news releases.

Thank you for your continued partnership!

Alan Gregerson

Victory! The Taxpayer First Act of 2019 passes!


It has taken five years, but Congress has finally passed the Taxpayer First Act of 2019, the first comprehensive IRS reform measure to pass in twenty years. NAEA worked closely with tax writers during the entire process and secured a number of provisions that will benefit enrolled agents and their clients. Most importantly, the bill directs the IRS to issue guidance on the use of commercially available electronic signatures applications so your clients can electronically sign powers of attorney and authorization disclosure forms. NAEA worked with tax writers to draft the language, pushed for its inclusion, and protected it through all of the various incarnations of the legislation. NAEA member advocates as recently as last month were on Capitol Hill pushing Congress for this much needed and long overdue customer service improvement. Think of the time this will save you and your clients! NAEA applauds Congress for passing these much needed taxpayer protection and customer service improvements and looks forward to the president signing this bill into law.

No Time to Rest on Our Laurels
Action is also heating up on NAEA’s two other advocacy priorities: increasing funding for IRS and minimum standards for paid tax return preparers.

  • IRS Budget. The House has begun its annual consideration of appropriations bills that fund government agencies, including the bill to fund IRS. The IRS funding bill passed the full Appropriations Committeethis week and will likely be grouped with other funding bills for floor consideration in the coming weeks. The House bill provides $12 billion in funding for IRS, including an additional $400 million for hiring auditors and collection personnel.
  • Minimum Standards for Return Preparers. Jeff Trinca, NAEA’s intrepid and oft-quoted legislative counsel, has gotten word that a minimum standards bill may be introduced in the House soon.

Extenders Outlook Still Murky
Ways and Means Chairman Neal has developed an extenders package that would retroactively extend expired provisions for three years while also expanding refundable credits such as EITC and CTC. However, the package would be paid for by increasing the corporate tax rate, a non-starter for both House and Senate Republicans. Neal has indicated the Ways and Means Committee could mark-up the bill as soon as next week. Meanwhile, Chairman Grassley and Ranking Member Wyden have created five task forces to examine which provisions should be saved and how to do so in a permanent way. Clearly, there is no consensus yet on how to move an extenders package.

Understanding Changes to Transcript Delivery Options
IRS will be hosting a webinar on alternatives to faxing tax transcripts on June 19. NAEA has and will continue to closely follow the rollout of the new program, including making sure all parts of the IRS are fully trained in the new policy.

IRS takes additional steps to protect taxpayer data on tax transcripts

IRS takes additional steps to protect taxpayer data; plans to end faxing and third-party mailings of certain tax transcripts

IR-2019-101

WASHINGTON — As part of its ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service today announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July.

Tax transcripts are summaries of tax return information. Transcripts have become increasingly vulnerable as criminals impersonate taxpayers or authorized third parties. Identity thieves use tax transcripts to file fraudulent returns for refunds that are difficult to detect because they mirror a legitimate tax return.

The halt to the faxing and third-party service this summer are two more steps the IRS is taking to protect taxpayer data. In September 2018, the IRS began to mask personally identifible information for every individual and entity listed on the transcript. See New Tax Transcript and Customer File Number. At that time, the IRS announced it intended to stop its faxing and third-party mailing service, and has since worked with tax professionals to assure they have what they need for tax preparation and representation.

Faxing service ends June 28

Starting June 28, 2019, the IRS will stop faxing tax transcripts to both taxpayers and third parties, including tax professionals. This action affects individual and business transcripts.

Individual taxpayers have several options to obtain a tax transcript. They may:

  • Use IRS.gov or the IRS2Go app to access Get Transcript Online; after verifying their identities, taxpayers may immediately download or print their transcript, or
  • Use IRS.gov or the IRS2Go app to access Get Transcript by Mail; transcript will be delivered within 10 days to the address of record, or
  • Call 800-908-9946 for an automated Get Transcript by Mail feature, or
  • Submit Form 4506-T or 4506T-EZ to have a transcript mailed to the address of record.

Tax professionals also have several options to obtain tax transcripts necessary for tax preparation or representation as follows:

  • Request that the IRS mail a transcript to the taxpayer’s address of record, or
  • Use e-Services’ Transcript Delivery System online to obtain masked individual transcripts and business transcripts, or
  • Obtain a masked individual transcript or a business transcript by calling the IRS, faxing authorization to the IRS assistor and the IRS assistor will place the document in the tax practitioner’s e-Services secure mailbox.
  • When needed for tax preparation purposes, tax practitioners may:
    • Obtain an unmasked wage and income transcript by calling the IRS, faxing authorization to the IRS assistor and the IRS assistor will place the document in the tax practitioner’s e-Services secure mailbox, or
    • Obtain an unmasked wage and income transcript if authorization is already on file by using e-Service’s Transcript Delivery System.

Certain third-party mailings stop July 1

Effective July 1, 2019, the IRS will no longer provide transcripts requested on Form 4506, Form 4506-T and Form 4506T-EZ to third parties, and the forms will be amended to remove the option for mailing to a third-party. These forms are often used by lenders and others to verify income for non-tax purposes. Among the largest users are colleges and universities verifying income for financial aid purposes. Tax professionals also are large volume users.

Taxpayers may continue to use these forms to obtain a copy of their tax return or obtain a copy of their tax transcripts. This change will NOT affect use of the IRS Data Retrieval Tool through the Free Application for Federal Student Aid (FAFSA) process.

Third parties who use these forms for income verification have other alternatives. The IRS offers an Income Verification Express Service (IVES) which has several hundred participants, who, with proper authorization, order transcripts. Lenders or higher education institutions can either contract with existing IVES participants or become IVES participants themselves. The tax transcript is an official IRS record. Taxpayers may choose to provide transcripts to requestors instead of authorizing the third party to request these transcrpts from the IRS on their behalf.

Tax professionals who are attorneys, Certified Public Accountants or Enrolled Agents (i.e., Circular 230 practitioners) and do not have an e-Services account may create one and, with proper authorization from clients, can access the e-Services’ Transcript Delivery System. Unenrolled tax practitioners must have an e-File application on file and be listed as delegated users to access TDS.

Customer File Number helps match transcripts

Because the taxpayer’s name and Social Security number are now partially masked, the IRS also created a Customer File Number space that can be used to help third parties match transcripts to taxpayers. Third parties can assign a Customer File Number, such as a loan application number or a student identification number. The number will populate on the transcript and help match it to the client/student.

Learn more about the Customer File Number at About the New Tax Transcript and the Customer File Number.

IRS NEWS FOR TAX PROFESSIONALS

June 2019

►UPCOMING WEBINARS

Check Webinars for Tax Practitioners for upcoming webinars.

May 30 Qualified Business Income Deduction (199A) June 6 Foreign Earned Income Exclusion

June 13 U.S. Taxation of Employees of Foreign Governments & International Organizations June 19 U.S. Territories – Self Employment Tax

June 27 Tax Residency Status

► IRS VIDEO PORTAL

The following IRS webinars are now archived and available for viewing in the IRS Video Portal: Topic: Understanding Tax Relief for Disasters

Aired: Thursday, March 21, 2019

Topic: Filing is The Thing to Do, Even if You Have a Balance Due

Aired: Thursday, April 4, 2019

Note:

  • The full transcript is provided as closed captioning
  • The Power Point is posted for downloading under the “Slides PDF”

►NEWS

Rules relating to S corporations, shareholders and corporate officers:

Small Business Week

  • National Small Business Week was May 5 – 11. The IRS highlighted several resources to help small business owners and self-employed individuals understand and meet their tax obligations.

It’s summertime… and these tips can help make livin’ easy for teens with jobs

  • With summer almost here, many students will turn their attention to making money from a summer job. Whether it’s flipping burgers or filing documents, the IRS wants student workers to know some facts about their summer jobs and
  • Not all the money they earn will make it to their pocket because employers must withhold taxes from their paycheck. Here are some tax tips young individuals should know when starting a summer

· See also: SBA article at the end of this newsletter.

IRS revises EIN application process; seeks to enhance security

  • As part of its ongoing security review, the IRS announced that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the
  • The change will prohibit entities from using their own EINs to obtain additional EINs. The requirement will apply to both the paper Form SS-4, Application for Employer Identification Number (PDF), and online EIN
  • There is no change for tax professionals who may act as third-party designees for entities and complete the paper or online applications on behalf of

Some taxpayers may need to amend their tax return

  • Taxpayers who discover an error after filing may need to amend their tax Taxpayers should file an amended return if there’s a change in filing status, income, deductions or credits.
  • The IRS may correct mathematical or clerical errors on a return. They also may accept returns without certain required forms or In these instances, there’s no need to file an amended return.

Taxpayer Advocate Tax Tip: Correcting tax returns, if you made a mistake or forgot to file

  • If you make a mistake on your taxes, do you know what to do and how to correct the mistake? There are many options on how to fix a mistake on your tax return, depending on whether you received a notice and the kind of mistake you made. If you simply forgot to file, and have a filing requirement, you should file right away as there are

It’s not too late to check IRS payment options

  • IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year. Taxpayers can pay:
    • Online
    • By phone
    • With their mobile device using the IRS2Go app
  • Additionally, some taxpayers must make quarterly estimated tax payments throughout the year. These taxpayers may include sole proprietors, partners, and S-corporation shareholders who expect to owe $1,000 or more when they Individuals who participate in the sharing economy (aka gig economy) might also have to make estimated payments.

IRS promotes disaster readiness and Hurricane Preparedness Week

  • Disasters can happen at any time, and the IRS is encouraging taxpayers to be prepared for the
  • In the past 18 months, the IRS responded to presidentially declared disasters in 15 states and U.S. territories. The IRS offered tax relief and assistance to victims of hurricanes, typhoons, earthquakes, volcanos, fires, tornadoes, severe storms, high winds and
  • The 2019 hurricane season begins in June and the IRS joins the National Weather Service during Hurricane Preparedness Week by encouraging everyone to update or make an emergency

Disaster resources can help taxpayers weather the storm

  • As summer approaches, so do storm and other natural Whether it’s a hurricane, fire, flood or tornado, it’s important for people to be prepared. One way to get ready is for taxpayers to know what to do about important documents and paperwork that might be lost after a disaster.

Understand how to report foreign bank and financial accounts

  • In a global economy, many people in the United States have foreign financial accounts. The law requires U.S. persons with foreign financial accounts to report their accounts to the U.S. Treasury Department, even if the accounts don’t generate any taxable income. They need to report by April 15 of the following calendar
  • The U.S. government requires reporting of foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic financial

Here’s what people should know about reporting cash payments

  • Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments, including:
  • Who’s covered
  • How to report
  • What’s cash
  • When to file

Here’s what historic building owners should know about the rehabilitation tax credit

  • Organizations around the country continue to promote historic buildings and other important heritage sites as May is National Historic Preservation Month. As part of this month, anyone who owns a historic building should remember that the rehabilitation tax credit offers an incentive to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition

IRS releases Data Book for 2018 showing range of tax data including audits, collection actions and taxpayer service

  • The IRS released the 2018 IRS Data Book, a snapshot of agency activities for the fiscal year.

►TAX REFORM

A comparison for mid- to large businesses and international taxpayers

►EMPLOYERS AND BUSINESS OWNERS

It pays for employers to file payroll taxes electronically

  • Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. Here are some of the forms employers can e-file.

►THE BEST OF IRS.GOV

IRS Guidance

  • IRS Guidance in Plain English
  • Internal Revenue Bulletins
  • Advance Notices
  • Tax Regulations
  • Internal Revenue Code
  • IRS Written Determinations
  • FOIA Library

►IDENTITY THEFT / DATA THEFT / SCAM ALERTS

Identity Protection: Prevention, Detection and Victim Assistance

  • Identity theft places a burden on its victims and presents a challenge to businesses, organizations and government agencies, including the
  • The IRS combats tax-related identity theft with an aggressive strategy of prevention, detection and victim assistance. We’re making progress against this crime, as it remains one of our highest
  • Tax-related identity theft occurs when someone uses your Social Security number to file a tax return claiming a fraudulent If you become a victim, we’re committed to helping you resolve your case as quickly as possible.

►YOUR PRACTICE

Credit Elect Problems

  • Under specific circumstances, the IRS can reverse a credit elect
  • See IRM 21.4.1.5.6 Credit Elect Problems and IRM 21.4.1.5.6.1 Credit Elect Reversals

Register for 2019 IRS Nationwide Tax Forums

  • The IRS reminds tax professionals to sign up for this summer’s 2019 IRS Nationwide Tax Forums. Tax professionals attending can earn up to 19 continuing education
  • National Harbor, Maryland, near Washington, D.C. – July 9-11
  • Chicago – July 23-25
  • New Orleans – August 6-8
  • Orlando – August 13-15
  • San Diego – September 17-19

►TAX EXEMPT ORGANIZATIONS

Exemption Requirements – 501(c)(3) Organizations

  • To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.

►SUBSCRIPTIONS

Subscribe to e-News for Tax Professionals

  • Preparers can register to get this electronic newsletter. It’s one of the best ways for tax professionals to get the latest national and local IRS news. (Editor’s note: most of the articles in this monthly newsletter come from e-News for Tax )

Subscribe to e-News for Small Businesses Subscribe to e-News for Payroll Professionals

►NEWS FROM OTHER AGENCIES

From the SBA:

Hiring Teens for the Summer

  • In many industries, the summer season brings a sharp increase in teen employment. Unfortunately, for many business owners there remains a great deal of uncertainty about how federal child labor laws affect their teen workers. Brush up on the requirements and prevent child labor violations before they occur. Click here to learn more! And for more in-depth child labor information download your own copy of our Child Labor Bulletin 101.

FAQs on the Early Release of the 2020 Form W-4

  1. Why redesign Form W-4?

The new design reduces the form’s complexity and increases the transparency and accuracy of the withholding system. While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees.

  1. What happened to withholding allowances?

Allowances are no longer used for the redesigned Form W-4 to increase transparency, simplicity, and accuracy. In the past, the value of a withholding allowance was tied to the amount of the personal exemption. Due to changes in law, currently you cannot claim personal exemptions or dependency exemptions.

  1. Are all employees required to submit a new Form W-4?

No. Employees who have submitted Form W-4 in any year before 2020 are not required to submit a new form merely because of the redesign. Employers will continue to compute withholding based on the information from the employee’s most recently submitted Form W-4.

Employee FAQs

  1. My tax situation is simple. Are some questions optional?

Yes. The form is divided into 5 steps. The only two steps required for all employees are Step 1, where you enter personal information like your name and filing status, and Step 5, where you sign the form. If Steps 2 – 4 apply to you, your withholding will more accurately match your tax liability if you complete them.

  1. What happens if I only fill out step 1 and then sign the form? Your withholding will be computed based on your filing status’s standard deduction and tax rates, with no other adjustments.
  1. When should I increase my withholding?

You should increase your withholding if 1) you hold more than one job at a time or you and your spouse both have jobs (Step 2) or 2) you have income from sources other than jobs that is not subject to withholding (line 4a). If you do not make these adjustments, you will likely owe additional tax when filing your tax return, and you may owe interest and penalties. With regard to income from other sources, you can pay estimated tax instead of having extra withholding.

  1. When should I decrease my withholding?

If you are eligible for income tax credits such as the child tax credit or credit for other dependents, and/or you are eligible for deductions (other than the standard deduction), you can follow the instructions described in lines 3 and 4b to decrease your withholdings by the appropriate amount.

  1. I want a refund when I file my tax return. How should I complete the redesigned Form W-4?

The redesigned Form W-4 makes it easier for you to have your withholding match your tax liability. But some employees may prefer to have more of their money withheld from their paychecks throughout the year and then get that money back as a refund when they file their tax returns. The simplest way to increase your withholding is to enter on line 4c the additional amount you would like your employer to withhold from each paycheck after your Form W-4 takes effect. Whether you will be due a refund (and, if so, the amount of your refund) when you file your tax return depends on the details of your entire tax situation.

  1. Why do I need to account for multiple jobs (Step 2)? I have never done that before.

Tax rates increase as income rises, and only one standard deduction can be claimed on each tax return, regardless of the number of jobs in the household. Therefore, if you have more than one job at a time or are married filing jointly and both you and your spouse work, more money should usually be withheld from the combined pay for all the jobs than would be withheld if each job was considered by itself. Adjustments to your withholding usually should be made to avoid owing additional tax, and potentially penalties and interest, when you file your tax return. All of this has been true for many years; it did not change with the recent tax law changes. The old Form W-4 accounted for multiple jobs using detailed instructions and worksheets that many employees may have overlooked. Step 2 of the redesigned Form W-4 lists three different options you may choose from to make the necessary withholding adjustments.

  1. Which option in Step 2 should I use to account for my multiple jobs? Which is most accurate? What if I don’t want to reveal to my employer on my W-4 that I have a second job?

Step 2 allows you to choose one of three options, which involve tradeoffs between accuracy, privacy, and ease of use:

Option 1: For maximum accuracy and privacy (to avoid revealing to your employer on your W-4 that you have multiple jobs) use the calculator at www.irs.gov/W4app. You will be guided to enter an additional amount to withhold on line 4c. You will need to know the approximate amount of pay for each job, but you will need to enter the additional amount on the Form W-4 for only one of the jobs. If pay for any of the jobs changes significantly, you will need to furnish a new Form W-4 to have accurate withholding.

Option 2: If you do not have access to the online calculator but wish to have roughly accurate withholding while retaining privacy, you may use Worksheet 1 on page 3 and similarly be guided to enter an additional amount to withhold on line 4c. You will need to know the approximate amount of pay for each job, but you will need to enter the additional amount on the Form W-4 for only one of the jobs. If pay for any of the jobs changes the additional withholding amount in the lookup table, you will need to furnish a new Form W-4 to have accurate withholding.

Option 3: If there are only two jobs held at the same time in your household, you may check the box in Step 2 on the forms for both jobs. The standard deduction and tax brackets will be divided equally between the two jobs. You would not need to furnish a new Form W-4 to account for pay changes at either job. This option is less accurate—more tax than necessary may be withheld from your wages—but you generally won’t have too little tax withheld. (The more similar the earnings at the two jobs, the more accurate this option will be. To get an idea of how much overwithholding you can expect in your case, see the tables that will be provided in the 2020 Pub. 505.) This option reveals to your employer on your W-4 that you have multiple jobs in your household. But it also is the easiest option to use: just check the box.

  1. The instructions above Step 3 say that in multiple job households, adjustments in lines 3 through 4b are to be made on only one form, and that withholding will be most accurate if the adjustments are made on the W-4 for the highest paying job. But what happens if pay at two jobs is relatively similar or if the job that pays more changes over time?

In general, making these adjustments on the Form W-4 for the highest paying job increases accuracy. However, if the jobs in your household pay about the same or if the job that pays more changes over time, it is less important which Form W-4 is used to make the adjustment.

  1. What if I have a side gig where I’m not treated as an employee?

If you have self-employment income, you will generally owe both income tax and self-employment tax. Form W-4 is primarily intended to be used by employees who are not subject to self-employment tax. Thus, like the old Form W-4, the redesigned Form W-4 does not compute self-employment tax. If you would like to use Form W-4 to make an adjustment to your withholding to account for self-employment income that you will receive from another source, use the withholding calculator at www.irs.gov/W4app or refer to IRS Publication 505.

 

  1. What if I don’t want to reveal my non-job income, such as income from earnings on investments or retirement income, to my employer (line 4a)?

You are not required to have tax on non-wage income withheld from your paycheck. Instead, you can pay estimated tax on this income using Form 1040-ES, Estimated Tax for Individuals. However, if you want to use Form W-4 to have tax for this income withheld from your paycheck, you have two options. You can report the income on line 4a. If you don’t want to report this income directly on line 4a, you can use the withholding calculator at www.irs.gov/W4app. The calculator will help you calculate the additional amount of tax that should be withheld from your paycheck. You will then enter that amount on line 4c, without reporting the income to your employer. If you expect to have dividend or capital gain income, your withholding will be more accurate if you have the calculator compute the withholding adjustment rather than reporting this income on line 4a.

  1. I have a more complex tax situation. Is there a computer program I can use to help me complete Form W-4?

Yes. To provide maximum accuracy, you are encouraged to use the withholding calculator available at www.irs.gov/W4app. Updates and improvements to the calculator are underway that will be compatible with the redesigned Form W-4 in 2020. You may wish to use the withholding calculator if you 1) expect to work only part of the year, 2) have dividend or capital gain income or are subject to additional taxes, such as the net investment income tax, 3) have self-employment income, 4) prefer the most accurate withholding for multiple job situations, or 5) prefer to limit information provided in Steps 2–4 but do not want to sacrifice accuracy.

Employer FAQs

  1. Does this mean our software will need two systems—one for forms submitted before 2020 and another for forms submitted after 2019?

Not necessarily. The same set of withholding tables will be used for both sets of forms. You can apply these tables separately to systems for new and old forms. Or, rather than having two separate systems, you may prefer to use a single system based on the redesigned form. To do this, you could enter zero or leave blank information for old forms for the data fields that capture the information on the redesigned form but was not provided to you under the old design. Additional guidance will be provided on the payroll calculations needed based on the data fields on the new and old forms.

  1. How do I treat employees hired after 2019 who do not submit a Form W-4?

New employees who fail to submit a Form W-4 after 2019 will be treated as a single filer with no other adjustments. This means that a single filer’s standard deduction with no other entries will be taken into account in determining withholding. The IRS and the Treasury Department anticipate issuing guidance consistent with this approach.

  1. Are employees hired after 2019 required to use the redesigned form?

Yes. Beginning in 2020, all new employees must use the redesigned form. Similarly, any employees hired prior to 2020 who wish to adjust their withholding must use the redesigned form.

  1. What about employees hired prior to 2020 who want to adjust withholding from their pay dated January 1, 2020, or later?

Employees must use the redesigned form.

  1. May I ask all of my employees hired before 2020 to submit new Forms W-4 using the redesigned version of the form?

Yes. You may ask, but as part of the request you should explain that (1) they are not required to submit new Form W-4 and (2) if they do not submit a new Form W-4, withholding will continue based on a valid form previously submitted. For those employees who furnished forms before 2020 and who do not furnish a new one after 2019, you must continue to withhold based on the forms previously submitted. You are not permitted to treat employees as failing to furnish Forms W-4 if they don’t furnish a new Form W-4. Note that special rules apply to Forms W-4 claiming exemption from withholding.

  1. Will there still be an adjustment for nonresident aliens?

Yes. The IRS will provide instructions in the 2020 Publication 15-T Federal Income Tax Withholding Methods on the additional amounts that should be added to wages to determine withholding for nonresident aliens. Additionally, nonresident alien employees should continue to follow the special instructions in Notice 1392 when completing their Forms W-4.

IRS, Treasury unveil proposed W-4 design for 2020

IR-2019-98

WASHINGTON –Today the Internal Revenue Service issued a draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate, that will make accurate withholding easier for employees starting next year.

The revised form implements changes made following the 2017 Tax Cuts and Jobs Act, which made major revisions affecting taxpayer withholding. The redesigned Form W-4 no longer uses the concept of withholding allowances, which was previously tied to the amount of the personal exemption. Due to changes in the law, personal exemptions are currently not a central feature of the tax code.

“The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community,” said IRS Commissioner Chuck Rettig. “The primary goals of the new design are to provide simplicity, accuracy and privacy for employees while minimizing burden for employers and payroll processors.”

The IRS and Treasury collected extensive feedback over the past year while working closely with the payroll and tax community to develop a redesign that best serves taxpayers.

The IRS expects to release a near-final draft of the 2020 W-4 in mid-to-late July to give employers and payroll processors the tools they need to update systems before the final version of the form is released in November. To make additional improvements to this initial draft for 2020, the IRS is now accepting comments for 30 days.  To facilitate review of this form, IRS is also releasing FAQs about the new design.

The IRS anticipates the related instructions for employers will be released in the next few weeks for comment as well.

The IRS reminds taxpayers that this draft W-4 is not for current use, but is a draft of the form to be used starting in 2020. Employees who have submitted a Form W-4 in any year before 2020 will not be required to submit a new form merely because of the redesign. Employers can continue to compute withholding based on the information from the employee’s most recently submitted Form W-4.

For 2019, taxpayers should continue using the current W-4. The IRS also continues to encourage people to do a Paycheck Checkup as soon as possible to see if they are withholding the right amount of tax from their paychecks, particularly if they had too much or too little tax withheld when they filed their 2018 taxes earlier this year. People with major life changes, such as a marriage or a new child, should also check their withholding.
The IRS cannot respond individually to those who submit comments, but the agency does appreciate the feedback and will consider all comments received.

Qualified Business Income Deduction (199A)

Thursday, May 30, 2019

2 p.m. Eastern Time; 1 p.m. Central Time; 12 p.m. Mountain Time; 11 a.m. Arizona; 11 a.m. Pacific Time; 10 a.m. Alaska; 8 a.m. Hawaii

This webinar highlights the basics of the qualified business income deduction, updated to incorporate guidance issued in January 2019.

This free 100-minute webinar for Tax Professionals & Industry will cover:

  • Definition of terms
  • Calculating the deduction
  • Application of limitations
  • Discussion of the rental real estate safe harbor
  • Walk through examples to bring it all together
  • Plus a live Q & A

Click Here to Register for the Webinar

Tax Professionals – Earn 2 CE Credit – Category: Federal Tax

Closed captioning is offered for this webinar.

Closed captioning displays the words that describe the audio portion of the program for viewers who are deaf or hard of hearing. Captions are available in English.

Stay in the know on the go! View IRS webinars the day they air on smartphones and tablets.

Find previous archived webinars on www.irsvideos.gov.

 Questions? Email us at: cl.sl.web.conference.team@irs.gov

IRS NEWS FOR TAX PROFESSIONALS –

►UPCOMING WEBINARS

Check Webinars for Tax Practitioners for upcoming webinars. (None scheduled at this time.)

►NEWS

IRS announces multi-year plan to update, modernize IT systems; Effort focused on improved taxpayer services, expanded cybersecurity and taxpayer data protections

  • The IRS released a six-year plan to modernize the agency’s Information Technology systems and improve a variety of taxpayer services critical to the nation’s tax
  • The plan outlines a bold strategy to enable business transformation focused on improving services for taxpayers and the tax community while protecting taxpayer
  • “Modernized systems are the key component to delivering quality service to taxpayers, providing efficient and robust enforcement activities and keeping taxpayer data secure,” said IRS Commissioner Chuck Rettig. “Our modernization plan includes multiple milestones and levels of accountability to ensure it is implemented efficiently and effectively. The integrity of our nation’s tax system depends on modernizing IRS operations and the supporting technical pieces. We look forward to working with Congress to implement this ”

IRS seeks applications for the Electronic Tax Administration Advisory Committee through May 29

  • The IRS is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).
  • The ETAAC provides an organized public forum for discussion of issues in electronic tax administration, such as prevention of identity theft and refund fraud. ETAAC supports the overriding goal that paperless filing is the preferred and most convenient method of filing tax and information returns. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and the tax industry to fight electronic
  • The IRS is looking for up to 10 qualified individuals who will serve three-year terms beginning in September 2019. Applicants should have experience in such areas as state tax administration, cybersecurity and information security, tax software development, tax preparation, payroll and tax financial product processing, systems management and improvement and implementation of customer service initiatives. The IRS also encourages representatives from consumer groups with an interest in tax issues to

OPR’s FY 2018 Annual Report

  • The Office of Professional Responsibility (OPR) has released their Fiscal Year 2018 Annual Report, formerly titled “Accomplishment Report.” In this report, the OPR shares information about its communication and outreach activities, press releases, monetary penalties, operational results, and future goals for FY 2019. The report also summarizes the actions taken on cases involving violations of the Circular

Updated publication helps taxpayers understand an offer in compromise

  • The IRS just issued an updated publication with information for individual taxpayers and business owners unable to pay their taxes. This electronic pub, Offer in Compromise Booklet (PDF), helps people understand how an offer in compromise

Disaster Assistance and Emergency Relief for Individuals and Businesses

· IRS announces tax relief for Iowa victims of severe storms and flooding

· Disaster Relief Resource Center for Tax Professionals

Six things taxpayers should know about the sharing economy and their taxes

  • From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing Taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on IRS.gov. It helps taxpayers understand how this activity affects their taxes. It also gives these taxpayers information to help them meet their tax obligations.
  • Here are six things taxpayers should know about how the sharing economy might affect their taxes:
    1. The activity is
    2. Some expenses are
    3. There are special rules for
    4. Participants may need to make estimated tax
    5. There are different ways to pay.
    6. Taxpayers should check their

►TAX REFORM

Facts About the Qualified Business Income Deduction

  • Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Some trusts and estates may also claim the deduction

IRS issues guidance relating to deferral of gains for investments in a qualified opportunity fund

  • The IRS issued guidance (PDF) providing additional details about investment in qualified opportunity
  • The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includible in income. The gain is deferred until the investment is sold or exchanged or Dec. 31, 2026, whichever is earlier. If the investment is held for at least 10 years, investors may be able to permanently exclude gain from the sale or exchange of an investment in a QO

►EMPLOYERS AND BUSINESS OWNERS

Correcting Employment Taxes

  • There are several ways to address adjustments to the employment taxes you reported on your

►THE BEST OF IRS.GOV

Practitioner Priority Service — Your First Point of Contact

  • Tax practitioners have long served an important role in our nation’s tax collection system as a conduit between taxpayers and the IRS. The Practitioner Priority Service® (PPS) is your first point of contact for account-related issues. Our Practitioner Priority Service® is a professional support line that staffed by IRS customer service representatives specially trained to handle practitioners’ accounts questions. You may contact PPS at (866-860- 4259). PPS is available to all tax professionals with valid third-party authorizations, i.e., Forms 2848, 8821 and/or

►IDENTITY THEFT / DATA THEFT / SCAM ALERTS

IRS, Security Summit partners mark significant progress against identity theft; key taxpayer protection trends continue

  • The IRS and the Security Summit partners announced new results from 2018 that show major progress in the fight against tax-related identity theft and added protection for thousands of taxpayers and billions of
  • Between 2015 and 2018, the number of taxpayers reporting they were identity theft victims fell 71
  • Between 2015 and 2018, the number of confirmed identity theft returns stopped by the IRS declined by 54
  • Between 2015 and 2018, the IRS protected a combined $24 billion in fraudulent refunds by stopping the confirmed identity theft
  • Between 2015 and 2018, financial industry partners recovered an additional $1.4 billion in fraudulent

►YOUR PRACTICE

Cybersecurity, new tax law, top agenda at Nationwide Tax Forums; Tax Pros: Earn up to 19 Continuing Education Credits

  • The IRS announced the schedule of this summer’s Nationwide Tax Forums, held in five cities across the country.
  • The IRS encourages tax professionals to earn up to 19 continuing education credits at the forums this summer. Each forum offers 43 seminars and workshops presented by experts from the IRS and association partners on cybersecurity, changes to the tax law, ethics and other

Revision of Special Enrollment Exam Delayed; Revised Test Specifications Now Available

  • The government shutdown has delayed the annual revision of the Special Enrollment Examination (SEE). The examination to be administered starting on May 1, 2019, has not yet been updated and reflects tax law for the calendar year 2017. A revised examination will be released on July 1, 2019, and will be based on tax law for the calendar year
  • To ensure that the SEE accurately incorporates the changes resulting from the Tax Cuts and Jobs Act and continues to reflect the skills and knowledge necessary to be an enrolled agent, the IRS commissioned a review and update of the SEE test Enrolled agents from the private sector and subject matter experts from the IRS participated in updating the test content. As a result, there were changes to the test specifications affecting test content topics for the SEE to be administered beginning July 1, 2019.
  • To review the revised test specifications, visit prometric.com/see and choose Step 3, Review Exam Content Outlines.

►TAX EXEMPT ORGANIZATIONS

Exempt Organizations Annual Reporting Requirements – Filing Procedures: Incomplete Returns

  • What happens if my Form 990 is missing information or a schedule, or is the wrong return?

If an organization’s return is incomplete or the wrong return for the organization, the IRS will send it back with one of the following letters:

  • Letter 2694C Returning Form 990 due to Missing Information
  • Letter 2695C Returning Form 990-EZ due to Missing Information
  • Letter 2696C Missing Information Request to Process EO Return

►SUBSCRIPTIONS

Subscribe to e-News for Tax Professionals

  • Preparers can register to get this electronic newsletter. It’s one of the best ways for tax professionals to get the latest national and local IRS news. (Editor’s note: most of the articles in this monthly newsletter come from e-News for Tax )

Subscribe to e-News for Small Businesses Subscribe to e-News for Payroll Professionals

►NEWS FROM OTHER AGENCIES

From the SBA:

Top 10 Business Credit Terms Small Business Owners Should Know

  • As a small business owner, it is important to have an understanding of business credit terms. Similar to personal credit, business credit determines whether your company can be trusted by the way it manages

Webinars for Practitioners & Industry

June 6th Foreign Earned Income Exclusion Click here to Register
June 13th U.S. Taxation of Employees of Foreign Governments and International Organizations
Click here to Register
June 19th U.S. Territories – Self Employment Tax Click here to Register
June 20th U.S. Territories – Self Employment Tax (Spanish) Click here to Register
June 27th Tax Residency Status Click here to Register

Closed Captioning is available for each session.

 Times for all webinars
All Sessions are 100-minutes, including Q&A
2 p.m. Eastern Time; 1 p.m. Central Time; 12 p.m. Mountain Time; 11 a.m. Arizona; 11 a.m. Pacific Time; 10 a.m. Alaska; 8 a.m. Hawaii

Continuing Education

  • All participants who qualify will receive a Certificate of Completion
  • Tax Professionals will earn CE Credit – Category: 2 CE Federal Tax Credits for each

For information on future Tax Reform Webinars visit the Upcoming Webinars page on IRS.gov.

Questions about the webinars? Email us at: cl.sl.web.conference.team@irs.gov