Blog

IRS News: 2017_11

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES
November 2017

►UPCOMING WEB CONFERENCES

Tuesday December 7 – Racing Towards Year End: Employment Tax Reminders

120 minutes long (includes Q&A), 2-hour CE for tax pros (Federal Tax)
1 p.m. Eastern (closed captioning offered)

REGISTER HERE

During this web conference, representatives from SSA and IRS will present information on the
following topics:

IRS:
• W-2 Verification Code Pilot
• Data protection and what to do if you experience a data breach; Identity theft and data
security breach scams & schemes
• Navigating the IRS web site to find information payroll professionals need

Social Security Administration:
• Business Services Online – What is it
• Business Services Online Registration
• W-2 Online
• Filing Forms W-2 Electronically (EFW2)
• Filing Forms W-2 by Paper
• AccuWage
• The Social Security Number Verification Service (SSNVS)

Thursday December 14 – Understanding the 2017 Tax Law Updates

75 minutes long (including Q and A), 1 hour CE for tax pros (Federal Tax Updates)

10 am Central/9 am Mountain
REGISTER HERE

1 pm Central/Noon Mountain, (closed captioning available)
REGISTER HERE

This webinar will provide an overview of the following:
• Expired Individual and Business Provisions
• Return and Payment Due Dates
• Oil and Gas Credits
• Education Credits
• New Forms
• Other Tax Law Changes
• Plus a live Q & A

See Webinars for Small Businesses for upcoming National and Local Webinars

 Click HERE for videos recently posted to the IRS Video Portal.

►NEWS

Pay as You Go, So You Won’t Owe – Estimated Tax Penalties

• 10 million taxpayers face an Estimated Tax Penalty each year. Taxpayers should act now to
reduce or avoid an estimated tax penalty for 2017.

• The number of people who paid this penalty jumped from 7.2 million in 2010 to 10 million in
2015, an increase of nearly 40 percent

Reminder about W-2 and 1099-MISC due dates

• The IRS reminds you that the PATH Act requires you to file Forms W-2 and W-3 with the Social Security Administration by January 31, whether filing paper forms or electronically.

• It also requires you to file Form 1099-MISC, when reporting non-employee compensation payments
in Box 7, with the Internal Revenue Service by January 31.

Find Out if You Need to Complete Form 1099-Misc

Am I required to file Form 1099 for payments to sub-contractors or vendors?

• Get 1099s for free: Online Ordering for Information Returns and Employer Returns

The Affordable Care Act (ACA) Individual Shared Responsibility Payment Rules Have Not Changed – Don’t File a Silent ACA Return

• The IRS will not accept electronically filed tax returns where the taxpayer does not address the health coverage requirements. Returns filed on paper that do not address the health coverage requirements, may be suspended pending the receipt of additional information and any refunds may be delayed.

• To avoid refund and processing delays when filing 2017 tax returns in 2018, taxpayers should indicate whether they and everyone on their return had coverage, qualified for an exemption from the coverage requirement or are making an individual shared responsibility payment.

• Know when you are responsible for the individual shared responsibility payment

IRS To Begin Reporting Serious Delinquent Tax Debts to The State Department in January 2018

• The IRS is required to notify taxpayers in writing with a CP-508C notice at the time the IRS certifies seriously delinquent tax debt to the State Department.

• Seriously delinquent tax debt is an individual’s unpaid, legally enforceable federal tax debt totaling more than $50,000 (including interest and penalties)

IRS Outlines the Latest Tax Scams Targeting Taxpayers
REMEMBER: The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. In addition, IRS does not threaten taxpayers with lawsuits, imprisonment or other enforcement action. Recognizing these telltale signs
of a phishing or tax scam could save you from becoming a victim.

See also: How to know it’s really the IRS calling or knocking on your door

NEWS FROM OTHER AGENCIES

From the SBA:
6 Things You Need to Know About Your Tax Responsibilities as an LLC

►IN EVERY ISSUE

Small Business and Self-Employed Tax Center

Understanding Your IRS Notice or Letter

Basic Tools for Tax Professionals

Tax Scams / Consumer Alerts

Identity Protection: Prevention, Detection and Victim Assistance

Federal Trade Commission:

Share:
Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedIn