| IRS News for Business – March 2018 Here is the latest IRS News for Business – March 2018. As always please share any or all of this information. I hope you find this helpful. IRS NEWS FOR BUSINESS March 2018 ►UPCOMING WEB CONFERENCES We may offer web conferences in March, but as of the date of publication, we don’t have the webinar registration information. Please check Webinars for Small Businesses for upcoming National and Local Webinars. Click HERE for webinars and videos recently posted to the IRS Video Portal. ►NEWS To Help Taxpayers, IRS Clarifies Some Common Early Filing Season Myths
2018 IRS Tax Calendar Helps You Save the Tax Date
The Basics of Estimated Taxes for Individuals
►Identity Theft / Data Theft / Scam Alerts Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency
Key IRS Identity Theft Indicators Continue Dramatic Decline in 2017; Security Summit Marks 2017 Progress Against Identity Theft
►EMPLOYERS AND BUSINESS OWNERS: Publication 15, Circular E, Employer's Tax Guide for 2018 Ensure You Have Access to FIRE System Before You Need It
►NEWS FROM OTHER AGENCIES National Association for the Self-Employed (NASE)
►IN EVERY ISSUE If you're an individual taxpayer, you can use this tool to view:
Media Relations Office, Washington, D.C. Media Contact: www.irs.gov/newsroom. 202.317.4000 Public Tax Questions: 800.829.1040 Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds WASHINGTON – The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide range of individual and business tax benefits that had expired at the end of 2016. The IRS has now reprogrammed its processing systems to handle the three benefits most likely to be claimed on returns filed early in the tax season. As a result, taxpayers can now file returns claiming:
The IRS is working closely with tax professionals and the tax-preparation industry to ensure that their available software processes can now accommodate these new provisions. As always, filing electronically and choosing direct deposit is the fastest, most accurate and most convenient way to receive a tax refund. Last year, nearly 87 percent of individual returns were filed electronically and nearly 80 percent of refunds were direct deposited. The IRS is continuing to update its systems to handle returns claiming the other tax benefits extended by the new law, enacted on Feb. 9. In general, these benefits affect a smaller number of taxpayers. Taxpayers eligible for these benefits can avoid delays or possibly needing to file an amended return later, by filing after IRS systems have been updated to reflect these changes. Check IRS.gov/Extenders for future updates. Taxpayers who have already filed their 2017 federal tax return and now wish to claim one of these renewed tax benefits can do so by filing an amended return on Form 1040X. Amended returns cannot be filed electronically and can take up to 16 weeks to process. Visit IRS.gov for details. —30— March 1 Tax Deadline Nears for Many Farmers, Fishers; IRS Direct Pay Offers Easy Way to Pay IR-2018-34, Feb. 23, 2018 WASHINGTON ― The Internal Revenue Service is reminding farmers and fishers about the March 1 deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments. Anyone with income from a farming or fishing business may be able to avoid making any estimated tax payments by filing their 2017 return and paying the entire tax due on or before March 1, 2018. This rule generally applies if farming or fishing income was at least two-thirds of the total gross income in either 2017 or the preceding tax year. Taxpayers can use IRS Direct Pay to quickly pay an individual tax bill or make an estimated tax payment directly from a checking or savings account at no cost. Payments can be scheduled 24 hours a day, seven days a week, up to 30 days in advance without any fees or pre-registration. When a taxpayer uses IRS Direct Pay, they receive instant confirmation after they submit their payment. Direct Pay cannot be used to pay the federal highway use tax, payroll taxes or other business taxes. Taxpayers who wish to pay their federal business taxes electronically should enroll in the Electronic Federal Tax Payment System (EFTPS), or visit IRS.gov/payments to check out other payment options. Related Items
-30- Doug Blade Internal Revenue Service Senior Stakeholder Liaison 3101 Constitution Drive Springfield, IL 62704 (217) 993-6641 Published: 02/28/18 |