e-News for Small Business Issue 2018-31

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e-News for Small Business Sept. 25, 2018

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e-News for Small Business, Issue 2018-31

Inside This Issue

  1. IRS statement on Form W-4
  2. 2018 employer reimbursements for employees’ 2017 moves are generally tax-free
  3. Businesses beware: IRS warns of scams related to natural disasters
  4. IRS2Go lets you connect to the IRS on your mobile device

1.  IRS statement on Form W-4

Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The 2019 version of the Form W-4 will be similar to the current 2018 version. A new draft version of the W-4 for 2019 will be available in the coming weeks.

The IRS will continue working closely with the payroll and the tax community as it makes additional changes to the Form W-4 for use in 2020. The new version will help employees improve withholding accuracy, and fully reflect changes included in the Tax Cuts and Jobs Act.

For the current 2018 tax year, the IRS continues to strongly urge taxpayers to review their tax withholding situation as soon as possible to avoid having too little or too much withheld from their paychecks. Click here to perform a “paycheck checkup” using the IRS Withholding Calculator.

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2.  2018 employer reimbursements for employees’ 2017 moves are generally tax-free

Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the IRS announced Sept. 21, 2018.

The 2017 Tax Cuts and Jobs Act suspended the exclusion from income for moving expenses reimbursed or paid by an employer for most employees starting in 2018, making these amounts taxable, except for amounts for active-duty members of the U.S. Armed Forces whose moves relate to a military-ordered permanent change of station.

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3.  Businesses beware: IRS warns of scams related to natural disasters

In the wake of Hurricane Florence, the IRS cautions that criminals and scammers try to take advantage of the generosity of those who want to help victims of major disasters. Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics, including impersonating charities to get money or private information from well-intentioned donors.

For more information and to verify qualified charities, visit IRS.gov.

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4.  IRS2Go lets you connect to the IRS on your mobile device

IRS2Go is available to use for free on any iOS or Android device. Taxpayers, including business owners and self-employed individuals, can use IRS2Go to check their refund status or make a payment, among other tasks.          

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