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News & Press: Federal Tax News

IRS Headliners and News Releases for August 2018

Tuesday, August 28, 2018   (0 Comments)
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Submitted by John Blakeman via Brian Wozniak, IRS

Here are the latest IRS News Releases and Headliners to distribute to your members and clients.  I hope that the information will be helpful and we encourage publication in your newsletters, email distributions, website and social media channels. 

The big message right now is the campaign to make sure all taxpayers check their withholding.  We are more than halfway through 2018, and with major tax law changes taking effect this year, the IRS doesn’t want taxpayers to be caught off guard come tax time next spring. 

I’ve divided the news releases into sections on Tax Reform, the Paycheck Checkup Campaign, and ‘other’ to help you find what you are interested in faster.  I’ve also attached a multi-lingual GIF that has the Paycheck Checkup/Check Your Withholding message in English as well as rotating through Chinese, Vietnamese, Korean and Russian.  Feel free to use the GIF on your websites and social media channels, too.

Below are summaries and links to the most recent headliners and news releases your members might be interested in.  The title and summary are designed to give you a brief overview of the article's content -- the link to the full article is included with each summary. I encourage you to use these in newsletters or emails to your members/clients, or on your web site.


Announcements & Upcoming Events:

Save the Date! Oregon Small Business Fair - Saturday, September 15

http://www.oregonsmallbusinessfair.com/

Calling all current and aspiring small business owners!  Join us for the 24th annual Oregon Small Business Fair at Marylhurst University on Saturday, September 15th, 2018. Experts from a myriad of government, academic, and private business sources will be gathered together in one place to benefit small business owners. You can sharpen your skills by attending seminars taught by experts who share their knowledge and personal experiences in a ‘no-sales’ environment. Since 1994, the Fair has been helping small businesses succeed, and, of course, it is free to attend. You may even find resources that you never knew existed!

Visit http://www.oregonsmallbusinessfair.com/ for more information.

 


 

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.

 

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

IRS issues proposed regulations on new 20 percent deduction for passthrough businesses

https://www.irs.gov/newsroom/irs-issues-proposed-regulations-on-new-20-percent-deduction-for-passthrough-businesses

The Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.

The new deduction -- referred to as the Section 199A deduction or the deduction for qualified business income -- was created by the Tax Cuts and Jobs Act. The deduction is available for tax years beginning after Dec. 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file next year. The deduction is generally available to eligible taxpayers whose 2018 taxable incomes fall below $315,000 for joint returns and $157,500 for other taxpayers.

In addition, Notice 2018-64, also issued today, provides methods for calculating Form W-2 wages for purposes of the limitations on this deduction. More information in the form of FAQs on Section 199A can be found on IRS.gov. Taxpayers may rely on the rules in these proposed regulations until final regulations are published in the Federal Register.

 

Treasury, IRS issue proposed regulations on new 100 percent depreciation

https://www.irs.gov/newsroom/treasury-irs-issue-proposed-regulations-on-new-100-percent-depreciation

The Treasury Department and the Internal Revenue Service have issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business. The proposed regulations implement several provisions included in the Tax Cuts and Jobs Act (TCJA). The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.

 

IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act

https://www.irs.gov/newsroom/irs-issues-guidance-on-small-business-accounting-method-changes-under-tax-cuts-and-jobs-act

The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The Revenue Procedure outlines the process that eligible small business taxpayers may use to obtain automatic consent to change accounting methods that are now permitted under the Tax Cuts and Jobs Act, or TCJA.

 

Paycheck Checkup Campaign

IRS urges taxpayers to check withholding now to avoid tax surprises later; Spotlights special tools during week of Aug. 13 to help people overlooking major changes

https://www.irs.gov/newsroom/irs-urges-taxpayers-to-check-withholding-now-to-avoid-tax-surprises-later-spotlights-special-tools-during-week-of-aug-13-to-help-people-overlooking-major-changes

With the year more than halfway over, the Internal Revenue Service urges taxpayers who haven’t yet done a “Paycheck Checkup” to take a few minutes to see if they are having the right amount of tax withholding following major changes in the tax law. A summertime check on tax withholding is critical for millions of taxpayers who haven't reviewed their tax situation. Recent reports note that many taxpayers could see their refund amounts change when they file their 2018 taxes in early 2019. To help raise awareness for these taxpayers, the IRS is conducting a second “Paycheck Checkup” effort beginning the week of Aug. 13. During this week, the IRS is spotlighting a variety of tools – including the online Withholding Calculator – to help taxpayers learn if they need to make changes soon to avoid an unwelcome surprise come tax time.

Here are the news releases, in English and Spanish

 

 

More tax reform updates:

 

Other news releases:

 

IRS reminds truckers: E-file highway use tax return by Aug. 31

https://www.irs.gov/newsroom/irs-reminds-truckers-e-file-highway-use-tax-return-by-aug-31

The IRS reminds owners of most heavy highway vehicles that the time to file Form 2290, Heavy Highway Vehicle Use Tax Return, began July 1, 2018. Returns must be filed and tax payments made by Aug. 31, 2018, for vehicles used on the road during July. The IRS encourages all owners to take advantage of the speed and convenience of e-file and paying any tax due. There is no need to visit an IRS office because the form can be filed and any required tax payment can be made online. Visit IRS.gov for a list of IRS-approved e-file providers and to find an approved provider for Form 2290 on the 2290 e-file partner’s page.

 

Tax Tips

 


more Calendar

9/20/2018 » 9/26/2018
2018 OATC Basics & Beyond Seminar: Multicultural Clients (6 hrs CE)

9/24/2018
Westside Chapter - The Ethics of Tax Planning and Compliance in an Ever-Changing Tax

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