e-News for Small Business Issue 2019-15

e-News for Small Business Issue Number: 2019-15

Inside This Issue

1. IRS launches new tool to help workers with self-employment income
2. Leadership appointments in Small Business/Self-Employed
3. IRS video helps businesses and individuals prepare for disasters
4. Employers: Keep employees informed about tax scams and how to report them
5. Treasury, IRS release final and proposed regulations on new 100% depreciation
6. Appeals Team Case Leaders initiative to continue

1.  IRS launches new tool to help workers with self-employment income

The new Tax Withholding Estimator online tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the correct amount of tax to have withdrawn from their pay.

The Tax Withholding Estimator is an online tool that replaces the Withholding Calculator. The new tool offers self-employed taxpayers a more accurate way to calculate the amount of income tax they want to have withheld from their wages.

For more information, see the recent IRS news release: New IRS Tax Withholding Estimator helps workers with self-employment income.

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2.  Leadership appointments in Small Business/Self-Employed

IRS Small Business/Self-Employed Commissioner Eric Hylton announced the appointments of Darren Guillot as Deputy Commissioner for Collection and Operations Support and De Lon Harris as the Deputy Commissioner for Examination. Both appointments are in the SBSE Division.

"De Lon and Darren will play integral roles in our efforts to improve our taxpayer service and enforcement efforts," Hylton said. "There will be a special emphasis on coordinating our enforcement efforts within the IRS and working to maintain a balanced approach to ensure public trust of our tax administration efforts. It’s important our compliance efforts are robust and visible to the public."

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3. IRS video helps businesses and individuals prepare for disasters

The best business plan when disaster strikes is to be prepared. This IRS video has tips for safeguarding important documents and putting a plan in place in the event of an emergency.

The Preparing for Disasters tax tip video is available to view in English, Spanish and ASL.

Go to the IRS YouTube channel to view other informative videos on various tax related topics. Subscribe now.

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4.  Employers: Keep employees informed about tax scams and how to report them

Abusive tax schemes cause harm to both the Federal government and those who participate in them. Taxpayers should be wary of these schemes and report any evidence of tax abuse they encounter to the IRS.

The IRS Lead Development Center is constantly working to combat tax abuse by stopping abusive promoters and tax return preparers as early as possible. The LDC’s new IRS.gov page, Abusive Tax Schemes and Abusive Tax Return Preparers, provides more information on the types of scams prevalent today and how to report them.

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5.  Treasury, IRS release final and proposed regulations on new 100% depreciation

The Treasury Department and the Internal Revenue Service recently released final regulations and additional proposed regulations  under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction  allowing businesses to write off most depreciable business assets in the year they are placed in service by the business.

The final regulations finalize the proposed regulations issued in August 2018 which implement several provisions included in the Tax Cuts and Jobs Act.The proposed regulations contain new provisions not addressed previously.

For more information about this and other TCJA provisions, visit IRS.gov/taxreform.

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6.  Appeals Team Case Leaders initiative to continue

The Independent Office of Appeals will continue its Appeals Team Case Leaders initiative through May 1, 2020, the IRS announced this week. In May 2017, Appeals began an initiative in which some ATCLs invite IRS Compliance to participate in the non-settlement portion of the conferences for the largest, most complex cases in Appeals. Under the initiative, both parties are present at the conference while each presents its position regarding the issues in dispute.

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