e-News for Small Business Issue 2019-20 Inside This Issue - IRS launches Taxpayer First Act webpage, email
- Tax Security Awareness Week shares tips with small businesses and the self-employed
- IRS to taxpayers regarding compliance: How can we help?
- Latest Section 199A information on rental real estate
1. IRS launches Taxpayer First Act webpage, email
The Taxpayer First Act of 2019 expands and strengthens taxpayer rights. The Act also requires the agency to develop a comprehensive customer service strategy, modernize its technology and enhance its cyber security. The IRS is requesting commentary from taxpayers, including those in the small business and self-employed industries. Those interested in providing feedback on reorganization or other components of the TFA are encouraged to send it to TFAO@irs.gov. For more information about the TFA, visit IRS.gov/taxpayer-first-act. Back to top
2. Tax Security Awareness Week shares tips with small businesses and the self-employed
The 4th Annual National Tax Security Awareness Week will take place between Dec. 2 and Dec. 6. The IRS, in coordination with Security Summit partners and other federal and state agencies, encourages business, self-employed and individual taxpayers, along with tax professionals, to enhance their online security this holiday shopping season as identity thieves step up their efforts to steal personal data. The IRS recently updated Publication 4524, Security Awareness for Taxpayers (PDF), which businesses can share with their employees. The IRS also created new YouTube videos on security steps for data protection and online activity: Back to top
3. IRS to taxpayers regarding compliance: How can we help?
As part of a larger effort to ensure fairness in the tax system, the IRS is taking steps to conduct special compliance outreach to individual and business taxpayers in various communities. The goal of these visits is to help resolve tax compliance issues by meeting face-to-face with taxpayers with ongoing tax issues. The IRS will focus on areas where there have been a limited number of revenue officers available due to declining IRS resources. For more information on this initiative, see the IRS news release: Special IRS efforts to focus on tax compliance, education begin. Back to top
4. Latest Section 199A information on rental real estate
The Section 199A - Qualified Business Income Deduction FAQs now include information on rental real estate. Revenue Procedure 2019-38, issued in September, provides a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the QBI deduction. The new FAQs are numbered 48-59. Back to top     
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