Issue Number: 2018-29
Inside This Issue
- Protect Your Clients, Protect Yourself: Basic Computer Safeguards
- IRS Nationwide Tax Forums Now Underway
- Tax Reform: Updates on Like-Kind Exchanges, Rehabilitation Credit and More
- Technical Guidance
1. Protect Your Clients, Protect Yourself: Basic Computer Safeguards
As part of the continuing Tax Security 101 series, the IRS and its Security Summit partners outlined six critical steps tax professionals should take to protect their electronic systems and safeguard taxpayer data. The "Security Six" protections fall into several major security categories:
- Antivirus software
- Firewalls
- Two-factor authentication
- Backup software/services
- Drive encryption
- Data security plan
This is the second in the Tax Security 101 series, which will continue each Tuesday for a total of 10 weeks. For more information, visit: Protect Your Clients; Protect Yourself: Tax Security 101 on IRS.gov.
Back to top
2. IRS Nationwide Tax Forums Now Underway
The IRS encourages all tax professionals to take advantage of the continuing education and networking opportunities available at the IRS Nationwide Tax Forums this summer. There’s still time to register for the upcoming Forums in Chicago and Orlando. Instructors from the IRS, American Bar Association Section of Taxataion, American Institute of CPAs, National Association of Enrolled Agents, National Association of Tax Professionals, National Society of Accountants, and the National Society of Tax Professionals are delivering 40 seminars onsite.
For more information and to register, visit the IRS Nationwide Tax Forum website at www.irstaxforum.com.
Back to top
3. Tax Reform: Updates on Like-Kind Exchanges, Rehabilitation Credit and More
The Tax Cuts and Jobs Act changed like-kind exchanges to apply only to exchanges of real property and not exchanges of personal or intangible property.
The Act also affects the Rehabilitation Tax Credit for amounts that your clients pay or incur for qualified expenditures after Dec. 31, 2017.
For more, visit the Tax Reform page on IRS.gov.
Back to top
4. Technical Guidance
Notice 2018-61 announces that the Treasury Department and the IRS intend to issue regulations clarifying the effect of section 67(g) of the Internal Revenue Code by "An Act to provide for reconciliation under titles II and V of the concurrent resolution on the budget for fiscal year 2018," P.L. 115-97, on the deductibility of certain expenses described in section 67(b) and (e) that estates and non-grantor trusts incur.
Revenue Ruling 2018-21 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate.
Revenue Procedure 2018-38 modifies the information to be reported to the IRS by organizations exempt from tax under section 501(a) of the Internal Revenue Code, other than organizations described in section 501(c)(3), that are required to file an annual Form 990 or Form 990-EZ information return. These organizations are no longer required to report the names and addresses of their contributors on the Schedule B of their Forms 990 or 990-EZ. However, they must continue to collect and keep this information in their books and records and to make it available to the IRS upon request.
Back to top
    
Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service.
If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.
This message was distributed automatically from the mailing list e-News for Tax Professionals. Please Do Not Reply To This Message
To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions page on the IRS Web site.
|
