Issue Number: 2018-16
Inside This Issue
- Keep All Information for a Complete Tax Record
- New Rules and Limitations for Depreciation and Expensing
- YouTube: When Will I Get My Refund?
- National Small Business Week Webcasts
- Seminar Topics for 2018 IRS Nationwide Tax Forums
- Technical Guidance
1. Keep All Information for a Complete Tax Record
As a tax professional, you know how important it is to keep good records. Did you know that includes records of electronic and telephone contacts with the IRS? If questions later arise, having a complete record of all documents and contacts may speed up resolution of your issue.
If you need to contact the IRS by telephone, note key information from the conversation, such as:
Before you call, also check IRS.gov for the topics and information people ask about most. You may find the information you are looking for without having to call the IRS.
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2. New Rules and Limitations for Depreciation and Expensing
The Tax Cuts and Jobs Act, signed Dec. 22, 2017, changed some laws regarding depreciation deductions. For example, the new law increases the maximum deduction for a section 179 property deduction from $500,000 to $1 million. It also increases the phase-out threshold from $2 million to $2.5 million. Read the depreciation and expensing fact sheet for more.
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3. YouTube: When Will I Get My Refund?
This new IRS YouTube video explains when your clients can expect their refunds.
Watch this and other videos on the IRS YouTube Channel
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4. National Small Business Week Webcasts
With National Small Business Week approaching later this month, the IRS is preparing a special series of presentations to help people navigate difficult tax issues
Sign up now for the following National Small Business Week Webcasts:
April 30: Can I Deduct This?
May 1: Employee versus Independent Contractor
May 2: Pay Now? Pay Later? Can’t Pay?
May 3: Small Business Resources
May 4: PayCheck Check-Up
Two 30-minute sessions are available each day, Session 1 at 11 a.m. and Session 2 at 1 p.m. ET.
To register, click on the links below:
April 30 Session 1 - Session 2
May 1 Session 1 - Session 2
May 2 Session 1 - Session 2
May 3 Session 1 - Session 2
May 4 Session 1 - Session 2
Closed Captioning will be available for Session 2 only. Continuing education credits will not be offered. For questions, email: SBSE.SL.Web.Conference.Team@irs.gov
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5. Seminar Topics for 2018 IRS Nationwide Tax Forums
Seminar topics for the 2018 IRS Nationwide Tax Forums are now available. You can choose from multiple sessions on tax reform, cybersecurity and much more. Seminars are available for practitioners at all levels, and tax professionals earn continuing education credits for attending. Visit www.irstaxforum.com for more information and to register.
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6. Technical Guidance
Notice 2018-34 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code.
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