| IRS News for Business - June 2018 Please share this email with your members, clients, staff, colleagues and anyone who may benefit from it. We’re interested to know how you share this information and the feedback you receive so we can adjust and improve our resource tools to serve you better. Feel free to reply with a copy of your newsletter, social media post, etc. Hello Business Pros, Please share this email with your members, clients, staff, colleagues and anyone who may benefit from it. We’re interested to know how you share this information and the feedback you receive so we can adjust and improve our resource tools to serve you better. Feel free to reply with a copy of your newsletter, social media post, etc. Some email security filters strip off the attachments, so if you did not receive the attachment please let me know so I can get you the information. Please add me douglas.blade@irs.gov to your email distribution list. IRS NEWS FOR BUSINESS PROFESSIONALS June 2018 ►UPCOMING EVENTS Save the DATE !! IRS Southern Illinois Tax Symposium Wednesday September 19, 2018 – Will be held in Edwardsville, IL IRS presenters from various business units Still working on the Agenda Earn 7 hours IRS CE credit at this all day event Flyer coming in a few weeks - ►UPCOMING WEBINARS Understanding Form 2290 – Heavy Highway Vehicle Use Tax Thursday, June 28, 2018 (30 minutes, including Q & A) This web conference will provide an overview of the following: · Form 2290 Filing Requirements · Form 2290 Due Dates · Form 2290 E-Filing Requirements · Plus, a live Q & A Register and Attend: Session 1: https://www.webcaster4.com/ 2:00 p.m. Eastern; 1:00 p.m. Central; 12:00 p.m. Mountain; 11:00 a.m. Pacific, 8:00 a.m. Hawaii Session 2: https://www.webcaster4.com/ 2:00 p.m. Eastern; 1:00 p.m. Central; 12:00 p.m. Mountain; 11:00 a.m. Pacific; 8:00 a.m. Hawaii CLOSED CAPTIONING WILL BE OFFERED FOR SESSION 2 ONLY Continuing Education: Continuing Education will not be offered Search “webinars” on www.irs.gov . ►TAX REFORM www.irs.gov/taxreform ►NEWS More ITINS to Expire in 2018 The IRS is now accepting ITIN renewal applications for ITINs that have not been used on a federal tax return at least once in the last three consecutive years and ITINs with middle digits 73, 74, 75, 76, 77, 81 or 82 that will expire at the end of the year. Please urge your clients with expiring ITINS to begin submitting their renewal applications as soon as possible if they have a tax filing requirement next year. See the ITIN media release for more information Make the 2018 IRS Nationwide Tax Forums Work for You Join your colleagues for three days of informative education sessions, training and networking at the 2018 IRS Nationwide Tax Forums. The Tax Forums will feature a full agenda of the latest tax law information, networking opportunities and exhibits of the latest products and services for your business needs. Here are a few tips for a successful experience:
Obtain IRS Help Any Time of the Year While the federal income tax-filing deadline has ended, some of your clients may still need assistance. Several IRS resources are available year-round:
IRS Nationwide Tax Forums Early Bird Registration Ends June 15 Register by June 15 for the 2018 IRS Nationwide Tax Forums to take advantage of reduced cost "early bird" registration for all five locations. Attendees who register at www.irstaxforum.com can qualify for the special low rate of $235. The standard rate of $255 will apply after 5 p.m. EST on June 15 and will continue until two weeks before each location’s event. The rate for attendees registering less than two weeks before a forum or on-site is $370. The forums, held this summer in Atlanta, Washington, D.C., San Diego, Chicago and Orlando, will provide the latest information on federal and state tax issues. For more information about the tax forums, please visit 2018 IRS Nationwide Tax Forums. Penalty and Filing Relief for New Transition Tax on Foreign Earnings The IRS will waive certain late-payment penalties relating to the section 965 transition tax. The relief is explained in three new FAQs found on the IRS tax reform page and supplement 14 existing questions and answers that provide detailed guidance. For more information about the transition tax and other tax reform provisions, visit IRS.gov/taxreform. Tax Relief for Indiana Disaster Victims The IRS has issued an amended Notice of Disaster Declaration for the state of Indiana due to recent severe storms and flooding. Natural Disaster Scams Rise During Hurricane Season With hurricane season underway, criminals and scammers often try to take advantage of the generosity of individuals who want to help victims of major disasters. Fraudulent schemes normally start with unsolicited contacts by telephone, social media, e-mail or in-person using a variety of tactics. Disaster victims can call the IRS toll-free disaster assistance telephone number (866-562-5227) with questions on tax relief or disaster-related tax issues or visit the disaster relief page on IRS.gov. Technical Guidance Revenue Ruling 2018-18 provides interest rates: underpayments and overpayments. The rates for interest determined under section 6621 of the code for the calendar quarter beginning July 1, 2018, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent. Notice 2018-56 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I), as reflected by the application of section 430(h)(2)(C)(iv). Notice 2018-57 announces that the Treasury Department and the IRS intend to amend regulations under section 987 to delay the applicability date of the final section 987 regulations and certain temporary section 987 regulations by 1 additional year. Notice 2017-57, published on October 16, 2017, previously delayed the applicability date by 1 year. The Treasury Department and the IRS intend to amend sections 1.861-9T, 1.985-5, 1.987-11, 1.987-1T through 1.987-4T, 1.987-6T, 1.987-7T, 1.988-1, 1.988-1T, 1.988-4, and 1.989(a)-1 to provide that the final regulations and the related temporary regulations will apply to taxable years beginning on or after the date that is three years after the first day of the first taxable year following December 7, 2016. Notice 2018-57 will be in Internal Revenue Bulletin 2018-26, dated June 25, 2018. Notice 2018-55 provides guidance on calculating net investment income for purposes of the section 4968 excise tax applicable to certain private colleges and universities. The Treasury Department and the IRS plan to issue proposed regulations addressing the new excise tax. In the meantime, affected taxpayers may rely on the special basis step-up rule described in the notice, which also requests public comment. ►Tax Tips Dos and Don’ts for Taxpayers Who Get a Letter from the IRS Tax Tip Number 2018-95 June 20, 2018 Every year the IRS mails millions of letters to taxpayers for many reasons. Here are some tips and suggestions for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do. Don’t panic. The IRS and its authorized private collection agencies do send letters by mail. Most of the time all the taxpayer needs to do is read the letter carefully and take the appropriate action. Do take timely action. A notice may reference changes to a taxpayer’s account, taxes owed, a payment request or a specific issue on a tax return. Taking action timely could minimize additional interest and penalty charges. Do review the information. If a letter is about a changed or corrected tax return, the taxpayer should review the information and compare it with the original return. If the taxpayer agrees, they should make notes about the corrections on their personal copy of the tax return, and keep it for their records. Don’t reply unless instructed to do so. There is usually no need for a taxpayer to reply to a notice unless specifically instructed to do so. On the other hand, taxpayers who owe should reply with a payment. IRS.gov has information about payment options. Do respond to a disputed notice. If a taxpayer does not agree with the IRS, they should mail a letter explaining why they dispute the notice. They should mail it to the address on the contact stub at the bottom of the notice. The taxpayer should include information and documents for the IRS to review when considering the dispute. The taxpayer should allow at least 30 days for the IRS to respond. Do remember that there is usually no need to call the IRS. If a taxpayer must contact the IRS by phone, they should use the number in the upper right-hand corner of the notice. The taxpayer should have a copy of the tax return and letter when calling. Do avoid scams. The IRS will never initiate contact using social media or text message. The first contact from the IRS usually comes in the mail. Taxpayers who are unsure if they owe money to the IRS can view their tax account information on IRS.gov. More Information: Understanding Your IRS Notice or Letter Tax Topic 651: Notices – What To Do Tax Topic 653: IRS Notices and Bills, Penalties, and Interest Charges Tax Topic 654 Understanding Your CP75 or CP75A Notice Request for Supporting Documentation Understanding Your CP2000 Notice Subscribe to IRS Tax Tips Published: 06/22/18 |