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 Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017

• The IRS reminds taxpayers affected by recent changes involving the Individual Taxpayer Identification Number (ITIN) program that they can now begin submitting their ITIN renewal applications to the IRS.

• Under the PATH Act of 2015 passed by Congress and signed into law last year, any ITIN not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return as of Jan. 1, 2017.

• If a taxpayer has an ITIN that is scheduled to expire and needs to file a tax return, it’s important not to delay. By submitting the application package in the next few weeks ITIN taxpayers may avoid unnecessary delays and allow for smoother and faster processing.

 

Private Debt Collection

• The IRS plans to begin private collection of certain overdue federal tax debts as early as spring of 2017 and has selected four contractors to implement the new program.

• The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables.

 

2016-2017 Special Per Diem Rates

• Notice 2016-58, announces the special per diem rates effective October 1, 2016, which taxpayers may use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. This notice provides the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.  Notice 2016-58 will be in IRB 2016-41, dated October 11, 2016.

Whistleblower Office Releases New Educational Publication

• The IRS Whistleblower Office recently issued Publication 5251, The Whistleblower Claim Process. The new publication explains what qualifies for an award, how to submit a claim for award, what happens to a claim after the IRS receives it, how to communicate with the IRS after a claim is submitted, the whistleblower process timeline, and common reasons for initial rejection or denial of claim.

 

►ACA for Applicable Large Employers

 

ACA & Employers: How the Size of Your Workforce Affects Your Responsibilities

• Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage.

• Whether an employer is an ALE is determined each calendar year, and generally depends on the average size of an employer’s workforce during the prior year. 

 

►TAXES. SECURITY. TOGETHER. (Identity Theft)

Beware of Fake IRS Tax Bill Notices

• The IRS and its Security Summit partners are warning taxpayers and tax professionals of fake IRS tax bills related to the Affordable Care Act 

• The IRS has received numerous reports of scammers sending a fraudulent version of a notice- labeled CP2000 - for tax year 2015. The issue has been reported to the Treasury Inspector General for Tax Administration for investigation. 

• This scam may arrive by email, as an attachment, or by mail. It has many signs of being a fake.

 

Instructions for Requesting Copy of Fraudulent Returns

• A victim of identity theft or a person authorized to obtain the identity theft victim’s tax information may request a redacted copy (one with some information blacked-out) of a fraudulent return that was filed and accepted by the IRS using the identity theft victim’s name and SSN.

• Partial or full redaction will protect additional possible victims on the return. However, there will be enough data for you to determine how your personal information was used.

• To make the request, you will need to complete a Form 4506-F, Request for a Copy of a Fraudulent Tax Return.

 

Recent Tax Scams and Consumer Alerts

 

►NEWS FROM OTHER AGENCIES

Six Steps to Secure Your Wireless Network

• You may have many wireless devices—computers, phones, smart TVs—connected to your home network. It’s important to make sure your wireless network provides protection against hackers, viruses, spyware, and other threats. Take these six steps to ensure network security. Read up on National Cyber Security Awareness Month and what you can do to protect yourself.

 

How to Know When to Change Your Business Plan

• Sometimes you need to stick to your business plan to make it work. Even a mediocre strategy consistently executed over time is better than a series of brilliant strategies that keep going off in different directions. Strategy often takes time.

• On the other hand, there is no virtue in sticking to a plan, just for having stuck to a plan. We live with constant change.

Women in Business: 

• Women make up half the population, but only 30% of businesses in the country are owned by women. The Small Business Administration (SBA) is committed to closing this gap by making it easier for women-owned small businesses to grow their enterprises through leadership development, online training courses and certifications to obtain federal contracts.

• Take a look at the SBA’s online resources and visit a local Women’s Business Center. Both are available to make sure women are supported along their journey to small business success.

How Minority Entrepreneurs Can Tackle Business Loan Challenges

6 Capital Funding Sources For Minority Businesses

 

►IN EVERY ISSUE

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The Issue Management Resolution System helps solve issues with policies, practices and procedures. Tax professionals should forward significant issues regarding IRS policies, practices and procedures to their Stakeholder Liaison.

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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