IRS e-News for Small Business 2018-7: Winter storm extension to file; renewed energy-related tax incentives; tip income guide; ID theft prevention

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Issue Number: 2018-7

Inside This Issue

1. Winter storm extension: Businesses have extra time to request tax extension
2. Businesses can now file 2017 returns claiming retroactive energy-related tax incentives
3. Filing season resource: IRS guide for businesses with tip income
4. Tax pros urged to protect their identification numbers

1.  Winter storm extension: Businesses have extra time to request tax extension

Many businesses affected by severe winter storms have been granted additional time to request a six-month extension to file their 2017 federal income tax returns.

The IRS is providing this relief to those affected by two recent storms — known as Winter Storm Quinn and Winter Storm Skylar — that primarily hit portions of the Northeast and Mid-Atlantic.

See the March 13, 2018, IRS news release for more information.

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2.  Businesses can now file 2017 returns claiming retroactive energy-related tax incentives

The Feb. 9 Bipartisan Budget Act resurrected a wide range of individual and business tax benefits that had expired in 2016. Last week the IRS announced it is ready to process tax year 2017 returns claiming the four energy-related tax incentives renewed retroactively into law.

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3.  Filing season resource: IRS guide for businesses with tip income

Publication 3114, “Tips on Tips – a Guide to Tip Income Reporting for Employers in Businesses Where Tip Income is Customary,” will help businesses timely and accurately report the tip income of their employees.

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4.  Tax pros urged to protect their identification numbers

Businesses using tax practitioners should be aware that cybercriminals sometimes post stolen Electronic Filing Identification Numbers (EFINs) on the Dark Web as a crime kit for identity thieves to then file fraudulent tax returns. To assist tax professionals safeguard their ID numbers, the IRS created a new video and web page – “How to Maintain, Monitor and Protect Your EFIN.”

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