Issue Number: 2018-23
Inside This Issue
- IRS Nationwide Tax Forums Early Bird Registration Ends June 15
- Web Conference June 21 on IRS Withholding Calculator
- Tax Filing Deadline Is June 15 for Taxpayers Living and Working Abroad
- Penalty and Filing Relief for New Transition Tax on Foreign Earnings
- Tax Relief for Indiana Disaster Victims
- Natural Disaster Scams Rise During Hurricane Season
- Technical Guidance
1. IRS Nationwide Tax Forums Early Bird Registration Ends June 15
Register by June 15 for the 2018 IRS Nationwide Tax Forums to take advantage of reduced cost "early bird" registration for all five locations. Attendees who register at www.irstaxforum.com can qualify for the special low rate of $235. The standard rate of $255 will apply after 5 p.m. EST on June 15 and will continue until two weeks before each location’s event. The rate for attendees registering less than two weeks before a forum or on-site is $370.
The forums, held this summer in Atlanta, Washington, D.C., San Diego, Chicago and Orlando, will provide the latest information on federal and state tax issues. For more information about the tax forums, please visit 2018 IRS Nationwide Tax Forums.
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2. Web Conference June 21 on IRS Withholding Calculator
Register now for the web conference, "Understanding How to Use the IRS Withholding Calculator to Check and Correct Withholding, on June 21. The conference will:
- Illustrate why some major segments of the population need to change their withholding soon
- Familiarize tax professionals with how to use the IRS withholding calculator to help taxpayers change their withholding
- Include a live question and answer session
All participants who qualify will receive a Certificate of Completion and can earn up to 2 CE credits. For more information, or to register and attend, visit https://www.webcaster4.com/Webcast/Page/1148/26076.
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3. Tax Filing Deadline Is June 15 for Taxpayers Living and Working Abroad
Do you have clients who are living and working outside the United States? The deadline to file their 2017 federal income tax return is Friday, June 15. The special deadline is available to both U.S. citizens and resident aliens abroad, including those with dual citizenship. An extension of time is available for those who cannot meet the June 15 deadline.
More information on the tax rules that apply to U.S. citizens and resident aliens living abroad can be found in Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, or on the International Taxpayers page on IRS.gov.
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4. Penalty and Filing Relief for New Transition Tax on Foreign Earnings
The IRS will waive certain late-payment penalties relating to the section 965 transition tax. The relief is explained in three new FAQs found on the IRS tax reform page and supplement 14 existing questions and answers that provide detailed guidance.
For more information about the transition tax and other tax reform provisions, visit IRS.gov/taxreform.
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5. Tax Relief for Indiana Disaster Victims
The IRS has issued an amended Notice of Disaster Declaration for the state of Indiana due to recent severe storms and flooding.
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6. Natural Disaster Scams Rise During Hurricane Season
With hurricane season underway, criminals and scammers often try to take advantage of the generosity of individuals who want to help victims of major disasters. Fraudulent schemes normally start with unsolicited contacts by telephone, social media, e-mail or in-person using a variety of tactics.
Disaster victims can call the IRS toll-free disaster assistance telephone number (866-562-5227) with questions on tax relief or disaster-related tax issues or visit the disaster relief page on IRS.gov.
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7. Technical Guidance
Notice 2018-55 provides guidance on calculating net investment income for purposes of the section 4968 excise tax applicable to certain private colleges and universities. The Treasury Department and the IRS plan to issue proposed regulations addressing the new excise tax. In the meantime, affected taxpayers may rely on the special basis step-up rule described in the notice, which also requests public comment.
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