News Items - Benton / West City Area Chamber of Commerce.
IRS News for Business - April
Here is the latest IRS news. As always please share any or all this information. Let me know if you have questions. My contact information is at the bottom.

New Information for W-2 Scam victims
The IRS has established a process that will allow businesses and payroll service providers to quickly report any data losses related to the W2 scam currently making the rounds. See details at Form W2/SSN Data Theft: Information for Businesses and Payroll Service Providers. If notified in time, the IRS can take steps to prevent employees from being victimized by identity thieves filing fraudulent returns in their names. There also is information about how to report receiving the scam email.
As a reminder, tax professionals who experience a data breach also should quickly report the incident to the IRS. Tax professionals may contact their local stakeholder liaison. See details at Data Theft Information for Tax Professionals.

IRS NEWS FOR BUSINESS - April 2017
 
►UPCOMING WEBINARS ►NEWS
 
Make an Appointment before Visiting an IRS Taxpayer Assistance Center
  • The IRS reminds taxpayers that service at all of its Taxpayer Assistance Centers is now by appointment. Appointment service saves taxpayers time by ensuring they get the help they need without having to wait in line. 
  • Taxpayers can visit IRS.gov to find quick tax-related answers 24 hours a day, seven days a week. The IRS Interactive Tax Assistant is an excellent resource to get answers to commonly-asked questions.
View Your Account Balance and Payment History
  • If you're an individual taxpayer, you can use this tool to find out:
    • ​Your payoff amount, updated for the current calendar day
    • The balance for each tax year for which you owe
    • Up to 18 months of your payment history (NEW!)
IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return
  • Unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return.
  • To collect the money, taxpayers must file a 2013 tax return with the IRS no later than this year's tax deadline, Tuesday, April 18. 
  • Remember, there’s no penalty for filing a late return if you’re due a refund.
Get Prior Year Tax Information from the IRS 
  • There are many reasons to keep a copy of a tax return from a prior year. The IRS urges all taxpayers to keep copies of their tax returns for at least three years.
  • Those who need a copy of their tax return should check with their software provider or tax preparer. 
  • Taxpayers who cannot get a copy of a prior year return may order a tax transcript from the IRS. A transcript summarizes return information and includes AGI. They are free and available for the most current tax year after the IRS has processed the return. People can also get them for the past three years.
IRS Releases 100th eBook; Another Way for Taxpayers to Get Helpful Information using mobile devices such as smart phones, tablets and eReaders.
  • The IRS eBooks effort, which began two years ago, offers an easy way to read and review some of the most commonly used IRS tax products. Through eBooks, taxpayers can view Form 1040 instructions, Publication 17 and other frequently used tax publications by using mobile devices such as smart phones, tablets and eReaders.
  • See Tax Publication & Instruction eBooks
Get Credit for Making a Home Energy Efficient
  • Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year.
Capital Gains and Losses – 10 Helpful Facts to Know 
  • When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses.
Debt Cancellation May be Taxable
  • If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016.
Revocation or Denial of Passport in Case of Certain Unpaid Taxes
  • The IRS has not yet started certifying tax debt to the State Department. Certifications to the State Department will begin in early 2017, and this webpage will be updated to indicate when this process has been implemented. The information presented here is for informational purposes only.
IRS Releases Updated Form 990-EZ; New Options to Help Exempt Organizations Avoid Errors, File a More Accurate Return
  • The IRS released an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, that will help tax-exempt organizations avoid common mistakes when filing their annual return.
  • The updated Form 990-EZ includes 29 “help” icons describing key information needed to complete many of the fields within the form. The icons also provide links to additional helpful information available on IRS.gov. These “pop-up” boxes share information to help small and mid-size exempt organizations avoid common mistakes when filling out the form and filing their return.
►Employers
 
E-file Forms 940, 941, 943, 944 or 945 for Small Businesses
  • E-filing your Forms 940, 941, 943, 944 and 945 is secure and accurate. When you e-file, the system sends an acknowledgement that the IRS received your return within 24 hours. Electronically filing these returns involves using a third-party who will transmit the returns for a small fee. Explore your options in the article above.
►AFFORDABLE CARE ACT
 
Qualified Small Employer Health Reimbursement Arrangement (QSEHRA)
  • Notice-2017-20 extends the period for an employer that provides a qualified small employer health reimbursement arrangement (QSEHRA), which was added to the Internal Revenue Code by the 21st Century Cures Act (Cures Act), to furnish an initial written notice to its eligible employees regarding the QESHRA.
►TAXES. SECURITY. TOGETHER. (Identity Theft)
 
IRS Warns of Video Relay Scam Targeting Deaf and Hard of Hearing
  • Every day scammers come up with new ways to steal taxpayers’ identities and personal information. Some scammers pretend to be from the IRS with one goal in mind: to steal money.
  • Be aware that con artists will use video relay services (VRS) to try to scam deaf and hard of hearing individuals. Don’t become a victim. Deaf and hard of hearing taxpayers should avoid giving out personal and financial information to anyone they do not know. Always confirm that the person requesting personal information is who they say they are.
  • Do not automatically trust calls just because they are made through VRS. VRS interpreters do not screen calls for validity.
  • The IRS has procedures in place for taxpayers who are experiencing tax issues. Read the article above to find out what to do if you receive a call through VRS from someone claiming to be from the IRS.
IRS Criminal Investigation Releases Fiscal Year 2016 Annual Report
  • The IRS released its IRS Criminal Investigation (CI) annual report, reflecting the significant accomplishments and criminal enforcement actions taken in fiscal year 2016.
  • IRS CI initiated 3,395 cases in FY 2016 that focused on tax-related identity theft, money laundering, public corruption, cybercrime and terrorist financing.
►NEWS FROM OTHER AGENCIES
 
Social Security Administration Inspector General Warns Public about Phone Calls from Office of Inspector General “Imposters”
  • The Acting Inspector General of Social Security, Gale Stallworth Stone, is warning citizens about a nationwide telephone “imposter phishing” scheme.
  • The SSA and its Office of the Inspector General (OIG) have received several reports from citizens across the country about persons receiving phone calls from individuals posing as OIG investigators. The caller indicates an issue exists pertaining to the person’s Social Security account or Social Security number (SSN) and directs the person call a non-SSA telephone number to address the issue.
►IN EVERY ISSUE
  Federal Trade Commission: Business:https://www.ftc.gov/tips-advice/business-center/privacy-and-security/data-security
 
Doug Blade
Internal Revenue Service
Senior Stakeholder Liaison
3101 Constitution Drive
Springfield, IL 62704
(217) 993-6641

Published: 03/28/17