Issue Number: 2018-46
Inside This Issue
- Small Businesses Can Expense More; Bonus Depreciation Expanded
- IRS Advisory Council Issues Annual Report
- Criminal Investigation Reports on 2018 Enforcement Actions
- IRS Proposes Increase for Enrolled Agent Fees
- Plan now to Use Health Flexible Spending Arrangements in 2019
- Tax Inflation Adjustments for 2019
- Tax Relief for Wildfire, Hurricane Victims
- Get Ready: Check Withholding, Make Estimated Payments Now
1. Small Businesses Can Expense More; Bonus Depreciation Expanded
Recent tax law changes allow your small business clients to immediately expense more of the cost of certain business property. Many can write off most depreciable assets in the year they are placed into service.
Visit Tax Reform Provisions that Affect Businesses for more information.
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2. IRS Advisory Committee Issues Annual Report
The Internal Revenue Service Advisory Council (IRSAC) this week issued its 2018 annual report, which included recommendations to the IRS on new and continuing issues in tax administration, including the IRS budget, electronic third-party authentication and a planned online tax professional account.
The IRSAC is a federal advisory committee that reports to the Commissioner of Internal Revenue.
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3. Criminal Investigation Reports on 2018 Enforcement Actions
The IRS Criminal Investigation (CI) Division this week also issued its annual report, reflecting accomplishments and criminal enforcement actions taken in fiscal year 2018. CI’s major focus in 2018 was on traditional tax cases, including international tax enforcement, employment tax, refund fraud and tax-related identity theft.
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4. IRS Proposes Increase for Enrolled Agent Fees
The IRS has proposed regulations to increase user fees for enrolled agents and enrolled retirement plan agents. The proposed regulations, which will be published in the Federal Register on Nov. 19, raise the renewal user fee for enrolled agents and enrolled retirement plan agents from $30 to $67. The proposed regulations affect individuals who are or who apply to become enrolled agents and individuals who are enrolled retirement plan agents.
The deadline for public comments is Jan. 18, and a public hearing is scheduled for Jan. 24.
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5. Plan now to Use Health Flexible Spending Arrangements in 2019
Remind your clients that now is the time to begin planning to take advantage of employer health flexible spending arrangements (FSAs) in 2019.
FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, many employers offer their employees the option to sign up for an FSA this fall for participation that begins in 2019.
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6. Tax Inflation Adjustments for 2019
The IRS issued tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules. Revenue Procedure 2018-57 provides details about the adjustments.
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7. Tax Relief for Wildfire, Hurricane Victims
California taxpayers affected by wildfires beginning on Oct. 10, may qualify for tax relief. The IRS also updated tax relief for Virginia taxpayers who were victims of Hurricane Florence beginning on Sept. 18.
Visit IRS.gov/disaster for more.
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8. Get Ready: Check Withholding, Make Estimated Payments Now
In the fourth part of the Get Ready series, the IRS reminded individuals at risk of having too little tax withheld that they can avoid a surprise tax bill by updating Form W-4 as soon as possible. Estimated payments are another option for your clients who receive income not subject to withholding, such as interest, dividends, self-employment, capital gains, prizes and awards.
For more information on making estimated or additional tax payments, visit Pay As You Go, So You Won’t Owe or Get Ready on IRS.gov.
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