Today TaxMama® wants to give you some key information from the IRS’s mass of November and December announcements and news.
Dear Family,
This month, the IRS is catching up on procedures, alerts and announcements. We are getting several announcements each day.
- For Individuals
- With so many major disasters, fires, floods and plagues around the country, the IRS offers tips on how to reconstruct records. And TaxMama® reminds you of the importance of saving important and precious (family photos) information in the cloud.
https://www.irs.gov/newsroom/reconstructing-records-after-a-disaster-irs-provides-tips-to-help-taxpayers - The IRS is now on Instagram. They are also on YouTube, Twitter, Facebook and LinkedIn. These are information resources only.
https://www.irs.gov/newsroom/taxpayers-can-now-instantly-get-tax-info-on-instagram - No more deduction for moving expenses – except for active duty military – thank your elected officials for this one.
https://www.irs.gov/newsroom/tax-reform-brings-changes-to-qualified-moving-expenses - Are you buying alternative powered vehicles hoping for a big tax credit? Beware, at least one vehicle (Tesla) has sold so many than the credit is being phased down. In any case, if your tax liability isn’t high enough – you won’t be able to use some, or any, of the credit.
https://www.irs.gov/newsroom/first-plug-in-electric-vehicle-manufacturer-crosses-200000-sold-thresholdtax-credit-for-eligible-consumers-begins-phase-down-on-jan-1
- With so many major disasters, fires, floods and plagues around the country, the IRS offers tips on how to reconstruct records. And TaxMama® reminds you of the importance of saving important and precious (family photos) information in the cloud.
- For Businesses
- The IRS offers a series of tips for business taxpayers. Even if you don’t read this long page, at least scan it to see which topics affect you.
https://www.irs.gov/newsroom/the-highlights-of-tax-reform-for-businesses - New law is totally confusing when it comes to employee Achievement Awards. Cannot give cash or anything cash-like. So what can you give an employee, aside from useless plaques.TaxMama® thinks that gift books might work. But it’s really not clear.
https://www.irs.gov/newsroom/tax-reform-law-makes-changes-to-employee-achievement-award-rules - Farmers have some new, and more liberal, accounting and deduction rules. This IS worth exploring – after all, this also applies to cannabis growers.
https://www.irs.gov/newsroom/whats-new-for-farmers-in-2018 - IRS clarifies the rules on parking and other fringe benefits – and provides employers with additional time (to 03/31/19) to retroactively correct the non-taxable benefits. See if you can figure this out – it’s important.
https://www.irs.gov/newsroom/irs-issues-guidance-for-determining-nondeductible-amount-of-parking-fringe-expenses-and-unrelated-business-taxable-income-provides-penalty-relief-to-tax-exempt-organizations
- The IRS offers a series of tips for business taxpayers. Even if you don’t read this long page, at least scan it to see which topics affect you.
- Security Issues
- Employers need to be very careful. There is a W-2 scam floating around. NEVER, and I repeat, NEVER provide any information to someone who contacts you by email unless you actually know who it is and what the request is for. Even then, call the individual directly, in case their email account has been copied or stolen.
https://www.irs.gov/newsroom/employers-should-be-aware-of-w-2-scam-protect-employee-information - It’s time to establish stronger passwords on all accounts – and don’t use the same password everywhere. Unlike what you see in movies and CSI/NCIS-type shows, it’s not that easy for anyone to hack passwords that have random numbers, upper-and lower-case letters and special characters. THAT and, at least 8 digits will help protect you.
https://www.irs.gov/newsroom/strong-passwords-help-protect-accounts-against-cybercriminals - Shopping online? Of course you are. Please be very careful. The IRS provides tips to help you protect yourself from scams.
https://www.irs.gov/newsroom/follow-these-tips-to-protect-data-when-shopping-online
- Employers need to be very careful. There is a W-2 scam floating around. NEVER, and I repeat, NEVER provide any information to someone who contacts you by email unless you actually know who it is and what the request is for. Even then, call the individual directly, in case their email account has been copied or stolen.
And remember, you can find answers to all kinds of questions about taxes and business issues, free. Where? Where else? At www.TaxMama.com.
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To help you with your 2018/2019 tax planning, please sign up for the on-demand webinar – SPECIAL Tax Cuts and Jobs Act (TCJA) to help folks who are self-employed, and folks with large employee business expenses to restructure your tax picture and cut your taxes. https://taxmama.com/asktaxmama/webinar-the-trump-tax-plan/
