e-News for Small Business, Issue 40

 

e-News for Small Business Dec. 11, 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	e-News for Small Business, Issue #40 Inside This Issue Latest IRS video details options to pay balance due tax returns IRS launches Instagram account Tax reform changes qualified moving expense reimbursements Tax law creates new opportunity zone program 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. Back to top 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. Back to top 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. Back to top 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. Back to top 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. Back to top             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.

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