Latest IRS Updates and News Releases

Announcements & Upcoming Events:

Tax Security Awareness Webinar: Understanding the Dark Web
To register, go to https://www.webcaster4.com/Webcast/Page/1148/28472

In support of Internal Revenue Service’s Tax Security Awareness Week, a free webinar is being offered to help taxpayers understand the dark web and how it is used as a repository for: stolen identities, credit data, tax information, banking/financial information etc. During this webinar IRS Criminal Investigators will provide an overview of the dark web and answer questions that will help you recognize the risks and use of the dark web by cyber criminals.

Monday, December 3
2 p.m. Eastern; 1 p.m. Central; 12 p.m. Mountain; 11 a.m. Pacific; 10 a.m. Alaska

IRS Tax Reform Webinars
https://www.irs.gov/small-businesses-self-employed/webinars-for-small-businesses

November 29 -- Tax Reform Basics about Opportunity Zones
2 p.m. Eastern; 1 p.m. Central; 12 p.m. Mountain; 11 a.m. Pacific; 10 a.m. Alaska; 8 a.m. Hawaii
Register: https://www.webcaster4.com/Webcast/Page/1148/28015

December 6 -- Tax Reform Basics for the Qualified Business Income Deduction (199A)
2 p.m. Eastern; 1 p.m. Central; 12 p.m. Mountain; 11 a.m. Pacific; 10 a.m. Alaska; 8 a.m. Hawaii
Register: https://www.webcaster4.com/Webcast/Page/1148/27995

Each session is 60-minutes, including Q & A.  Closed captioning is available for each session.

Continuing Education:
• All participants who qualify will receive a Certificate of Completion
• Tax Professionals will earn 1 CE Credit –  Category: Federal Tax Update
• Have enough Federal Tax Update credit? No worries…excess Federal Tax Update credit can be counted towards Federal Tax/Tax Related Matters instead.

For information on future Tax Reform Webinars visit the Upcoming Webinars page on IRS.gov. 
Questions about the webinars?  Email us at:  [email protected]
Archived Webinars - Recent Releases
Tax Reform Basics for Employers
This webinar will give an overview of Tax Reform changes for Employers. Topics will include changes to Employer Credit Family and Medical Leave, Employee Achievement Awards, Qualified Transportation Fringe Benefits, and others.
Tax Reform Basics for Individuals and Families
This webinar addresses Tax Reform changes related to Individual Taxpayers. Topics include changes to standard deductions, personal exemptions, itemized deductions, child tax credit, and other changes.


IRS Updates & News Releases:
Did you know? One of the best ways to get information is by visiting the IRS Small Business Tax Center where you can learn everything from how to get an Employer Identification Number (EIN) online to how to best navigate an audit.

National Tax Security Awareness Week

Security Summit plans National Tax Security Awareness Week, Dec. 3-7; New Twitter handle launched, ‘Dark Web’ webinar planned
https://www.irs.gov/newsroom/security-summit-plans-national-tax-security-awareness-week-dec-3-7-new-twitter-handle-launched-dark-web-webinar-planned
With the approach of the holidays and the upcoming tax season, the Internal Revenue Service, state tax agencies and the nation’s tax industry will sponsor a nationwide campaign in December urging people to better protect their sensitive tax and financial data.

IRS warns of “Tax Transcript” email scam; dangers to business networks
https://www.irs.gov/newsroom/irs-warns-of-tax-transcript-email-scam-dangers-to-business-networks
The IRS and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.


Tax Reform - https://www.irs.gov/tax-reform

New tax law allows small businesses to expense more, expands bonus depreciation
https://www.irs.gov/newsroom/new-tax-law-allows-small-businesses-to-expense-more-expands-bonus-depreciation
The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service.

Like-kind exchanges now limited to real property
https://www.irs.gov/newsroom/like-kind-exchanges-now-limited-to-real-property
The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property.

IRS issues proposed regulations on new business interest expense deduction limit
https://www.irs.gov/newsroom/irs-issues-proposed-regulations-on-new-business-interest-expense-deduction-limit
The Internal Revenue Service has issued proposed regulations for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision.

Get Ready for Taxes - https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes

Get Ready for Taxes: Get 2018 tax documents ready for upcoming filing season
https://www.irs.gov/newsroom/get-ready-for-taxes-get-2018-tax-documents-ready-for-upcoming-filing-season
The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019. This is the fifth in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS has recently updated its Get Ready page with steps to take now for the 2019 tax filing season.

Get Ready for Taxes: Tax reform changes likely to reduce number of taxpayers who itemize
https://www.irs.gov/newsroom/get-ready-for-taxes-tax-reform-changes-likely-to-reduce-number-of-taxpayers-who-itemize
The IRS advises taxpayers that the doubling of the standard deduction due to tax law changes is likely to reduce the number of taxpayers who normally itemize.

Get Ready for Taxes: Safekeeping tax records helps for future filing, amended returns, audits
https://www.irs.gov/newsroom/get-ready-for-taxes-safekeeping-tax-records-helps-for-future-filing-amended-returns-audits
With the tax filing season quickly approaching, the Internal Revenue Service wants taxpayers to understand how long to keep tax returns and other documents.

Get Ready for Taxes: Many options available for preparing a 2018 tax return
https://www.irs.gov/newsroom/get-ready-for-taxes-many-options-available-for-preparing-a-2018-tax-return
The IRS is advising taxpayers that now is a good time to decide how to prepare and file their 2018 tax return.


Other news releases:

IRS reminds employers, business owners of Jan. 31 filing deadline for wage statements, independent contractor forms
https://www.irs.gov/newsroom/irs-reminds-employers-business-owners-of-jan-31-filing-deadline-for-wage-statements-independent-contractor-forms
The Internal Revenue Service reminds employers and other businesses that Jan. 31 remains the filing deadline for wage statements and independent contractor forms. The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. Certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors are also due at this time. Such payments are reported in box 7 of this form.
The IRS can more efficiently verify income that individuals report on their tax returns because of the Jan. 31 deadline; this helps prevent fraud. File these forms correctly and timely to avoid penalties. IRS e-file is the quickest, most accurate and convenient way to file these forms.

IRS: Plan now to use Health Flexible Spending Arrangements in 2019
https://www.irs.gov/newsroom/irs-plan-now-to-use-health-flexible-spending-arrangements-in-2019
The Internal Revenue Service reminds eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, many employers are offering their employees the option to sign up for an FSA this fall for participation that begins in 2019. Interested employees wishing to contribute during the new year must make this choice again for 2019, even if they contributed in 2018. Self-employed individuals are not eligible. An employee who chooses to participate can contribute up to $2,700 during the 2019 plan year. That’s a $50 increase over 2018.

IRS provides tax inflation adjustments for tax year 2019
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2019
The Internal Revenue Service today announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2018-57 provides details about these annual adjustments. The tax year 2019 adjustments generally are used on tax returns filed in 2020.

Tax Tips
https://www.irs.gov/uac/irs-tax-tips
New tax credit benefits employers who provide paid family and medical leave
Some S corporations may want to convert to C corporations
Tax Reform changes depreciation limits on luxury automobiles
What’s new with the child tax credit after tax reform
Tool on IRS.gov helps taxpayers research charities before making donations
Businesses can take these steps after a disaster