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Government Update: 2016_10

Government Update: 2016_10

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES

October 2016

 ►UPCOMING WEBINARS

See Webinars for Small Businesses for upcoming National and Local Webinars

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

 

►NEWS

IRS Launches New Sharing Economy Resource Center on IRS.gov, Provides Tips for Emerging Business Area

  • The IRS launched a new web page designed to help taxpayers involved in the sharing economy quickly locate the resources they need to help them meet their tax obligations.
  • The sharing economy has changed how people commute, travel, rent vacation places and perform many other activities.
  • Also referred to as the on-demand, gig or access economy, sharing economies allow individuals and groups to utilize technology advancements to arrange transactions to generate revenue from assets they possess — such as cars and homes — or services they provide — such as household chores or technology services.

 

New Procedure Helps People Making IRA and Retirement Plan Rollovers

  • The IRS has provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement.

 

Check out the IRS Tax Calendar for Businesses and Self-Employed

  • View due dates and actions for each month
  • Filter by monthly depositor, semiweekly depositor, excise, or general event types
  • Have reminders sent to your email inbox one or two weeks in advance of when a form or payment is due
  • Subscribe using Outlook 2007, Outlook 2010 or Mac iCal. Subscribing adds calendar data to your calendar program.
  • View the Tax Calendar on your smartphone or tablet

 

Tax Effects of Divorce or Separation

  • If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider.

 

The Customer Satisfaction Surveys page provides a listing of current and recent IRS sponsored customer satisfaction surveys and IRS taxpayer compliance burden surveys.

Questions about IRS Audits? 

 

►ACA for Applicable Large Employers

Understanding the Terms Affordable and Minimum Value Coverage

  • In general, under the employer shared responsibility provisions of the Affordable Care Act, an applicable large employer may either offer affordable minimum essential coverage that provides minimum value to its full-time employees and their dependents or potentially owe an employer shared responsibility payment to the IRS.
  • Refer to the article for information to help you understand affordable coverage and minimum value coverage.

 

►EMPLOYERS

The “Annual Notification of FTD Deposit Requirements” may be mailed to you soon:

 

TAXES. SECURITY. TOGETHER. (Identity Theft)

Secure Access: How to Register for Certain Online Self-Help Tools

  • To better protect taxpayers, the IRS recently upgraded its identity verification process for certain online self-help tools. The purpose is to prevent taxpayer impersonations and account takeovers by identity thieves. Because the Secure Access Authentication platform is more rigorous, it helps if you prepare to register in advance.
  • Currently, the Secure Access Authentication process applies to the Get Transcript Online and Get an IP PIN tools.
  • Read the article to find out what new users need to get started.

Recent Tax Scams and Consumer Alerts

 

►NEWS FROM OTHER AGENCIES

The Small Business Administration now offers locally customized email messages for small business owners.

  • To receive more information about official SBA training and events in your area, please take a moment to input your zip code at sba.gov/updates.

 

►SEE THE LATEST

Outreach Corner. Find it easy to spread the word about key income tax topics! This page offers electronic communication materials to use in reaching out to the people you serve. Get free news you can use each month, targeted by time of year to coincide with what your customers, employees, volunteers, etc. need to know about new tax law legislation, IRS events and other activities that affect them.

Industries/Professions Tax Centers. Tax Centers contain links to topics such as tax tips, financial resources, trends and statistics, forms, and more.

Audit Techniques Guides (ATGs) Audit Techniques Guides (ATGs) help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries. While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who prepare returns.

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