Tuesday, December 11, 2018

e-News for Small Business, Issue 40

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e-News for Small Business Dec. 11, 2018

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e-News for Small Business, Issue #40

Inside This Issue

  1. Latest IRS video details options to pay balance due tax returns
  2. IRS launches Instagram account
  3. Tax reform changes qualified moving expense reimbursements
  4. Tax law creates new opportunity zone program
  5. Tax reform affects employee achievement awards

1.  Latest IRS video details options to pay balance due tax returns


It's always best for taxpayers, including businesses and self-employed individuals, to file and pay on time. However, if the tax due can't be paid at the time of filing, taxpayers should still file and pay as much as possible to avoid penalties and interest and keep any balance due to a minimum.

Watch Online Payment Agreement Overview for more information on the available options to pay a balance due when not paid in full, including:

  • A short-term payment plan to pay within 11-120 days.
  • A long-term payment plan, also called an installment agreement, to pay the balance due in monthly installment payments.

Businesses owing $25,000 or less from the current and prior calendar year, and who can pay what they owe in 24 monthly payments or less, qualify to use the online application.

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2.  IRS launches Instagram account


As part of a larger mission of helping individual and business taxpayers understand and meet their tax responsibilities, the IRS recently announced its debut on Instagram, adding this platform to its social media portfolio.

The IRSNews Instagram account will offer taxpayers the latest information on a variety of topics, especially as they face changes for the upcoming 2019 filing season related to the Tax Cuts and Jobs Act.

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3.  Tax reform changes qualified moving expense reimbursements


Under the Tax Cuts and Jobs Act, employers must include moving expense reimbursements in employees' taxable wages.

Generally, members of the U.S. Armed Forces can exclude qualified moving reimbursements if:

  • They're on active duty.
  • They move per a military order and incident to a permanent change of station.
  • The moving expenses would qualify as a deduction if they didn't get reimbursement.

Employers may exclude any 2018 reimbursements or payments on behalf of employees for a move that took place before Jan. 1, 2018, and would have been deductible had they been paid before that date.

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4.  Tax law creates new opportunity zone program


Recent changes in the tax law created qualified opportunity zones to encourage tax-favored investment in distressed communities throughout the country and U.S. territories. Under the new law, investors may be able to defer tax on almost all capital gains they invest after Dec. 31, 2017, through Dec. 31, 2026.

To qualify for deferral:

  • Capital gains must be invested in a qualified opportunity fund (QOF) within 180 days.
  • The fund must hold at least 90 percent of its assets in qualified opportunity zone property.
  • Investment in the QOF must be an equity interest, not a debt interest.

For a complete list of opportunity zones, see Notice 2018-48. More information is on the Tax Reform page of IRS.gov.

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5.  Tax reform affects employee achievement awards


The Tax Cuts and Jobs Act prohibits certain property as an employee achievement award.

The law allows employers to deduct the cost of certain awards and exclude them from employees' income. But this doesn't apply if the award is cash, gift cards and other nontangible personal property including:

  • Vacations
  • Meals
  • Lodging
  • Tickets to theater or sporting events
  • Stocks, bonds, and securities
  • Other similar items

For more information visit IRS.gov.

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