News Releases for June 2018

IRS Working on a New Form 1040 for 2019 Tax Season

IR-2018-146, June 29, 2018 - The new Form 1040 will be a shorter, simpler form to replace Forms 1040A and 1040EZ for the 2019 tax season. Learn more.

Tax bill this year? Check withholding soon, avoid another one next year

IR-2018-145, June 28, 2018 — Taxpayers who owed additional tax when they filed their 2017 federal tax return earlier this year can avoid another unexpected tax bill next year by doing a “paycheck checkup” as soon as possible, according to the IRS.

Electronic Tax Administration Advisory Committee issues 2018 annual report

IR-2018-144, June 27, 2018 — The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report, featuring numerous recommendations on a range of issues in electronic tax administration.

National Taxpayer Advocate identifies priority areas in mid-year report to Congress; focuses on customer service

IR-2018-143, June 27, 2018 — National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that presents a review of the 2018 filing season, identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year and contains the IRS’s responses to each of the 100 administrative recommendations the Advocate made in her 2017 Annual Report to Congress.

June 29 deadline nears: Many who moved to mainland due to hurricanes may need to file IRS change of residence form

IR-2018-142, June 26, 2018 — The IRS reminds any residents of Puerto Rico, the U.S. Virgin Islands and American Samoa affected by last year’s hurricanes and tropical storms who are required to file a 2017 federal income tax return or pay their 2017 tax, to be sure to do so by June 29.

Save money, register now for Washington-area IRS Tax Forum; Seminars focus on tax reform, cybersecurity topics

IR-2018-141, June 26, 2018 — Tax professionals interested in attending the IRS Nationwide Tax Forum in National Harbor, Md., can save $115 by registering soon, according to the IRS.

Register now for Atlanta IRS Tax Forum; deadline fast approaching

IR-2018-140, June 19, 2018 — Tax professionals wishing to attend the IRS Nationwide Tax Forum in Atlanta can save $115 by registering soon, according to the IRS.

Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit

IR-2018-139, June 15, 2018 – People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service.

IRS reminder: Second estimated tax payment due June 15; form, publication can help people pay the right amount following law changes

IR-2018-138, June 14, 2018 — With tax reform bringing major changes for the year ahead, the IRS today reminded self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the second estimated tax payment for 2018 is due on Friday, June 15, 2018.

More than 2 million ITINs to expire this year; Renew soon to avoid refund delays

IR-2018-137, June 14, 2018 — With more than 2 million Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2018, the IRS today urged affected taxpayers to submit their renewal applications soon to beat the rush and avoid refund delays next year.

Interest rates remain the same in the third quarter of 2018

IR-2018-136, June 8, 2018 ―The IRS today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2018, as they were in the quarter that began on April 1.

June 15 tax filing deadline approaches for taxpayers living and working abroad; Check withholding for 2018

IR-2018-135, June 8, 2018 — The IRS today reminded taxpayers living and working out of the country that they must file their 2017 federal income tax return by Friday, June 15.

For new tax on some private colleges, stepped-up basis may apply to property sold at a gain; new basis rule may limit tax impact

IR-2018-134, June 8, 2018 — A private college or university, subject to the new 1.4 percent excise tax on net investment income, that sells property at a gain generally may use the property’s fair market value at the end of 2017 as its basis for figuring the tax on any resulting gain, the IRS said today.

Missed the tax deadline and owe tax? File by June 14 to avoid higher late-filing penalty

IR-2018-133, June 7, 2018 —Taxpayers who owe tax and file their federal income tax return more than 60 days after the deadline will usually face a higher late-filing penalty.

With hurricane season underway, IRS warns of scams related to natural disasters

IR-2018-132, June 7, 2018 ― With hurricane season underway, the Internal Revenue Service is reminding taxpayers that criminals and scammers often try to take advantage of the generosity of taxpayers who want to help victims of major disasters.

IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings

IR-2018-131, June 4, 2018 — The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax regarding the due date for relevant elections.

IRS Tax Forum ‘early bird’ registration ends June 15

IR-2018-130, June 4, 2018 — The Internal Revenue Service is reminding tax professionals that reduced cost “early bird” registration for all five 2018 IRS Nationwide Tax Forums ends June 15 at 5 p.m. Eastern time.

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