Issue Number: 2018-14
Inside This Issue
- Make Sure Your Client Gets a “Paycheck Checkup”
- IRS Now Processing All Returns with “Extender” Provisions
- Time is Running Out to File 2014 Tax Returns Worth $1 Billion in Refunds
- Join the Taxpayer Advocacy Panel and Help Improve the IRS
- Reminder: Fax Number Change for Form 8655, Reporting Agent Authorization
- Technical Guidance
1. Make Sure Your Client Gets a “Paycheck Checkup”
The IRS is encouraging people to check their withholding as soon as possible, especially some key groups of taxpayers. If you have clients with children or dependents, whose households include two or more jobs, who itemize deductions or have high income or complex tax situations, make sure they visit the IRS Withholding Calculator to perform a “paycheck checkup.” This can help ensure they have the right amount of tax withheld from their pay following recent tax-law changes.
This new YouTube video explains how to use the IRS Withholding Calculator.
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2. IRS Now Processing All Returns with “Extender” Provisions
The IRS is now processing all tax returns claiming benefits related to the Bipartisan Budget Act, enacted on Feb. 9. The budget act renewed for tax year 2017 a wide range of individual and business tax benefits that expired at the end of 2016. Many affected individual taxpayers were able to file key forms beginning Feb. 22. But work has continued on the remaining affected tax forms since then, and the IRS has now finished updating its systems for all affected tax forms, for both individuals and businesses. Taxpayers can file as they normally would.
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3. Time is Running Out to File 2014 Tax Returns Worth $1 Billion in Refunds
Time is running out for an estimated one million taxpayers to file a 2014 tax return and claim refunds totaling more than $1 billion. To claim a refund, a taxpayer must file his 2014 federal tax return by April 17.
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4. Join the Taxpayer Advocacy Panel and Help Improve the IRS
The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns and makes recommendations for improving IRS service and customer satisfaction. Taxpayers interested in serving on the panel may apply through April 27.
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5. Reminder: Fax Number Change for Form 8655, Reporting Agent Authorization
The fax number for Form 8655, Reporting Agent Authorization, was changed in April 2017 to 855-214-7523. The previous number, 801-620-4142, was still operational until just recently.
When faxing Forms 8655, send no more than 25 forms in a single transmission. Also, consider sending faxes directly from your computer rather than a fax machine – the improved legibility makes the forms easier to process.
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6. Technical Guidance
Notice 2018-24 requests comments on the potential expansion of the scope of the determination letter program for individually designed plans during the 2019 calendar year, beyond provision of determination letters for initial qualification and qualification upon plan termination.
Notice 2018-26, provides additional guidance regarding the implementation of section 965 of the Internal Revenue Code as amended by “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018”, P.L. 115-97, which was enacted on Dec. 22.
Notice 2018-28 provides guidance for computing the business interest expense limitation under recent tax legislation enacted on Dec. 22.
Notice 2018-29 announces that the Treasury Department and the IRS intend to issue regulations under new section 1446(f) of the Internal Revenue Code regarding withholding on a disposition by a foreign person of a partnership interest that is not publicly traded.
Notice 2018-31 provides guidance impacting U.S. multinational enterprise groups that are required to file Form 8975 and Schedule A (Form 8975) (Country-by-Country Report) and that have more than 50 percent of their revenues attributable to contracts with the Department of Defense or other U.S. governmental intelligence or security agencies.
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