IRS News & WebinarsNews Releases(IR-2017-184 and IR-2017-184SP) ITIN Renewals. (10/26/17) IR-2017-180 2018 PTIN Renewal Period Underway for Tax Professionals – The Internal Revenue Service today reminded the nation’s more than 727,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2018. All current PTINs will expire Dec. 31, 2017. (10/25/17) IR-2017-179 Information Reporting Program Advisory Committee Issues Annual Report – The Information Reporting Program Advisory Committee (IRPAC) today issued its annual report for 2017, including numerous recommendations to the Internal Revenue Service on new and continuing issues in tax administration. (10/19/17) IR-2017-178 In 2018, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Unchanged — The IRS today announced the tax year 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2017-58 provides details about these annual adjustments. (10/19/17) IR-2017-177 IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018 — The IRS today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. (10/17/17) IR-2017-176 Security Summit Partners Mark Progress in Identity Theft Battle; Prepare for 2018 Tax Season — The IRS, state tax agencies and private-sector industry leaders today detailed their continued progress against tax-related identity theft and prepared additional safeguards for the 2018 filing season to curb refund fraud. (10/16/17) IR-2017-175 Online Seminars from the 2017 IRS Nationwide Tax Forums Now Available — The Internal Revenue Service today reminded tax professionals that they can earn continuing education credits online through seminars filmed at the 2017 IRS Nationwide Tax Forums. Current Tax Tips (10/26/17) Tax Tip 2017-66 Tax Pros Must Take Steps to Protect Data from Cybercriminals – More and more, cybercriminals target tax professionals looking to access taxpayer data. These criminals use the information to file fake tax returns. Many tax pros think it can’t happen to them, but it can – and it does. The IRS reminds all tax preparers they have a responsibility to protect and secure sensitive data. (10/25/17) Tax Tip 2017-65 IRS Has Options to Help Small Business Owners – Small business owners often have a running list of things to do. These include deadlines, sales calls, employee issues, banking, advertising – and taxes. The IRS can help with the last one. (10/24/17) Tax Tip 2017-64 Online Courses Help Charities Understand Tax Issues – Charitable organizations have 24/7 access to online courses on Stay Exempt, an IRS website. (10/23/17) Tax Tip 2017-63 IRS Offers Webinar to Help Tax Preparers Protect Their Clients – The IRS is offering a webinar to help tax professionals protect their business and their clients’ data. Tax preparers can register now for the Don’t Take the Bait – Protect Your Clients, Protect Yourself webinar that happens on Nov. 1 at 2 p.m. EST. (10/19/17) Tax Tip 2017-62 Taxpayers Who are Victims of Domestic Abuse Should Know Their Rights — Domestic abuse often includes control over finances. An important part of managing finances is understanding one’s tax rights. (10/18/17) Tax Tip 2017-61 With 2017 Extension Deadline Passed, All Eyes on 2018 — Now that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year. (10/17/17) Tax Tip 2017-60 Taxpayers Can Look to the IRS for Tax Help After a Disaster — When a hurricane or other disaster strikes, the IRS wants taxpayers to know they can count on the agency for help. (10/16/17) Tax Tip 2017-59 Gifts to Charity: Six Facts About Written Acknowledgements — Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Video Tax Tips Videos are hosted on the IRS YouTube channel - You can watch short, informative videos in English, American Sign Language and other languages. Tax Center of the Week Money Services Business Information Center Businesses offering check cashing, money orders, travelers checks, money transfers, currency dealing or exchange, and pre-paid access (formerly stored value) products are Money Services Businesses and are subject to Bank Secrecy Act requirements. Other Video Outreach Products The IRS Video portal has video and audio presentations on topics of interest to small businesses, individuals and tax professionals. You will find video clips of tax topics, archived versions of live panel discussions and webinars. Legislative Actions (10/27/17) Notice-2017-68 - Treatment Under Section 956(c) of Certain Receivables Following Hurricane Irma or Hurricane Maria (10/27/17) Revised Notice-2017-64 – 2018 Limitations Adjusted as Provided in Section 415(d), etc. (10/19/17) Notice-2017-66 - New Clean Renewable Energy Bonds (10/19/17) Notice-2017-64 - 2018 Limitations Adjusted as Provided in Section 415(d), etc. (10/19/17) Notice-2017-59 - Temporary Relief for Fuel Removals Destined for Nontaxable Use Due to West Shore Pipeline Shutdown (10/13/17) Notice-2017-63 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates (10/19/17) Revenue Procedure-2017-58 - 2018 cost-of-living adjustments for inflation for certain items, including the tax tables. (10/17/17) Revenue Ruling-2017-21 - This revenue ruling provides various prescribed rates for federal income tax purposes for Nov. 2017 | |
Chamber E-Newsletter - copy of Nov 10, 2017 |