IRS e-News for Small Business 2018-9: IRS “Paycheck Checkup” campaign; tax guidance regarding virtual currency

 

e-News for Small Business March 27, 2018
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	Issue Number:  2018-9 Inside This Issue March 26: IRS launches week-long "Paycheck Checkup" campaign Reminder: Join IRS on Thunderclap to Promote National "Paycheck Checkup" Tax season tip: Income from virtual currency transactions is reportable 1.  March 26: IRS launches week-long "Paycheck Checkup" campaign As part of the "paycheck checkup" campaign, the IRS continues to advise taxpayers this week to check their withholding to confirm they have the correct amount of tax taken out of their paychecks. Employers should encourage their employees to use the updated IRS Withholding Calculator to determine if they should submit a new Form W-4. Back to top 2.  Reminder: Join IRS on Thunderclap to promote national "Paycheck Checkup" Join the IRS in support of a Thunderclap campaign promoting a national "Paycheck Checkup."  Following major tax law changes, the IRS urges all taxpayers to check their tax withholding to ensure they have the right amount of tax taken out of their paychecks. Too little tax withheld could mean a tax bill or a penalty in 2019. Additionally, with the average refund topping $2,800, some may prefer to get more money in their pay now.  Thunderclap is a social media platform that will automatically post a message to participants' Facebook, Twitter or Tumblr accounts to support an initiative. To sign up for the Paycheck Checkup Thunderclap: 1. Follow this link: http://thndr.me/7BvGKI.   2. Select "Support with: Facebook | Twitter | Tumblr." (Choose one, then repeat the process to select more platforms or a second account.) 3. Authorize Thunderclap to post a single message by clicking on the "Add My Support" tab, and following the prompts to input username and password.  On Thursday, March 29, at 2 p.m. EST, Thunderclap will automatically post, "IRS urges you to perform a Paycheck Checkup today to make sure your tax withholding is right for you. http://thndr.me/TRRWef" to all participating social media accounts. The link goes to the recently updated IRS Withholding Calculator. This Thunderclap is part of the IRS's "Paycheck Checkup" campaign to encourage people to review their tax withholding. Back to top 3.  Tax season tip: Income from virtual currency transactions is reportable Virtual currency transactions are taxable by law just like transactions in any other property. IRS Notice 2014-21 addresses transactions in virtual currency, also known as digital currency. The IRS has issued a reminder for taxpayers. In addition, the IRS reminds the small business and self-employed community about the following: Wages paid to employees using virtual currency must be reported by an employer on a Form W-2 and are subject to federal income tax withholding and payroll taxes. Payments using virtual currency to independent contractors and other service providers are taxable, and self-employment tax rules generally apply. For more information, see the IRS.gov Virtual Currencies page. Back to top Thank you for subscribing to this IRS e-mail service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

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