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| e-News for Small Business issue 2019-19Inside This Issue
1. Latest IRS news regarding Syndicated Conservation Easements The IRS announced this week a significant increase in enforcement actions for syndicated conservation easement transactions. Coordinated examinations are being conducted across the IRS in the Small Business and Self-Employed Division, Large Business and International Division and Tax Exempt and Government Entities Division. Separately, investigations have been initiated by the IRS' Criminal Investigation division. These audits and investigations cover billions of dollars of potentially inflated deductions as well as hundreds of partnerships and thousands of investors. Complete news release: IRS increases enforcement action on Syndicated Conservation Easements 2. IRS updates guidance for deductible business, charitable, medical and moving expenses The Internal Revenue Service today issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue Procedure 2019-46 (PDF), posted today on IRS.gov, updates the rules for using the optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. 3. General Business Credit Form 3800 Instructions revised The IRS is alerting taxpayers who downloaded the 2018 Instructions for Form 3800 before January 24, 2019 that the paragraph for "Individuals" on page 3, line 10b, has changed. In the amount to be input to the Form 1040, line 12a, and Schedule 3 (Form 1040), taxpayers should not include:
For the latest form revision, go to IRS.gov/Form3800. 4. Employers: Take advantage of expanded Work Opportunity Tax Credit The IRS urges employers to take advantage of a valuable tax credit designed to help those who hire long-term unemployment recipients and workers who face significant barriers to employment. The Work Opportunity Tax Credit is available to employers for hiring individuals from certain targeted groups who have faced barriers to employment. 5. Business owners: Save time by e-filing payroll tax returns The next quarterly payroll tax return due date is January 31, 2020. The IRS reminds for business owners to take advantage of the speed and convenience of filing these returns electronically. IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. E-filing saves taxpayers time by performing calculations and populating forms and schedules using a step-by-step interview process. Once submitted, the information is quickly available to the IRS thus reducing processing time. For more information on e-filing payroll tax returns, go to IRS.gov, e-File Employment Tax Forms page. 6. Redesigned Backup Withholding CP2100 and CP2100A Notices The CP2100 and CP2100A Notices have a new look. The redesigned notices provide more information to payers who file certain information returns about:
The IRS sends out CP2100 and 2100A Notices twice a year, in October and the following April. The notices let payers know they may be responsible for backup withholding when TINs are missing from IRS records or have incorrect name/TIN combinations. The notice will list payees identified as having TIN issues. The payers should compare the notice with their account records and take appropriate action. More information is in Publication 1281.
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