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IRS Updates & News Releases

Posted By Lisa Novack, IRS, Friday, February 16, 2018

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.

 

Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency

https://www.irs.gov/newsroom/scam-alert-irs-urges-taxpayers-to-watch-out-for-erroneous-refunds-beware-of-fake-calls-to-return-money-to-a-collection-agency

The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed.

 

IRS: Avoid the Rush over Presidents Day Holiday; Online Tools, Resources Can Help

https://www.irs.gov/newsroom/irs-avoid-the-rush-over-presidents-day-holiday-online-tools-resources-can-help

With the surge of tax returns expected during the upcoming Presidents Day weekend, the Internal Revenue Service is offering taxpayers several tips and various time-saving resources to get them the help they need from the IRS quickly and easily. The IRS receives more phone calls on the day after Presidents Day than on any other day of the year. This year, that’s Tuesday, Feb. 20. So, ahead of the Presidents Day weekend, the IRS is reminding taxpayers to “Avoid the Rush,” detailing online options taxpayers and tax professionals can use to get information quickly to avoid busy signals and long wait times on the IRS toll-free hotline. Nearly every tax issue can be resolved from the convenience of a home or office.

 

Avoid the Rush: Track Tax Refunds Online at IRS.gov

https://www.irs.gov/newsroom/avoid-the-rush-track-tax-refunds-online-at-irsgov

With millions of tax refunds being processed, the Internal Revenue Service reminds taxpayers they can get fast answers about their refund by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app.

 

To Help Taxpayers, IRS Clarifies Some Common Early Filing Season Myths

https://www.irs.gov/newsroom/to-help-taxpayers-irs-clarifies-some-common-early-filing-season-myths

With the 2018 filing season in full swing, the IRS offers taxpayers some basic tax and refund tips to clear up some common misbeliefs.

IRS YouTube Videos:
Claiming EITC or ACTC? Your Refund May Be Delayed --
English | Spanish

 

Key IRS Identity Theft Indicators Continue Dramatic Decline in 2017; Security Summit Marks 2017 Progress Against Identity Theft

https://www.irs.gov/newsroom/key-irs-identity-theft-indicators-continue-dramatic-decline-in-2017-security-summit-marks-2017-progress-against-identity-theft

The Internal Revenue Service announced steep declines in tax-related identity theft in 2017, attributing the success to the Security Summit initiatives that help safeguard the nation’s taxpayers. Key indicators of identity theft dropped for the second year in a row in 2017. This includes a 40 percent decline in taxpayers reporting they are victims of identity theft in 2016. Since 2015, the number of tax-related identity theft victims has fallen by almost two-thirds and billions of dollars of taxpayer refunds have been protected.

 

Tax Pros Urged to Step Up Security as Filing Scheme Emerges, Reminded to Report Data Thefts

https://www.irs.gov/newsroom/tax-pros-urged-to-step-up-security-as-filing-scheme-emerges-reminded-to-report-data-thefts

Seeing the emergence of a new filing season scam, the Internal Revenue Service urges tax professionals to step up security and beware of phishing emails that can secretly download malicious software that can help cybercriminals steal client data. In a new twist, the fraudulent returns in a few cases used the taxpayers' real bank accounts for the deposit. A woman posing as a debt collection agency official then contacted the taxpayers to say a refund was deposited in error and asked the taxpayers to forward the money to her.

 

IRS Announces 2018 Pension Plan Limitations Not Affected by Tax Cuts and Jobs Act of 2017

https://www.irs.gov/newsroom/irs-announces-2018-pension-plan-limitations-not-affected-by-tax-cuts-and-jobs-act-of-2017

The Internal Revenue Service today announced that the Tax Cuts and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR 2017-177 and detailed in Notice 2017-64.

 

IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax

https://www.irs.gov/newsroom/irs-issues-guidance-on-changes-in-accounting-periods-related-to-the-transition-tax

The Treasury Department and the IRS announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act.

 

Tax Issues for Alaska Native American Corporations and Alaska Native Settlement Trusts

https://www.irs.gov/newsroom/tax-issues-for-alaska-native-american-corporations-and-alaska-native-settlement-trusts

The Internal Revenue Service reminds Alaska Native Corporations and Alaska Native Settlement Trusts that they may be able to take advantage of certain benefits in the recently enacted tax reform legislation.

 

IRS Names 8 New IRPAC Members

https://www.irs.gov/newsroom/irs-names-8-new-irpac-members

The Internal Revenue Service announced the selection of eight new members and 14 reinstated members for the Information Reporting Program Advisory Committee (IRPAC), which provides a forum for IRS officials and members of the public to address information reporting issues.

 

IRS Statement on Retroactive Extender Provisions

https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

The IRS is reviewing the legislation signed Feb. 9 that retroactively extended and modified numerous tax provisions covering 2017. We are assessing these significant changes in the tax law and beginning to determine next steps. The IRS will provide additional information as quickly as possible for affected taxpayers and the tax community.

 

Tax Tips

https://www.irs.gov/uac/irs-tax-tips

The Right to Be Informed – Taxpayer Bill of Rights #1

Taxpayers with Expired ITINs Should Renew Them Now to File Their 2017 Taxes

Five Things to Remember About Exemptions and Dependents for Tax Year 2017

Six Reasons to E-file

Tax Filing Season is Here – Things for Taxpayers to Consider

How Taxpayers Across the Country Can Have their Taxes Prepared for Free

Tax Preparers: Take these Steps After a Data Loss 

Tags:  IRS  Small Business  Taxes 

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