e-News for Small Business Issue 2018-27

 

e-News for Small Business August 14, 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:  2018-27 Inside This Issue IRS issues proposed regulations on new 20 percent deduction for passthrough businesses New ways for truckers to pay Highway Vehicle Use Tax starting in 2018 IRS provides tax relief for California wildfire victims 1.  IRS issues proposed regulations on new 20 percent deduction for passthrough businesses The IRS issued proposed regulations allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. In addition, Notice 2018-64 provides methods for calculating Form W-2 wages for purposes of the limitations on this deduction. Written or electronic comments and requests for a public hearing on this proposed regulation must be received within 45 days of publication in the Federal Register. See the August 8 news release and related FAQs for more information. 2.  New ways for truckers to pay Highway Vehicle Use Tax starting in 2018 For many truckers, the deadline to report heavy highway vehicle use tax is August 31. The IRS recently posted a fact sheet detailing filing and payment responsibilities plus new ways to pay using a credit or debit card. 3.  IRS provides tax relief for California wildfire victims Business owners affected by the wildfires that began July 23, 2018 in parts of California may qualify for tax relief from the IRS. The IRS announced last week that taxpayers who reside or have a business in Shasta County may be eligible. The IRS will issue additional news releases and update IRS.gov as any additional counties are declared disaster areas. Also on IRS.gov: Disaster assistance and emergency relief for individuals and businesses  Tax relief in disaster situations FAQs for disaster victims                             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.

 

---

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

---

This email was sent to business.solutions.ve@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535