e-News for Small Business Issue 2019-14

 

e-News for Small Business Sept. 27, 2019
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 2019-14 Inside This Issue In the news: IRS automatically waives estimated tax penalty for eligible 2018 filers Truckers: File your highway use tax by Sept. 3 Self-employed individuals should be aware of the changes to OIC low-income application fees Security Summit warns of new IRS impersonation email scam; reminds taxpayers the IRS does not send unsolicited emails "U.S. Territories – Self-Employment Tax" webinar now archived and available for viewing 1.  In the news: IRS automatically waives estimated tax penalty for eligible 2018 filers The IRS recently announced it is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Many business owners, especially self-employed individuals who received income subject to withholding, would qualify for this relief. The waiver applies to any individual taxpayer who paid at least 80% of their total tax liability through federal income tax withholding, or quarterly estimated tax payments, but did not claim the waiver when they filed their 2018 return. The agency also removed the requirement that estimated tax payments be made in four equal installments, as long as they were all made by Jan. 15, 2019. For more information, see the IRS news release: IRS automatically waives estimated tax penalty for eligible 2018 filers. Back to top 2.  Truckers: File your highway use tax by Sept. 3 Truck drivers who have registered, or are required to register, a heavy highway vehicle with a taxable gross weight of 55,000 pounds or more must file Form 2290, Heavy Highway Vehicle Use Tax, and pay any tax due by the deadline. For most Form 2290 taxpayers, the deadline is Tuesday, Sept. 3, for vehicles used on the road in July. The deadline is later this year because the normal due date, Aug. 31, falls on a Saturday, and Monday, Sept. 2, is a federal holiday. The IRS encourages trucking business owners to take advantage of the speed and convenience of e-filing the form and e-paying the tax. E-filers receive their IRS-stamped Schedule 1 electronically minutes after filing. A printout of the schedule can then be provided to the state department of motor vehicles, without visiting an IRS office. IRS.gov contains a list of IRS-approved e-file providers. For more information, visit the IRS Trucker Tax Center. Back to top 3.  Self-employed individuals should be aware of the changes to OIC low-income application fees Effective July 2, 2019, the Taxpayer First Act added an extra method the IRS must use in determining the low-income certification threshold necessary to waive the application fee for an Offer in Compromise (OIC). Taxpayers can apply to be considered for an OIC if they can't pay their full tax liabilities, or if doing so would create a financial hardship. Offers currently require a $186 application fee to cover the cost of processing. The IRS already waives the application fee for certified low-income taxpayers. However, the new method for determining eligibility for the waiver now uses the adjusted gross income (AGI) from the taxpayer's most recent tax return. Taxpayers who do not qualify based on their AGI may still qualify as low-income if their household's gross monthly income for 12 months falls at or below 250% of the poverty guidelines listed in Form 656 (PDF). Visit the Offer in Compromise page on IRS.gov for more information. Back to top 4.  Security Summit warns of new IRS impersonation email scam; reminds taxpayers the IRS does not send unsolicited emails Last week, the IRS detected this new scam about unsolicited emails from IRS imposters. The email subject line may vary, but recent examples use the phrase "Automatic Income Tax Reminder" or "Electronic Tax Return Reminder." The emails have links that show an IRS.gov-like website with details pretending to be about the taxpayer's refund, electronic return or tax account. The emails contain a "temporary password" or "one-time password" to "access" the files to submit the refund. But when taxpayers try to access these, they infect their computers with malware. The imposters may then gain control of the taxpayer's computer or secretly download software that tracks every keystroke, eventually giving them passwords to sensitive accounts, such as financial accounts. Remember, the IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. This includes requests for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts. Back to top 5.  "U.S. Territories – Self-Employment Tax" webinar now archived and available for viewing Topic:  U.S. Territories - Self-Employment Tax Aired:  Wednesday, June 19, 2019 View:   IRS Video Portal The Spanish version is also available on the portal. The complete transcript is provided as closed captioning, and the PowerPoint presentation is posted for downloading under the "Slides PDF" link. To view other archived webinars of interest to the small business and self-employed community, visit the IRS Video Portal and select the All Webinars link at the bottom of the page. Back to top                 Thank you for subscribing to this IRS email service. 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