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| e-News for Small Business, Issue #17Inside This Issue:Reminder: Taxpayers who requested an extension to file their 2018 tax return have until Tuesday, Oct. 15, to file. Some may have more time to file. Those include members of the military and taxpayers in federally declared disaster areas. See item 1 below for additional information regarding those effected by Tropical Storm Imelda.
1. In the news: IRS extends Oct. 15 filing deadline for Tropical Storm Imelda victims, and announces new payment option for taxpayers in private debt collection program IR-2019-164, October 7, 2019 – Victims of Tropical Storm Imelda in parts of Texas, including the Houston area, have until Jan. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced this week. New payment option available to taxpayers in private debt collection program IR-2019-165, October 8, 2019 — Internal Revenue Service officials announced that a new payment option has been added to the private debt collection program to make it easier for those who owe to pay their tax debts. 2. New IRS guidance issued regarding virtual currency On Oct. 9, the IRS issued two new pieces of guidance on the tax treatment of virtual currency for taxpayers who engage in transactions involving virtual currency. This expands on Notice 2014-21 issued in 2014 and helps business and individual taxpayers better understand their reporting obligations for specific transactions involving virtual currency. For more information, see Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations at IRS.gov/News. 3. Tax situations when taking care of family In support of October's National Work and Family Month. the IRS is providing tax information on a number of topics related to work-life balance. Families often hire individuals to care for children and dependents so family members can work or actively look for work. These individuals include babysitters, caretakers, health aides, nannies, private nurses and au pairs. As employers, family members have certain tax responsibilities. To read more about in-home care and the resulting tax implications, go to IRS.gov and view Family Caregivers and Self-Employment Tax and Hiring Household Employees. 4. Keep your employees informed: 2 million ITINs set to expire in 2019; to avoid refund delays apply soon Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal application soon. An ITIN is a tax ID number used by taxpayers who don't qualify to get a Social Security number. Any ITIN with middle digits 83, 84, 85, 86 or 87 will expire at the end of this year. In addition, any ITIN not used on a tax return in the past three years will expire. The Internal Revenue Service encourages anyone affected to file a complete renewal application, Form W-7, Application for IRS Individual Taxpayer Identification Number, as soon as possible. For more information, visit the ITIN information page on IRS.gov. 5. FREE IRS webinar for employers and employees Understanding the 2020 Form W-4 and How to Use it to Compute Withholding This webinar will discuss:
Webinar includes a live Q&A session. Closed captioning will be provided. To register, go to cl.sl.web.conference.team@irs.gov. 6. Watch "Employment Tax Compliance" and other previously aired webinars on the IRS Video Portal The following IRS educational video is now archived and available for viewing in the IRS Video Portal: IRS Civil Enforcement - Field Collection Enforcement and Employment Tax Compliance.
To view this and other archived webinars, visit the IRS Video Portal and click the All Webinars link at the bottom of the page.
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