| IRS News for Business - August 2018 IRS NEWS FOR BUSINESS August 2018 IRS NEWS FOR BUSINESS August 2018 ►UPCOMING EVENTS IRS Missouri Tax Symposium Register soon! Thursday August 23, 2018 – St. Charles, MO – New Location for 2018 NEW : Presentation by the Director of the IRS Return Preparers Office IRS presenters from various business units Earn 7 hours IRS CE credit at this all day event Cost only $90 Flyer attached. 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 Register Soon! Link to register: - https://commerce.cashnet.com/ ►UPCOMING WEBINARS Understanding How to Conduct a Paycheck Checkup Wednesday, August 15, 2018 Thursday, August 16, 2018 8/15/18 – 11a.m. Eastern; 10 a.m. Central; 9 a.m. Mountain; 8 a.m. Pacific; 5 a.m. Hawaii 8/16/18 – 2 p.m. Eastern; 1p.m. Central; 12 p.m. Mountain; 11a.m. Pacific; 8 a.m. Hawaii This web conference will provide an overview of the following:
August 15, 2018 – 11:00 a.m. Eastern Register & Attend: https://www.webcaster4.com/ August 16, 2018– 2:00 p.m. Eastern Register & Attend: https://www.webcaster4.com/ Closed captioning offered for both dates. Continuing Education: Tax Professionals – Earn 1 CE Credit – Category: Federal Tax Questions? Email us at: SBSE.SL.Web.Conference.Team@ ►Recent IRS Videos Here is a video tax tip from the IRS: Reminders for Extension Filers-Oct. 15 English Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. ►TAX REFORM The Tax Reform page has been re-designed. Much easier to navigate!
Disaster Resources:
►Tools 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 Professionals.) Tax Security 101 – Security Summit outlines ‘Security Six’ basic safeguards for tax professionals’ computers and email.
Tax Security 101: Security Summit reminds tax professionals to beware of spear phishing emails WASHINGTON – The IRS and its Security Summit partners today reminded tax professionals that being targeted by spear phishing emails remains the most common way data thieves enter practitioner’s digital networks and steal client information. Tax professionals who fall victim to spear phishing tactics voluntarily disclose sensitive password information or voluntarily download malicious software, enabling thieves to breach their security systems. The Internal Revenue Service, state tax agencies and the nation's tax industry offer another reminder: Tax professionals themselves must be the first line of defense in protecting client data. This is the fourth in a series called "Protect Your Clients; Protect Yourself: Tax Security 101." The Security Summit awareness campaign is intended to provide tax professionals with the basic information they need to better protect taxpayer data and to help prevent the filing of fraudulent tax returns. Although the Security Summit -- a partnership between the IRS, states and the private-sector tax community -- is making progress against tax-related identity theft, cybercriminals continue to evolve, and data thefts at tax professionals’ offices are on the rise. Thieves use stolen data from tax practitioners to create fraudulent returns that are harder to detect. Spear phishing emails differ from general phishing emails in that the thief has researched his target before sending an email. An email may appear to be from a colleague, a client, a cloud storage provider, tax software provider or even the IRS or the states. The objective of a spear phishing email is to pose as a trusted source and bait the recipient into opening an embedded link or an attachment. The email may make an urgent plea to update an account immediately. A link may seem to go to another trusted website, for example a cloud storage or tax software provider login page, but it’s actually a website controlled by the thief. An attachment may contain malicious software called keylogging that secretly infects computers and provides the thief with the ability to see every keystroke. Thieves can steal passwords to various accounts or even take remote control of computers, enabling them to steal taxpayer data. For those who fall for a spear-phishing scam and ultimately allow a thief to access their email account, the criminal can use that access to create additional spear phish scams. The criminal does this by targeting those with whom the original user has exchanged emails, including clients, colleagues and friends. Tips for tax professionals to avoid phishing scams Educated employees are the key to avoiding phishing scams, but these simple steps also can help protect against stolen data:
Publication 5293, Data Security Resource Guide for Tax Professionals, provides a compilation of data theft information available on IRS.gov. Also, tax professionals should stay connected to the IRS through subscriptions to e-News for Tax Professionals, QuickAlerts and Social Media. Tax Security 101 – Tax professionals victimized by data thefts offer hard-won security lessons to colleagues WASHINGTON – As cybercriminals continue to increasingly pursue tax professionals’ data, the Internal Revenue Service and the Security Summit partners today released lessons learned by victims in the tax community to help others avoid being targeted by identity thieves. In recent years, hundreds of tax professionals experienced data thefts or breaches that exposed their clients’ personal information to cybercriminals and to tax-related identity theft. Today, several of those tax professionals offer their suggestions to their colleagues, actions they wish they had taken to safeguard their customers and their businesses. The tips range from taking out cyber insurance to using stronger private networks. These suggestions – pulled anonymously from victimized professionals -- offer an opportunity for the tax community to learn from these common mistakes and avoid a devastating data loss for their clients and their business. This is the fifth in a series called "Protect Your Clients; Protect Yourself: Tax Security 101." The Security Summit awareness campaign is intended to provide tax professionals with the basic information they need to better protect taxpayer data and help prevent the filing of fraudulent tax returns. Although the Security Summit -- a partnership between the IRS, states and the private-sector tax community -- is making progress against tax-related identity theft, cybercriminals continue to evolve, and data thefts at tax professionals’ offices is on the rise. Thieves use stolen data from tax practitioners to create fraudulent returns that can be harder to detect and harder to distinguish from legitimate taxpayer returns. Lesson: Get cyber insurance coverage A common refrain from tax professionals who have been victimized by cybercriminals is they either were glad they had – or wish they had – insurance coverage for data loss. Many tax professionals maintain business policies that may cover property and liability, but it may not fully coverage data thefts. Tax professionals victimized by these crimes recommend they also explore cyber coverage for data breaches. This may require an addendum or rider to the policy. Practitioners also suggest that that the dollar amount of the policy be large enough to cover expenses. Some insurance companies provide teams of experts in the event of a data theft, assisting tax professionals in identifying the source of the data breach and resolving it. These teams may also help notify clients or provide extended protections. Just as important, these teams of experts may assist tax professionals proactively, helping make sure adequate safeguards are in place to prevent a data theft. Another recommendation: If using cloud storage, ask the cloud service provider about cyber insurance coverage in case the provider’s systems are breached. Lesson: Password protect each client account Many tax software products also enable tax professionals to password protect each client account. Tax professionals who have experienced data thefts acknowledge that this can be a hassle, but worth the trouble should they experience a breach. They suggest password-protecting every account as a critical safeguard against cyberthieves. Strong passwords can help prevent cybercriminals from accessing computer systems and accounts. Passwords should be eight characters or longer, a mix of letters, special characters and numbers, include an easy to remember phrase and be unique for each account. See Protect Your Clients, Protect Yourself: Tax Security 101 for more information on passwords and encryption. Lesson: Use a virtual private network (VPN) for remote connections Tax professionals who have been victimized also wish they had used a virtual private network (VPN) instead of remote access software. A VPN allows for teleworkers or branch offices to securely connect to the firm’s computer system and to send and receive information. There have been cases where cybercriminals have taken over remote access of a tax professionals’ computer systems. In one example, the thieves remotely accessed client accounts via the tax pro’s computer, completed and e-filed pending returns and changed the deposit information to their own accounts. Technology media often provide lists of top VPN services. Lesson: Keep all security software updated Tax professionals who experienced data thefts also suggest colleagues keep all security software up to date. This includes the computer operating system, anti-malware, anti-virus software, firewalls, etc. While most computers come with security software installed, tax professionals also can purchase additional security software products. Updated software helps protect users from emerging threats that can lead to data thefts. Users can set the security software to update automatically. In addition to these steps, the Security Summit reminds all professional tax preparers that they must have a written data security plan as required by the Federal Trade Commission and its Safeguards Rule. Tax Professionals also can get help with security recommendations by reviewing the recently revised IRS Publication 4557, Safeguarding Taxpayer Data, and Small Business Information Security: the Fundamentals by the National Institute of Standards and Technology. Publication 5293, Data Security Resource Guide for Tax Professionals, provides a compilation of data theft information available on IRS.gov. Also, tax professionals should stay connected to the IRS through subscriptions to e-News for Tax Professionals, QuickAlerts and Social Media. IRS Letter CP3219A: Statutory Notice of Deficiency
►Tax Tips Tips for extension filers Tax Tip 2018-122 August 8, 2018 The IRS reminds taxpayers who requested an extra six months to file their 2017 tax return that Monday, October 15, 2018, is the extension deadline for most taxpayers. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and taxes:
Get Transcript Tax return transcript types and ways to order them EITC assistant Interactive tax assistant Subscribe to tax tips Taxpayers can monitor their IRS information online IRS Tax Tip 2018-121 August 7, 2018 Taxpayers can access their federal tax information through a secure login at IRS.gov/account. After logging in, the user can view:
Taxpayers who owe can pay from their bank account or with a debit or credit card. Taxpayers who need more time to pay can also apply for a payment plan, including an installment agreement. Other payment options are available at IRS.gov/payments. First-time users must authenticate their identity through the Secure Access process. Additional information about secure access can be found at IRS.gov/secureaccess. Returning users can log in with their user name and password. The account balance will update no more than once every 24 hours, usually overnight. After making a payment, users should allow up to three weeks for it to appear in the payment history. The IRS continues to add features to help individual taxpayers conveniently monitor their account information online. Subscribe to IRS Tax Tips Truckers should consider using e-file to submit Form 2290 by Aug. 31 IRS Tax Tip 2018-120 August 6, 2018 Owners of heavy highway vehicles should mark Aug. 31 on their calendars. That’s the deadline to file Form 2290, Heavy Highway Vehicle Use Tax Return. Here are some things that these vehicle owners should know about this form:
More Information: For many truckers, report Heavy Highway Vehicle Use tax in August Subscribe to tax tips Taxpayers now have more time to challenge a levy IRS Tax Reform Tax Tip 2018-123 August 9, 2018 The IRS reminds individuals and businesses that they have additional time to file an administrative claim or bring a civil action for wrongful levy or seizure. Tax reform legislation enacted in December extended the time limit from nine months to two years. Here are some facts about levies and the extension of time to file a claim or civil action:
More Information: What if I get a levy against one of my employees, vendors, customers or other third parties What is a Levy? Publication 4235, Collection Advisory Group Numbers and Addresses Publication 4528, Making an Administrative Wrongful Levy Claim Under Internal Revenue Code Section 6343(b) Publication 1660, Collection Appeal Rights Publication 1, Your Rights as a Taxpayer ►Recent IRS Tweets Twitter Report August 3, 2018 @IRSnews · Tax topics can be complex in any language. #IRS offers simple tips in English, Spanish and #ASL to help taxpayers stay informed: http://www.youtube.com/ · If self-employed, chances are you should be paying estimated tax to #IRS. More on this and other #IRSsmallbiz tips: http://www.irs.gov/ · Don’t open attachments or links pretending to be from #IRS. They could have malicious code. http://www.irs.gov/alerts · Is your contribution #tax deductible? Use the new #IRS #Tax Exempt Organization Search tool to look up charitable organizations. http://www.irs.gov/charities · Surprised how popular your rental place is among travelers? Remember to pay estimated taxes to #AvoidIRSsurprises. http://www.irs.gov/payasyougo · #IRS tax forms & publications can be downloaded in Braille ready files. http://www.irs.gov/accessible · Need tax answers from #IRS right now? http://www.irs.gov/help is ready to help at any time. · If you received an extension and have questions head to http://IRS.gov for various tools & resources. #IRS #IRSTaxTip https://go.usa.gov/xQP6w · Why should I check on my tax withholding? See the #IRS FAQs on performing a #PaycheckCheckup: http://www.irs.gov/withholding · #TaxReform changes affect moving, mileage and travel expenses. See #IRS info at http://www.irs.gov/taxreform · Need an #EIN for your business? Applying online is fast, free & user friendly. Once the validation is done you can download, save & print an #IRS confirmation. http://www.irs.gov/ein · Summer job? The #IRS Withholding Calculator accounts for part-year jobs when checking that your withholding is right for you http://www.irs.gov/withholding · #IRSTaxTip: Check out the #IRS resources available year-round like Taxpayer Advocate Service, Low Income Taxpayer Clinics, http://IRS.gov and YouTube videos. https://go.usa.gov/xQHcZ · After #TaxReform, new law gives individuals and businesses more time to challenge a wrongful #IRS levy; newly-revised publication 4528 can help. http://www.irs.gov/taxreform · To get a #tax transcript you can order online, by mail or complete and send either Form 4506-T or Form 4506T-EZ to the #IRS. #IRSTaxTip https://go.usa.gov/xQHcW · Offer ridesharing services? Look into paying estimated taxes now to #AvoidIRSsurprises come filing season. http://www.irs.gov/payasyougo #IRS · #IRSTaxTip: Remember #IRS doesn’t email requests for PIN numbers, passwords or similar information for credit cards, banks & other financial accounts. Learn more about phishing scams: https://go.usa.gov/xUq7V · Scammers often use names similar to legitimate charities to trick people to send money or provide personal information. If you donate this #HurricaneSeason, check these #IRS tips first: http://go.usa.gov/xQsbQ · #IRSTaxTip: You can connect with #IRS on your mobile phone. https://go.usa.gov/xQSHS · #TaxReform offers higher depreciation limits for some vehicles. See #IRS info at http://www.irs.gov/taxreform · #IRS and @USTreasury announce proposed regulations detailing information on the calculation and reporting in certain repatriated earnings for specified foreign corporations https://go.usa.gov/xUwjd #TaxReform · Here are some tips to make using the #IRS Withholding Calculator as easy as possible: https://youtu.be/qJbbwOGlaIg . For more information, go to https://www.irs.gov/ · Tax-favored ABLE accounts enable people with disabilities and their families to save for and pay for disability-related expenses. More #IRS info on #TaxReform at http://www.irs.gov/taxreform · The #IRS 'Security Six' steps are a good idea not just for #TaxPros but for any taxpayer or small business. Learn more: https://go.usa.gov/xUN3b #TaxSecurity101 · #TaxPros: The 2018 #Chicago #IRSTaxForum is SOLD OUT. We encourage you to register for the forum in #Orlando on September 11 – 13. http://www.irstaxforum.com · #TaxReform: #IRS ofrece directrices sobre los recientes cambios en el plan de ahorro educativo 529 http://go.usa.gov/xUvav · #Veterans be sure to carefully follow instructions if you are claiming an #IRS refund for the #VAdisability severance payment. https://go.usa.gov/xUBdy · When disaster strikes, you want to be sure you're prepared. This #IRS video has tips for safeguarding important documents in preparation for an emergency. https://youtu.be/qTzxoAebHTM · The new law affects how much tax your employer should withhold. Do a #PaycheckCheckup to check that you’re not having too little or too much tax taken from your pay. http://www.irs.gov/withholding · #IRS and Security Summit: Experts recommend passwords with easy to remember phrases rather than random characters. https://go.usa.gov/xUPvW #TaxSecurity101 · #IRS reminds #bigrig truckers: E-File highway use tax returns by August 31 http://www.irs.gov/trucker · Threatening #IRS calls? Promises of big tax refunds? Stay alert and don’t give any info or money: http://www.irs.gov/alerts · #IRS issues proposed regulations affecting US shareholders with direct or indirect ownership in certain specified foreign corporations https://go.usa.gov/xUwjd #TaxReform @IRStaxpros · #TaxPros: Sign up to receive e-News for Tax Professionals to receive important updates and resources on tax reform, tax scams and other items for the tax community. https://go.usa.gov/xUq7y #IRSTaxTip · #IRSTaxTip: IRS2Go users can watch helpful videos and access #IRS tweets. https://go.usa.gov/xQSHS · #Veterans may claim a credit or refund for the overpayment attributable to the disability severance payment using a 1040X #VAdisability https://go.usa.gov/xUBdy · #IRS and its Security Summit partners offer new, expanded guide for #TaxPros to provide critical steps to protect client data and highlighting available resources. https://go.usa.gov/xUZBv #TaxSecurity101 · A timely #PaycheckCheckup can help your client adjust his tax withholding to his own unique circumstances. https://www.irs.gov/payments/ · #IRS and @USTreasury issue proposed regulations on transition tax of repatriated foreign earnings https://go.usa.gov/xUwjd · #TaxReform August 4, 2018 @IRSnews · #IRSTaxTip: IRS2Go users can watch helpful videos & access #IRS tweets. http://go.usa.gov/xQSHS · #IRSTaxTip: Summer, Spring, Winter or Fall go to http://IRS.gov for #tax help anytime of the year. http://go.usa.gov/xQHcZ · #IRS & @DeptofDefense worked closely on letters to #veterans on claiming #tax refund for disability severance payment #VAdisability http://go.usa.gov/xUBdy · Surprised how popular your rental place is among travelers? Remember to pay estimated taxes to #AvoidIRSsurprises. http://irs.gov/payasyougo · #IRSTaxTip: DYK thieves often pose as the #IRS to get you to turn over personal information in a scam called phishing. Phishing is typically carried out through unexpected emails or websites. http://go.usa.gov/xUq7V · If you’re a two-income family, do a #PaycheckCheckup now to check that you have the right amount of tax taken from your paychecks. http://irs.gov/withholding #IRS · ABLE account beneficiaries & people with disabilities should make sure they are having the right withheld from their pay. More #IRS info on #TaxReform at http://irs.gov/taxreform · Learn more about how #TaxReform gives individuals & businesses more time to challenge a wrongful #IRS levy at http://irs.gov/taxreform · #TaxPros: It can be hard to keep up with #tax law changes due to #TaxReform. Good thing the #IRSTaxForum is offering a session on Tax Reform Highlights for Employers. Register http://irstaxforum.com · Still owe taxes after the April filing deadline? You can pay with #IRS Direct Pay, debit or credit card. View other #IRSTaxTips @ http://go.usa.gov/xQX2z · Crooks impersonate #IRS to get banking & other information on new variation of Form W-8BEN scam. http://go.usa.gov/xQQGh · Tax topics can be complex in any language. #IRS offers simple tips in English, Spanish & #ASL to help taxpayers stay informed: http://youtube.com/irsvideos , http://youtube.com/ · #IRS has short videos on tax topics in English: http://youtube.com/irsvideos , Spanish: http://youtube.com/ @IRStaxpros · #TaxPros: Whether you are part of a large firm or a one-person shop, you must enact the #TaxSecurity101 safeguards. Learn more from #IRS at https://go.usa.gov/xUZBv · Tax law changes mean ABLE account beneficiaries can now qualify for the #IRS Saver’s Credit based on contributions they make to their ABLE accounts. http://www.irs.gov/taxreform #TaxReform · REMINDER: The 2018 #SanDiego and #Chicago #IRSTaxForums are sold out. We encourage you to register for the forum in #Orlando on September 11 – 13. https://www.irstaxforum.com/ · #IRS issues proposed regulations affecting US shareholders with direct or indirect ownership in certain specified foreign corporations https://go.usa.gov/xUwjd #TaxReform August 5, 2018 @IRSnews · An #ITIN with middle digits of 73, 74, 75, 76, 77, 81 or 82 will expire at the end of 2018. Here’s how to renew: http://irs.gov/itin . #IRS · Whenever an option, #IRS & Security Summit advise using a multi-factor authentication process. http://go.usa.gov/xUPvW #TaxSecurity101 · #TaxPros: Want to hear about the modifications to like-kind exchanges? Attend the #IRSTaxForum session #TaxReform Highlights for Small Businesses & Pass Through Entities. http://irstaxforum.com · The new tax law has changed many itemized deductions. Perform a #PaycheckCheckup to see if this affects your tax withholding: http://irs.gov/withholding · A tuition & fees #IRS deduction can reduce the amount of income subject to tax by up to $4000. More at http://irs.gov/students · #IRS urges #TaxPros to limit or disable internet capabilities for devices that have stored taxpayer data. http://go.usa.gov/xUPvW #TaxSecurity101 · Working at a summer camp? Office intern? Get the #tax information you need for your summer job with this #IRSTaxTip http://go.usa.gov/xQVeb · #IRS offers guidance on recent changes to #529Plans: http://go.usa.gov/xUvav #TaxReform · #IRS offers simple steps that can help taxpayers & businesses protect financial and tax records in case of natural disasters. http://irs.gov/disasters #HurricaneStrong · #IRS and @USTreasury issue proposed regulations on transition tax of repatriated foreign earnings http://go.usa.gov/xUwjd #TaxReform · #TaxPros: The 2018 #Chicago #IRSTaxForum is SOLD OUT. We encourage you to register for the forum in #Orlando on September 11 – 13. http://irstaxforum.com · If in doubt, don’t give it out! #IRS reminds you to be on the lookout for scammers & report them. http://irs.gov/alerts #TaxSecurity · At #IRS, we have lots of accessible tax information online for people with disabilities. #GAAD https://youtu.be/bhTL9VAN1EU · #IRS Reminder: Extension filers don’t forget the October 15 deadline. http://go.usa.gov/xQVeZ# · Are you working a summer job? The #IRS Withholding Calculator accounts for part-year jobs when checking that your withholding is right for you http://irs.gov/withholding #PaycheckCheckup @IRStaxpros · #IRS and @USTreasury have issued proposed regulations on the tax calculation and reporting of certain specified foreign corporations https://go.usa.gov/xUwjd #TaxReform · #IRS warning: Cybercriminals work hard to access #TaxPros’ networks or get them to disclose passwords. Be prepared: https://go.usa.gov/xUPvW #TaxSecurity101 · An #IRS tip on #TaxReform: Distributions from ABLE accounts are tax-free to the designated beneficiary if used to pay qualified disability expenses. http://www.irs.gov/taxreform · Having too little tax withheld can mean an unexpected #IRS bill or a penalty at tax time in 2019. Help your client do a #PaycheckCheckup now. http://www.irs.gov/withholding Published: 08/10/18 |