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IRS News: 2019_05

IRS News: 2019_05

►NEWS

Done with taxes this year? Use 2018 return to get 2019 withholding right

• Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can use their recently finished 2018 return and the IRS Withholding Calculator to do a Paycheck Checkup and adjust their withholding.

Don’t fall for myth-leading information about tax refunds

• Now that the April tax-filing deadline has come and gone, many taxpayers are eager to get details about their tax refunds. When it comes to refunds, there are several common myths going around social media.

• Here are five of these common myths: o Myth 1: Getting a refund this year means there’s no need to adjust withholding for 2019 o Myth 2: Calling the IRS or a tax professional will provide a better refund date o Myth 3: Ordering a tax transcript is a ‘secret way’ to get a refund date o Myth 4: ‘Where’s My Refund?’ must be wrong because there’s no deposit date yet o Myth 5: ‘Where’s My Refund?’ must be wrong because a refund amount is less than expected

For those who missed the tax-filing deadline, IRS says file now to avoid bigger bill

• While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The IRS encourages them to file now, even if they can’t pay to avoid potential penalties and interest.

• There are many ways the IRS offers help to taxpayers facing this situation. The IRS offers these simple tips for handling some typical after-tax-day issues.

Six things taxpayers should know about the sharing economy and their taxes

• From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing economy. Taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on IRS.gov. It helps taxpayers understand how this activity affects their taxes. It also gives these taxpayers information to help them meet their tax obligations.

IRS seeks applications for the Electronic Tax Administration Advisory Committee through May 29

• The IRS is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).

• The ETAAC provides an organized public forum for discussion of issues in electronic tax administration, such as prevention of identity theft and refund fraud. ETAAC supports the overriding goal that paperless filing is the preferred and most convenient method of filing tax and information returns. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and the tax industry to fight electronic fraud.

• The IRS is looking for up to 10 qualified individuals who will serve three-year terms beginning in September 2019. Applicants should have experience in such areas as state tax administration, cybersecurity and information security, tax software development, tax preparation, payroll and tax financial product processing, systems management and improvement and implementation of customer service initiatives. The IRS also encourages representatives from consumer groups with an interest in tax issues to apply.

►TAX REFORM

Facts About the Qualified Business Income Deduction

• Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Some trusts and estates may also claim the deduction directly.

►THE BEST OF IRS.GOV

What counts as taxable income for employees?

• You can receive income in the form of money, property, or services. This section discusses many kinds of income that are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties.

►EMPLOYERS AND BUSINESS OWNERS

Correcting Employment Taxes

• There are several ways to address adjustments to the employment taxes you reported on your return.

►IDENTITY THEFT / DATA THEFT / SCAM ALERTS

ID theft: Here’s what to look for and what to do when it happens

• Tax-related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund. The victim may be unaware that this has happened until they e-file their return. Even before the victim files their return, the IRS may send the taxpayer a letter saying the agency identified a suspicious return using the stolen SSN.

IRS, Security Summit partners mark significant progress against identity theft; key taxpayer protection trends continue

• The IRS and the Security Summit partners announced new results from 2018 that show major progress in the fight against tax-related identity theft and added protection for thousands of taxpayers and billions of dollars.

o Between 2015 and 2018, the number of taxpayers reporting they were identity theft victims fell 71 percent. o Between 2015 and 2018, the number of confirmed identity theft returns stopped by the IRS declined by 54 percent. o Between 2015 and 2018, the IRS protected a combined $24 billion in fraudulent refunds by stopping the confirmed identity theft returns. o Between 2015 and 2018, financial industry partners recovered an additional $1.4 billion in fraudulent refunds.

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