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| e-News for Small Business, Issue Number 39Inside This Issue
1. Wage and Tax Statements due January 31 The IRS reminds employers and other businesses that January 31 remains the filing deadline for wage statements and independent contractor forms. Employers are required to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. Certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors, are also due at this time. Visit IRS.gov and read the instructions for Forms W-2 & W-3 and the Information Return Penalties page for more information. 2. IRS warns businesses of "Tax Transcript" email scam The IRS and Security Summit partners recently warned the public of a problematic scam affecting businesses. A surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware are on the rise. If a business's employees open the malware, it can spread throughout the network and potentially take months to successfully remove. This well-known malicious code, known as Emotet, generally poses as specific banks and financial institutions in its effort to trick people into opening infected documents. However, in the past few weeks, the scam masqueraded as the IRS, pretending to be from "IRS Online." The scam email carries an attachment labeled "Tax Account Transcript" or something similar, and the subject line uses some variation of the phrase "tax transcript." Businesses should instruct employees to not open the email or the attachment, and to instead delete or forward the scam email to phishing@irs.gov. 3. Latest tax reform tip for businesses engaging in like-kind exchanges Per the Tax Cuts and Jobs Act passed last December, like-kind exchanges are now generally limited to exchanges of real property. Effective January 1, 2018, exchanges of personal or intangible property such as machinery, equipment, vehicles, artwork, collectibles, patents and other intellectual property generally don't qualify for nonrecognition of gain or loss as like-kind exchanges. Like-kind exchange tax treatment now applies only to exchanges of real property that's held for use in a trade or business or for investment. Real property, also called real estate, includes land and generally anything built on or attached to it. An exchange of real property held primarily for sale still doesn't qualify as a like-kind exchange. See the recent IRS news release: Like-kind exchanges now limited to real property for more information. 4. National Tax Security Awareness Week December 3-7 is the third annual National Tax Security Awareness Week. It will feature events nationwide, highlight a daily security topic and mark the launch of a special @IRSTaxSecurity Twitter handle to keep the public aware of emerging threats throughout the 2019 tax filing season. To kick off this campaign, the IRS is offering a free webinar to help taxpayers understand the Dark Web and how it is used as a repository for stolen identities, credit data, tax information and banking/financial information. This webinar will be held at 2 p.m. EST on Monday, December 3, 2018. To register, go to Tax Security Awareness: Understanding the Dark Web.
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