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| e-News for Small Business, Issue 2019-07Inside This Issue
1. IRS Commissioner Chuck Rettig's message to taxpayers: Thank you for filing As the tax filing deadline approaches on April 15, I'd like to thank taxpayers for taking the time to file and pay their taxes. Our nation's tax system is built around the concept of voluntary tax compliance, meaning citizens comply with their civic duty each year by preparing and filing their taxes – without direct government intervention. This principle has helped make our tax system a model for the entire world. Thanks to taxpayers, this system helps fund our great nation. Each year, 95% of the gross receipts of our country flows through the IRS – about $3.5 trillion last year – funding critical aspects of the U.S., ranging from roads and schools to the nation's military. 2. Important message for your employees: Even if you can't pay, file tax returns on time The IRS advises that even if you can't pay, you should file your taxes on time. Taxpayers who do not file returns timely and do not pay the amount owed with their return will see their tax debt grow due to penalties and interest. If you or your employees find you owe tax for 2018 but can't immediately pay in full, here are some tax filing and payment options available on the IRS.gov website: 3. April 15 FBAR deadline is today for those with foreign assets Today is the deadline for U.S. citizens and resident aliens, including those with dual citizenship, that have a foreign bank or financial account to file their annual Report of Foreign Bank and Financial Accounts (FBAR). See the April 4 news release: IRS reminds those with foreign assets of annual April 15 FBAR deadline, and the April fact sheet: Understand how to report foreign bank and financial accounts for more information. 4. Latest information on the 199A qualified business income deduction Owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible to deduct up to 20 percent of their qualified business income, plus 20 percent of qualified real estate investment trust dividends and qualified publicly traded partnership income. Those eligible can claim it for the first time on their 2018 federal income tax returns filed in 2019. For more information, see the April IRS Fact Sheet on qualified business income deductions. 5. Revised EIN application process to enhance security begins May 13 As part of an ongoing IRS security review, only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the "responsible party" on the application. This goes into effect May 13, 2019. The change will prohibit entities from using their own EINs to obtain additional EINs. See the March 27 news release: IRS revises EIN application process; seeks to enhance security for more information.
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