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Elrod

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Posts posted by Elrod

  1. IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018

    in General Chat

    Posted

    IR-2017-209, Dec. 22, 2017

    WASHINGTON ― The IRS announced today that it has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals.
     
    Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of Jan. 31.

    https://www.irs.gov/newsroom/irs-extends-due-date-for-employers-and-providers-to-issue-health-coverage-forms-to-individuals-in-2018

  2. IRS Statement – Withholding for 2018

    in General Chat

    Posted

    December 26, 2017

    The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22.  We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time. 
     
    Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.  In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.

    Dec. 13, 2017

    The IRS is continuing to closely monitor the pending legislation in Congress, and we are taking the initial steps to prepare guidance on withholding for 2018. ‎We anticipate issuing the initial withholding guidance (Notice 1036) in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits of the change as early as February. The IRS will be working closely with the nation's payroll and tax professional community during this process.

    https://www.irs.gov/newsroom/irs-statement-withholding-for-2018

  4. Standard Mileage Rates for 2018 Up from Rates for 2017

    in General Chat

    Posted

    IR-2017-204, Dec. 14, 2017

    WASHINGTON ― The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

    Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

    • 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
    • 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
    • 14 cents per mile driven in service of charitable organizations.

    https://www.irs.gov/newsroom/standard-mileage-rates-for-2018-up-from-rates-for-2017

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  7. E-Services users now register through Secure Access

    in General Chat

    Posted

    Starting Monday, Dec. 10, all users of the IRS’s e-Services platform must register through a new ID-proofing process called Secure Access.

    Any e-Services user who has not previously created a Secure Access account through Get Transcript Online, IP PIN tool, View Balance or by exception processing must validate their identity through this process. This also includes all TIN Matching users, and users who received Letter 5903 last December and authenticated by telephone.

    This new process is mandatory on the part of the IRS or its online users, the agency stressed.

    https://www.accountingtoday.com/news/irs-e-services-users-now-register-through-secure-access

    https://www.irs.gov/tax-professionals/e-services-online-tools-for-tax-professionals

     

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  18. IRS Statement on 2018 Filing Season Start Date

    in General Chat

    Posted

    Nov. 3, 2017

    The IRS has not yet announced a date that it will begin accepting individual tax returns for the 2018 tax filing season. At the present time, the IRS is continuing to update its programming and processing systems for 2018. In addition, the IRS continues to closely monitor potential legislation that could affect the 2018 tax season, including a number of “extender” tax provisions that expired at the end of 2016 that could potentially be renewed for tax year 2017 by Congress.

    The IRS anticipates it will not be at a point to announce a filing season start date until later in the calendar year. The IRS will continue to work closely with the nation’s tax professionals and software community as preparations continue for the 2018 tax filing season.

    Speculation on the Internet that the IRS will begin accepting tax returns on Jan. 22 or after the Martin Luther King Jr. Day holiday in January is inaccurate and misleading; no such date has been set.

    https://www.irs.gov/newsroom/irs-statement-on-2018-filing-season-start-date

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  19. E-filing for 2016 individual returns will shut down soon

    in General Chat

    Posted

    To prepare for the 2018 filing season, the IRS announced that it would shut the Modernized e-File system it uses for individual income tax return e-filing on Saturday, Nov. 18, 2017 (IR-2017-183). After that date, taxpayers will have to file their 2016 individual tax returns on paper.

    Normally, individual taxpayers would have filed their returns by Oct. 16, 2017, if they were on extension, but this year, large numbers of taxpayers in federally declared disaster areas in Florida; Georgia; parts of Louisiana, South Carolina, and Texas; Puerto Rico; the Virgin Islands; and a number of counties in California have received filing extensions until Jan. 31, 2018.

    https://www.journalofaccountancy.com/news/2017/nov/2016-tax-return-filing-will-shut-down-201717790.html

  20. 2018 PTIN Renewal Period Underway for Tax Professionals

    in General Chat

    Posted

    WASHINGTON –– The Internal Revenue Service today reminded the nation’s more than 727,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2018. All current PTINs will expire Dec. 31, 2017.

    Anyone who prepares or helps prepare any federal tax return, or claim for refund for compensation must have a valid PTIN from the IRS. The PTIN must be used as the identifying number on returns prepared. Failure to have and use a valid PTIN may result in penalties.

    https://www.irs.gov/newsroom/2018-ptin-renewal-period-underway-for-tax-professionals

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  25. IRS will enforce health coverage reporting on 2017 return

    in General Chat

    Posted

    On Friday, the IRS updated its page on health care reporting requirements to inform taxpayers and tax practitioners that it will not accept electronically filed 2017 individual income tax returns unless taxpayers indicate that they and everyone on their return had health care coverage, qualified for an exemption from coverage, or will make a shared-responsibility payment (under Sec. 5000A). The IRS also said that any returns filed on paper that do not address the health coverage requirements may be suspended until the Service receives additional information, and any refund due may be delayed.

    https://www.journalofaccountancy.com/news/2017/oct/health-care-individual-mandate-on-2017-tax-returns-201717660.html

    https://www.irs.gov/tax-professionals/aca-information-center-for-tax-professionals

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