Issue Number: 2017-46
Inside This Issue
- National Tax Security Awareness Week Is Nov. 27-Dec. 1
- Reminder: Jan. 31 Filing Deadline Applies to Wage Statements and Independent Contractor Forms
- Get Ready for Taxes: Save for Retirement Now, Get a Tax Credit Later
- IRS Advisory Council Releases Its 2017 Annual Report
- YouTube: IRS.gov Website Refresh
1. National Tax Security Awareness Week Is Nov. 27-Dec. 1
Beginning Monday, Nov. 27, the Internal Revenue Service, state tax agencies and the tax preparation industry will host National Tax Security Awareness Week, encouraging both individual and business taxpayers to protect their tax data and identities in advance of the 2018 filing season. The effort will include a host of events around the country.
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2. Reminder: Jan. 31 Filing Deadline Applies to Wage Statements and Independent Contractor Forms
Wage statements and independent contractor forms must be filed with the government by Jan. 31.
The Protecting Americans from Tax Hikes (PATH) Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by the end of January. This deadline also applies to certain Forms 1099-MISC filed with IRS to report non-employee compensation to independent contractors.
Early filing makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties.
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3. Get Ready for Taxes: Save for Retirement Now, Get a Tax Credit Later
You can help your low- and moderate-income clients earn a credit on their 2017 tax returns and save for retirement. A special tax break, the Saver’s Credit, is available to people with modest incomes. The savings could mean a credit of up to 50 percent for the first $2,000 a taxpayer contributes to a retirement plan.
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4. IRS Advisory Council Releases Its 2017 Annual Report
The Internal Revenue Service Advisory Council (IRSAC) issued its annual report for 2017 this week. The report includes numerous recommendations to the IRS on new and continuing issues in tax administration.
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5. YouTube: IRS.gov Website Refresh
This new YouTube video explains how to navigate the new IRS.gov.
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