e-News for Tax Professionals Issue Number: 2018-24

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Issue Number:  2018-24

Inside This Issue

1. More ITINs to Expire in 2018
2. Estimated Taxes; Second Estimated Tax Payment Due June 15
3. Make the 2018 IRS Nationwide Tax Forums Work for You
4. Obtain IRS Help Any Time of the Year
5. Technical Guidance

The IRS is now accepting ITIN renewal applications for ITINs that have not been used on a federal tax return at least once in the last three consecutive years and ITINs with middle digits 73, 74, 75, 76, 77, 81 or 82 that will expire at the end of the year. Please urge your clients with expiring ITINS to begin submitting their renewal applications as soon as possible if they have a tax filing requirement next year.

See the ITIN media release for more information.

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Due to tax reform bringing major changes for the year ahead, the second estimated tax payment for 2018 is due June 15, 2018, for self-employed individuals, retirees, investors and others who must pay quarterly taxes.

Form 1040-ES, available on IRS.gov, is designed to help individuals figure tax payments simply and accurately. The estimated tax package includes a quick rundown of key tax changes, income tax rate schedules for 2018 and a useful worksheet for figuring the right amount to pay. Publication 505, Tax Withholding and Estimated Tax, has additional details, including worksheets and examples, that can help your clients determine whether they should pay estimated tax.

To find out which situations your clients should consider paying estimated taxes, watch this new YouTube video https://youtu.be/7PWcQGMdvP8.

You can watch other helpful videos on the IRS’s YouTube Channel. For more information on tax withholding and estimated tax, visit the Pay As You Go web page.

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Join your colleagues for three days of informative education sessions, training and networking at the 2018 IRS Nationwide Tax Forums. The Tax Forums will feature a full agenda of the latest tax law information, networking opportunities and exhibits of the latest products and services for your business needs.　 Here are a few tips for a successful experience:　

• Reserve your room early as hotel blocks fill up fast.
• Register early to take advantage of express check-in.
• Bring paper to take notes as forum material is available in electronic form only.
• Arrive early and scan your badge at every seminar.

Early bird registration ends June 15. For more tips on how to make the IRS Nationwide Tax Forums work for you or to register, visit https://www.irstaxforum.com/Make.

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While the federal income tax-filing deadline has ended, some of your clients may still need assistance. Several IRS resources are available year-round:

• IRS.gov. You can find helpful information by clicking on "Help" at the top of the home page to access several online tools, obtain answers to tax questions with the Interactive Tax Assistant and the IRS Tax Map, and choose ‘Where’s My Refund?’ to check the status of your client’s refund.
• Taxpayer Advocate Service. TAS can help any of your clients experiencing economic harm, who are seeking help in resolving tax problems, or who believe that an IRS procedure is not working as it should. Contact TAS at 1-877-777-4778.
• Low Income Taxpayer Clinics. The LITCs provide professional representation to individuals who need to resolve tax problems.
• Multimedia Center. A number of YouTube videos are available on a variety of topics in either English, Spanish or American Sign Language. IRS podcasts are also available in English and Spanish.
• Twitter. @IRSnews provides tax-related announcements and tips. @IRStaxpros tweets news and guidance for tax professionals. Tweets from @IRSenEspanol have news and information in Spanish.
• The Taxpayer Advocate Service sends tweets from @YourVoiceAtIRS.

For more information, visit https://go.usa.gov/xQHcZ.

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Revenue Ruling 2018-18 provides interest rates: underpayments and overpayments. The rates for interest determined under section 6621 of the code for the calendar quarter beginning July 1, 2018, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent.　

Notice 2018-56 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. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I), as reflected by the application of section 430(h)(2)(C)(iv).　 　

Notice 2018-57 announces that the Treasury Department and the IRS intend to amend regulations under section 987 to delay the applicability date of the final section 987 regulations and certain temporary section 987 regulations by 1 additional year. Notice 2017-57, published on October 16, 2017, previously delayed the applicability date by 1 year. The Treasury Department and the IRS intend to amend sections 1.861-9T, 1.985-5, 1.987-11, 1.987-1T through 1.987-4T, 1.987-6T, 1.987-7T, 1.988-1, 1.988-1T, 1.988-4, and 1.989(a)-1 to provide that the final regulations and the related temporary regulations will apply to taxable years beginning on or after the date that is three years after the first day of the first taxable year following December 7, 2016. Notice 2018-57 will be in Internal Revenue Bulletin 2018-26, dated June 25, 2018.

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