e-News for Tax Professionals Issue Number: 2018-36

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e-News for Tax Professionals September 7, 2018

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Issue Number:  2018-36

Inside This Issue


  1. Paycheck Checkup: Estimated Taxes Web Conference on Sept. 11
  2. Preview New e-Services User Agreement
  3. Protect Your Clients, Protect Yourself: Remain Alert to Signs of Client Data Theft
  4. Final Nationwide Tax Forum of 2018 Next Week in Orlando
  5. Payments Under State or Local Tax Credit Programs May be Deductible as Business Expenses
  6. Offshore Voluntary Compliance Program Ends Sept. 28
  7. Technical Guidance

1.  Paycheck Checkup: Estimated Taxes Web Conference on Sept. 11

Register for an IRS web conference on estimated taxes next Tuesday, Sept. 11, at 11 a.m. EST. The 60-minute web conference is part of the Paycheck Checkup campaign and will discuss: 

  • Ways to pay taxes: Withholding and estimated taxes
  • "Paycheck Checkup": IRS' online Withholding Calculator
  • Who must make estimated tax payments and payment due dates
  • Electronic Federal Tax Payment System (EFTPS) and Direct Pay
  • Ways to avoid the estimated tax penalty
  • Resources to help meet federal tax payment requirements

To register, visit https://www.webcaster4.com/Webcast/Page/1148/27314.

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2.  Preview New e-Services User Agreement

Beginning Oct. 14, e-Services users, after entering their accounts, will see a pop-up asking them to accept the terms of the updated user agreement. The IRS strongly encourages e-Service users to read this content and be ready to accept its terms when asked, as these changes will improve security for users.

To review the agreement, see Preview Updated e-Services User Agreement; Launch Set for October 14 or visit www.irs.gov/eservices.

 

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3.  Protect Your Clients, Protect Yourself: Remain Alert to Signs of Client Data Theft

In the ninth installment of the Tax Security 101 series, the IRS and its Security Summit partners urge tax professionals to be alert to subtle signs of data theft, noting cases where practitioners are victims of theft and don't even know it. The IRS and its Security Summit partners have created a list of warning signs that an office may have experienced a data theft.

To review the list of warning signs, visit "Protect Your Clients; Protect Yourself: Tax Security 101." 

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4.  Final Nationwide Tax Forum of 2018 Next Week in Orlando

The final IRS Nationwide Tax Forum of the year begins in Orlando next week. The Orlando tax forum will be the last opportunity for tax professionals to participate in this year's educational series and hear directly from the IRS on tax reform, cybersecurity and more.  

Registered attendees can log in to check their information and download the training materials now. For more information or to register, visit the IRS Nationwide Tax Forum website.

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5.  Payments Under State or Local Tax Credit Programs May Be Deductible as Business Expenses

If you have clients who make business-related payments to charities or government entities for which they receive state or local tax credits, they can generally deduct the payments as business expenses. The IRS clarified that this general deductibility rule is unaffected by the recent notice of proposed rulemaking on the availability of a charitable contribution deduction for contributions under such programs.

For more information or to review updates on the implementation of the Tax Cuts and Jobs Act (TCJA), please visit the Tax Reform page of IRS.gov.

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6.  Offshore Voluntary Compliance Program Ends Sept. 28

The Offshore Voluntary Disclosure Program (OVDP) will end on Sept. 28, the IRS announced this week. But taxpayers with undisclosed offshore accounts will still be held accountable after the program closes.

Full details of the options available for U.S. taxpayers with undisclosed foreign financial assets can be found on IRS.gov.

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7.  Technical Guidance 

Revenue Procedure 2018-36 adds two countries – Argentina and Moldova – to the list of countries with which the United States has in force an information exchange agreement such that interest paid to residents of such jurisdictions must be reported by payors to the extent required under Treasury Regulation sections 1.6049-8(a) and 1.6049-4(b)(5). This revenue procedure also adds one jurisdiction, Greece, to the list of jurisdictions with which Treasury and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest income information under those regulatory provisions. 

Revenue Procedure 2018-47 provides excise tax relief for certain regulated investment companies that have inclusions under section 951(a)(1) of the Internal Revenue Code by reason of section 965 for the excise tax year ended on Dec. 31, 2017.

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