e-News for Tax Professionals Issue Number: 2018-32

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e-News for Tax Professionals August 10, 2018

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Issue Number:  2018-32

Inside This Issue

  1. Next Week: Summer Paycheck Checkup Campaign and Special Web Conference
  2. Proposed Regulations on Section 199A Deduction and Depreciation Deduction
  3. Register for Final 2018 IRS Nationwide Tax Forum in Orlando
  4. Protect Your Clients, Protect Yourself: Security Lessons from Tax Professionals
  5. Heavy Highway Vehicle Use Tax
  6. Tax Relief for California Disaster Victims
  7. Technical Guidance

1.  Next Week: Summer Paycheck Checkup Campaign and Special Web Conference

A summertime check on tax withholding is critical for your clients who have not reviewed their tax situation. Recent reports note that many could see their refund amounts change when they file their 2018 taxes in early 2019. To help raise awareness for these taxpayers, the IRS is conducting a second "Paycheck Checkup" effort beginning the week of Aug. 13.

During the week, the IRS is spotlighting a variety of tools – including the online Withholding Calculator – to help your clients determine if they need to make changes soon to avoid an unwelcome surprise come tax time. The IRS encourages tax professionals to share this important information.

The weeklong effort also includes a special web conference on Aug. 15 and 16, "Understanding How to Conduct a Paycheck Checkup." The conference, for tax professionals and industry partners, will be held twice in English and twice in Spanish. Register now:

Aug. 15, 2018

Aug. 16, 2018

Closed captioning is available, and all participants who qualify can earn one continuing education credit.

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2.  Proposed Regulations on Section 199A Deduction and Depreciation Deduction

The IRS issued proposed regulations this week for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new section 199A deduction is available for tax years beginning after Dec. 31, 2017.

The Treasury Department and the IRS also issued proposed regulations this week on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.

For more information on the two new deductions, visit IRS.gov/taxreform.

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3.  Register for Final 2018 IRS Nationwide Tax Forum in Orlando

Register now for the final IRS Nationwide Tax Forum of 2018, which runs Sept. 11-13 in Orlando, FL. You must reserve your hotel room by Aug. 17 to take advantage of the discounted hotel rates.

To register, please visit www.irstaxforum.com.

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4.  Protect Your Clients, Protect Yourself: Security Lessons from Tax Professionals

In the fifth part of the Tax Security 101 series, the IRS and its Security Summit partners release lessons learned by victims in the tax community to help others avoid being targeted by identity thieves. Several tax professionals offer suggestions on how to avoid common mistakes and devastating losses for their clients and businesses.  

To review these tips, visit Protect Your Clients; Protect Yourself: Tax Security 101.

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5.  Heavy Highway Vehicle Use Tax

The deadline to report heavy highway vehicle use tax is Aug. 31. Your clients may pay this tax with a credit or debit card. Review the IRS fact sheet to help your clients with filing and payment responsibilities.

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6.  Tax Relief for California Disaster Victims

Victims of recent wildfires that began July 23 in parts of Shasta County, California, may qualify for tax relief. The President has declared that a major disaster exists in the State of California, permitting the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area.

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7.  Technical Guidance

Notice 2018-62 announces that the Treasury Department and the IRS intend to issue proposed regulations providing clarification on the new rules increasing the contribution limits to ABLE accounts from certain designated beneficiaries. 

Notice 2018-63 extends the application of the HFA Hardest Hit Fund safe harbor to homeowners who may be affected by the new $10,000 limitation on deductible property taxes. 

Notice 2018-64 proposes a revenue procedure that provides guidance on methods for calculating W-2 wages for purposes of section 199A of the Internal Revenue Code and proposed sections 1.199A-1 through -6 of the Income Tax Regulations (26 CFR part 1), which are being published contemporaneously. 

Revenue Procedure 2018-40 provides the procedures by which a small business taxpayer may obtain automatic consent to change its methods of accounting to reflect these statutory changes and requests comments containing suggestions for future guidance under sections 263A, 447, 448, 460, and 471 to implement section 13102 of the Act.

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