e-News for Tax Professionals 2019-24

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e-News for Tax Professionals July 12, 2019

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Issue Number:  2019-24

Inside This Issue


  1. Tax Security 2.0 – A "Taxes-Security-Together" Checklist
  2. IRS, Tax Pro Leaders Highlight Tax Forum in Chicago
  3. Time Running Out for Some Combat-injured Veterans to Claim Tax Refunds of up to $3,200
  4. July 18 Webinar: Understanding an Offer in Compromise
  5. Tax Relief for Missouri and Iowa Disaster Victims
  6. Tulsa Man Pleads Guilty to Payroll Tax Fraud
  7. Technical Guidance

1.  Tax Security 2.0 – A "Taxes-Security-Together" Checklist

Leaders from the IRS, state tax agencies and the tax industry this week called on tax professionals nationwide to take time to review their current security practices, enhance safeguards where necessary and take steps to protect their businesses from global cybercriminal syndicates prowling the Internet. Due to evolving tactics that continue to threaten the tax community and the sensitive data of taxpayers, the Security Summit partners created a new Taxes-Security-Together checklist to serve as a starting point for tax professionals.

During the next five weeks, the IRS and Summit partners will issue a series of Tax Security 2.0 news releases each Tuesday highlighting the “Taxes-Security-Together” action items. More security resources for tax professionals are available at Protect Your Clients, Protect Yourself on IRS.gov.

The Checklist series will also be a focal point of experts speaking at this summer’s Nationwide Tax Forum series. To register for upcoming forums in Chicago, New Orleans, Orlando and San Diego, visit https://www.irstaxforum.com/index.

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2.  IRS, Tax Pro Leaders Highlight Tax Forum in Chicago

Care for a little continuing education with your summer vacation? Then join us at the next IRS Nationwide Tax Forum, taking place July 23-25 in Chicago, where top IRS experts and leading tax professional partners will focus on recent tax law changes and the latest in data security issues. Commissioner Chuck Rettig will deliver the keynote speech and highlight major issues facing the IRS. 

So, earn up to 19 CE credits, resolve a tough client case and meet your colleagues. And in your free time, check out the Magnificent Mile, the Navy Pier and many other great aspects of Chicago.

To register for the Chicago Forum or other upcoming forums in New Orleans, Orlando and San Diego, visit www.irstaxforum.com.

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3.  Time Running Out for Some Combat-injured Veterans to Claim Tax Refunds of up to $3,200

The IRS reminded veterans this week who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refunds. Veterans should take action soon if they received a notice (letters 6060-A and 6060-D) and have not already filed Form 1040-X, Amended U.S. Individual Income Tax Return, to claim a refund or credit of the overpayment attributable to the disability severance payment.

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4.  July 18 Webinar: Understanding an Offer in Compromise

The IRS will present the webinar Understanding an Offer in Compromise (OIC) at 2 p.m. ET on July 18. This 75-minute webinar will explain what an OIC is and why it is used as a Collection tool; provide a general overview of OIC calculations including special circumstances; and discuss the Offer in Compromise Pre-Qualifier Tool on IRS.gov. Tax professionals can earn one continuing education credit.

To see a complete list of webinars, visit the Upcoming Webinars page on IRS.gov.

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5.  Tax Relief for Missouri and Iowa Disaster Victims

Victims of the severe storms, tornadoes, and flooding beginning on April 29 in parts of Missouri may qualify for tax relief from the Internal Revenue Service.

In addition, storm victims in the Iowa county of Muscatine now qualify for tax relief following severe storms and flooding beginning March 12.

Visit the IRS disaster relief page for all updates on tax relief for disaster victims.

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6.  Tulsa Man Pleads Guilty to Payroll Tax Fraud

The owner of a computer software development company pleaded guilty this week to failing to account for and pay over employment taxes withheld from his employees’ wages. Read more from the Justice Department Tax Division.

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7.  Technical Guidance

Notice 2019-43 updates and clarifies the guidance provided in prior IRS notices regarding the beginning of construction for sections 45 and 48.  Specifically, the notice provides that the Continuity Safe Harbor may be tolled and extended in certain limited circumstances involving significant national security concerns.

Notice 2019-44 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.

 


 

 

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