IRS News for Tax Professionals - May 2017

04/18/2017 9:09 AM | Anonymous member (Administrator)

NEWS

Private Collection of Some Overdue Federal Taxes Starts in April; Those Affected Will Hear First From IRS; IRS Will Still Handle Most Tax Debts

  • The IRS is sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies.
  • Taxpayers being assigned to a private firm would have had multiple contacts from the IRS in previous years and still have an unpaid tax bill.
  • As always, the IRS encourages taxpayers behind on their tax obligations to come forward and either pay what they owe or set up a suitable payment plan. This means there’s no need to wait for a phone call or letter from the IRS or any of its contractors.
  • The IRS reminds taxpayers to be on the lookout for scammers posing as private collection firms.

DID YOU KNOW?

  • Your clients can make Estimated Tax Payments using Direct Pay.
  • Your clients can look up their Estimated Tax Payments using:

View Your Account Balance and Payment History

  •  If you're an individual taxpayer, you can use this tool to find out:
  • Your payoff amount, updated for the current calendar day
  • The balance for each tax year for which you owe
  • Up to 18 months of your payment history (NEW!)

Helpful tools when your client gets a notice or letter from the IRS

Helpful tools for your clients with a balance due

National Small Business Week

In recognition of National Small Business Week, April 30 to May 6, the IRS is highlighting products to help small business owners and self-employed individuals understand and meet their tax obligations:                  

Offers in Compromise – New Policy

 Beginning with Offer applications received on or after March 27, 2017: The IRS will return any newly filed Offer in Compromise application if you have not filed all required tax returns. Any application fee included with the OIC will also be returned. Any initial payment required with the returned application will be applied to reduce your balance due. This policy does not apply to current year tax returns if there is a valid extension on file.

 Form 656-B, revised March 2017  https://www.irs.gov/pub/irs-pdf/f656b.pdf 

►Employers

No news this month.

►AFFORDABLE CARE ACT

No news this month.

TAXES. SECURITY. TOGETHER. (Identity Theft)

Identity Protection: Prevention, Detection and Victim Assistance

  •  This is the main page for ID Theft. Check out resources for you and your clients.

►NEWS FROM OTHER AGENCIES

From USA.gov

 As part of your estate and advance health care planning, having a power of attorney is a critical component of protecting your interests. Unlike a will which outlines your wishes, and how your wealth and property will be distributed after you are gone; this legal document authorizes another person to act on your behalf when you are not able to manage your affairs on your own.

 Documenting your requests can be difficult to address but doing so could resolve certain legal issues if done in advance. By designating someone to make decisions for you means your wishes will be carried out when you may not have a voice. Take action on this vital document today.

Access our Power of Attorney Guide

►IN EVERY ISSUE

Small Business and Self-Employed Tax Center

Understanding Your IRS Notice or Letter

Basic Tools for Tax Professionals

Recent Tax Scams and Consumer Alerts

Identity Protection: Prevention, Detection and Victim Assistance

Federal Trade Commission:

►UPCOMING WEBINARS

*Closed captioning offered for afternoon web conferences ONLY.

Understanding Payment Options – Part II – 75 minutes

Working with the IRS Office of Appeals -- What to Expect – 90 minutes

  • May 3, 2017 –1:00 pm Central, 12:00 Mountain
  • Register&Attend: https://www.webcaster4.com/Webcast/Page/445/19764 
  • Topics include information on the role of Appeals, an overview of Appeals policies and procedures, and an outline of case procedures for examination and collection cases.

Understanding Correspondence Examinations – 75 minutes

Understanding the Automated Underreporter Program – 75 minutes

Understanding Form 8300 – 75 minutes

(Report of Cash Payments Over $10,000 Received in a Trade or Business)

Continuing Education:

All participants who qualify will receive a Certificate of Completion.

Tax Professionals – Earn 1 CE Credit Category: Federal Tax

  •   Click HERE for National and Local webinars for Tax Professionals.
  •   Click HERE for webinars and videos recently posted to the IRS Video Portal.

North Dakota CPA Society
2701 South Columbia Road, Ste D
Grand Forks, ND 58201

Phone: (701) 775-7100 or (877) 637-2727
Email: mail@ndcpas.org

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