News Releases for August 2018

Tax Security 101: Security Summit reminds professional tax preparers of data security plan requirements

IR-2018-175, Aug. 28, 2018 — The IRS and Security Summit partners reminded tax professionals that protecting taxpayer information isn’t just good for the clients and good for business – it’s also the law.

IRS announces adjustments to the Compliance Assurance Process (CAP) program

IR-2018-174, Aug. 27, 2018 – Internal Revenue Service officials announced today changes to the Compliance Assurance Process program for 2019.

New law makes clear: Combat zone contract workers qualify for foreign earned income exclusion

IR-2018-173, August 24, 2018 — Certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion.

Treasury, IRS issue proposed regulations on charitable contributions and state and local tax credits

IR-2018-172, August 23, 2018 — Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.

IRS to introduce new tax transcript to better protect taxpayer data

IR-2018-171, August 22, 2018 — Moving to better protect taxpayer data, the IRS today announced a new format for individual tax transcripts that will redact personally identifiable information from the Form 1040 series.

Tax Security 101: Security Summit urges tax professionals to educate all employees about data security, computing safeguards

IR-2018-170, Aug. 21, 2018 — The IRS and its Security Summit partners today called on tax professionals to step up security education for all office employees, including themselves, to better protect taxpayer data and help prevent fraudulent return filings.

Registration for Orlando IRS Nationwide Tax Forum ends soon; Save money by registering before Aug. 28

IR-2018-169, Aug. 20, 2018 — The IRS today said that tax professionals wishing to attend the IRS Nationwide Tax Forum in Orlando can save $115.

For people involved in the sharing economy: Do a ‘Paycheck Checkup’ now, avoid a surprise year-end tax bill

IR-2018-168, August 17, 2018 — The Internal Revenue Service urges anyone working in the sharing economy to perform a Paycheck Checkup now to avoid an unexpected tax bill when they file their return next year.

Taxpayers with children, other dependents should check their withholding soon

IR-2018-167, Aug. 16, 2018 — The IRS urges taxpayers with children and other dependents to use the Withholding Calculator at to do a “paycheck checkup.”

Key tax change affects taxpayers with dependents; IRS urges workers to check withholding

IR-2018-166, Aug. 15, 2018 — The IRS urges taxpayers who support dependents who can’t be claimed for the Child Tax Credit to do a paycheck checkup soon.

Taxpayers with high incomes, complex returns: Check withholding soon

IR-2018-165, Aug. 14, 2018 — The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019.

Tax Security 101: Tax professionals must maintain, protect EFINs; Monitor EFINs, PTINs and CAF numbers

IR-2018-164, Aug. 14, 2018 — The IRS and the Security Summit partners warned tax professionals that savvy cybercriminals target IRS-issued identification numbers to help impersonate practitioners as well as taxpayers.

Got a big tax refund? Use IRS Withholding Calculator to boost take-home pay in 2018

IR-2018-163, Aug. 13, 2018 — Taxpayers who received large refunds earlier this year may be able to get more of their money included in their paychecks during the rest of 2018 by using the Withholding Calculator on

IRS issues proposed regulations on new 20 percent deduction for passthrough businesses

IR-2018-162, August 8, 2018 — The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.

Tax Security 101 – Tax professionals victimized by data thefts offer hard-won security lessons to colleagues

IR-2018-161, August 7, 2018 — As cybercriminals continue to increasingly pursue tax professionals’ data, the IRS and the Security Summit partners today released lessons learned by victims in the tax community to help others avoid being targeted by identity thieves.

IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act

IR-2018-160, August 3, 2018 — The IRS issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting.

Treasury, IRS issue proposed regulations on new 100-percent depreciation

IR-2018-159, August 3, 2018 — The Treasury Department and the Internal Revenue Service today issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.

IRS and Treasury issue proposed regulations implementing Section 965

IR-2018-158, August 1, 2018 — The Internal Revenue Service and the Department of the Treasury today issued proposed regulations on section 965 of the Internal Revenue Code.

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