Issue Number: 2018-19
Inside This Issue
- Seasonal, Part-Year Workers Should Check Tax Withholding
- Choose Your Seminars for the 2018 IRS Nationwide Tax Forums
- Form W-8BEN Scam Resurfaces: Crooks Impersonate IRS to Get Banking and Other Information
- Tax Relief for Tornado and Severe Storms Victims in North Carolina
- It’s Hurricane Awareness Week
- Many Tax-Exempt Organizations Must File Information Returns by May 15
- New IRS Online Tool Expands Access to Information on Tax-Exempt Organizations
- Technical Guidance
1. Seasonal, Part-Year Workers Should Check Tax Withholding
Encourage your clients who work seasonal or part-year jobs to visit the Withholding Calculator on IRS.gov to perform a “paycheck checkup.” The Withholding Calculator will help your client identify his or her tax withholding to make sure the right amount of tax is being withheld from pay.
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2. Choose Your Seminars for the 2018 IRS Nationwide Tax Forums
Seminar topics and descriptions for the 2018 IRS Nationwide Tax Forums are now available for viewing. Topics include:
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Cybersecurity for Tax Professionals
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Get Ready for the Tax Cuts and Jobs Act New Due Diligence Requirements
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Highlights of Tax Changes from a Tax Forms Perspective
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Enhancing the Tax Pro Experience: Navigating the IRS with Communications and Liaison
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Bitcoin/Cryptocurrency – An Introduction and the Related Tax Consequences of Buying, Holding and Selling
Attendees can earn up to 18 continuing professional education credits in any of the five Forum locations – Atlanta, National Harbor (Washington, D.C.), San Diego, Chicago and Orlando. To see more seminar topics and to register, visit www.irstaxforum.com.
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3. Form W-8BEN Scam Resurfaces: Crooks Impersonate IRS to Get Banking and Other Information
Tax professionals should be aware of a new twist on an old scam aimed at international taxpayers and non-resident aliens. Criminals use a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. If you receive this kind of scam in your inbox, please forward the email to us at phishing@irs.gov.
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4. Tax Relief for Victims of Tornados and Severe Storms in North Carolina
Victims of a tornado and severe storms that occurred on April 15 in parts of North Carolina may qualify for tax relief from the IRS.
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5. It’s Hurricane Awareness Week
National Hurricane Preparedness Week, May 6 - May 12, is a good time for taxpayers who could be impacted by hurricanes and other natural disasters to get prepared. The IRS offers a special toll-free hotline for those in federally-declared disaster areas, staffed with IRS specialists trained to handle disaster-related issues.
This YouTube video contains additional planning information.
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6. Many Tax-Exempt Organizations Must File Information Returns by May 15
The May 15 filing deadline for Form 990-series information returns is fast approaching. Form 990-series information returns and notices are normally due on the fifteenth day of the fifth month after an organization’s tax-year ends. Many organizations use the calendar year as their tax year, making May 15, 2018, the deadline to file for 2017.
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7. New IRS Online Tool Expands Access to Information on Tax-Exempt Organizations
The IRS this week introduced a new online tool designed to provide faster, easier access to publicly available information on tax exempt organizations. The new Tax Exempt Organization Search (TEOS) replaces EO Select Check, a more limited tool available since 2012.
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8. Technical Guidance
Revenue Procedure 2018-29 provides a new automatic method change for taxpayers to use in changing their accounting methods to conform with FASB Topic 606.
Revenue Procedure 2018-30 provides the 2019 inflation adjusted amounts for Health Savings Accounts as determined under section 223 of the Internal Revenue Code.
Revenue Procedure 2018-31 provides the List of Automatic Changes to which the automatic change procedures in Rev. Proc. 2015-13, 2015-5 I.R.B. 419, as clarified and modified by Rev. Proc. 2015-33, 2015-24 I.R.B. 1067, and as modified by Rev. Proc. 2017-59, 2017-48 I.R.B. 543, and by section 17.02 of Rev. Proc. 2016-1, 2016-1 I.R.B. 1, apply.
Notice 2018-30 modifies the 338 and 1374 approaches in Notice 2003-65, 2003-2 C.B. 747 for determining recognized built-in gains or losses under section 382(h).
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