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IRS News for Business July 2017

Post date
July 07, 2017
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IRS NEWS FOR BUSINESS July 2017

►UPCOMING WEBINARS

The IRS will be hosting three web-conferences this summer for small business owners, or people who work with small business owners. The 45 minute web-conferences are live and the speakers will take questions from the attendees. Time: 11am Eastern, 10am Central, 9am Mountain.

July 19

Form W-9, Form 1099-Misc, Penalties, and Backup Withholding. This presentation will focus on the purpose/importance of certain independent contractor forms. 

Register here: Https://www.webcaster4.com/Webcast/Page/1154/21250

August 16

Review Methods to Pay Your Tax Liability. This presentation will focus on various methods your business can use when paying your tax liability.

Register here: https://www.webcaster4.com/Webcast/Page/1154/21251

►NEWS

Follow @IRSnews on Twitter

@IRSnews is an IRS Twitter feed offering daily news and guidance for the public and the press. Follow it at https://twitter.com/irsnews.

Interest Rates Remain the Same for the Third Quarter of 2017

  • Interest rates will remain the same for the calendar quarter beginning July 1, 2017. The rates will be:
    • four (4) percent for overpayments (three (3) percent in the case of a corporation);
    • 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000;
    • four (4) percent for underpayments; and o six (6) percent for large corporate underpayments.
  • Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Opportunity Coming to Participate in New Correspondence Examination Digital Pilot Program

The IRS Taxpayer Digital Communications (TDC) Secure Messaging pilot program has started with correspondence examinations involving Schedule A and has expanded to include some other issues. During the pilot the IRS will invite approximately 8,000 taxpayers under correspondence examinations to communicate with the Service using secure messaging through digital communication channels.
The pilot program is by invitation only. Taxpayers and their tax professionals with valid powers of attorney (POA) can participate only if the taxpayer receives a marketing insert or letter saying they are eligible. Business – July 2017 2

►TAXES. SECURITY. TOGETHER. (Identity Theft) 

IRS Offers Help to Students, Families to Get Tax Information for Student Financial Aid Applications

  • The U.S. Department of Education today announced the IRS Data Retrieval Tool is now available for borrowers applying for an income-driven repayment plan. New encryption protections have been added to the Data Retrieval Tool to further protect taxpayer information. The IRS Data Retrieval Tool will return Oct. 1, 2017, on the online 2018–19 Free Application for Federal Student Aid (FAFSA®) form.

►Employers IRS Approves First Group of Certified Professional Employer Organizations; More Expected in Coming Months

  • The IRS issued notices of certification to 84 organizations that applied for voluntary certification as a Certified Professional Employer Organization (CPEO).
  • After the IRS receives the required surety bond from an approved CPEO applicant, the IRS will publish that CPEO’s name, address, and effective date of certification on IRS.gov.
  • Under legislation enacted in late 2014, the IRS established a voluntary certification program for professional employer organizations (PEOs). These organizations typically handle various payroll administration and tax reporting responsibilities for their business clients.
  • Certification affects the employment tax liabilities of both the CPEO and its clients. A CPEO is generally treated as the employer of any individual performing services for a client of the CPEO and covered by a CPEO contract between the CPEO with the client, but only for wages and other compensation paid to the individual by the CPEO.
  • To become and remain certified under the new program, CPEOs must meet tax compliance, background, experience, business location, financial reporting, bonding, and other requirements.

►TAX EXEMPT ORGANIZATIONS

Go to Stay Exempt on IRS.gov https://www.stayexempt.irs.gov/ to see Issue Podcasts on:

  • When are Commercial-Type Activities a Substantial Nonexempt Purpose for an IRC 501(c)(3) Organization?
    • Learn about determining when commercial-type activities further a substantial nonexempt purpose for an IRC 501(c)(3) organization
  • IRC 501(c)(3) Proposing Denial
    • Learn about the five-step roadmap the IRS uses to determine whether proposing denial is appropriate for an organization requesting recognition of tax exemption under IRC 501(c)(3)
  • What is an Issue Podcast?
    • An Issue Podcast is a resource the IRS uses for sharing technical knowledge.
    • An Issue Podcast is a short (approximately 15 minute), on-demand audio and visual presentation that includes:
    • A brief summary and analysis of an issue
    • References to key resource materials