Weekly Report from Washington, D.C.

During the week of December 3, the Treasury Inspector General for Tax Administration (TIGTA) released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The IRS issued its fourth reminder as part of “National Tax Security Awareness Week”, urging small businesses and employers to avoid identity theft by watching out for W-2 scams that often surge during the filing season.

Treasury

Semiannual Report. The Treasury Inspector General for Tax Administration (TIGTA) released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes challenges faced with the IRS impersonation scam with more than 14,700 taxpayers losing upwards of $72.8 million to the scam’s perpetrators, (TAXDAY, 2018/12/07, T.1).

IRS

Form W-2 Scam. The IRS issued its fourth reminder as part of “National Tax Security Awareness Week”, urging small businesses and employers to avoid identity theft by watching out for W-2 scams that often surge during the filing season, (IR-2018-243; TAXDAY, 2018/12/07, I.1).

Interest Rates. The IRS announced the over and underpayment interest rates for the first quarter 2019, (IR-2018-244; Rev. Rul. 2018-32; TAXDAY, 2018/12/07, I.2).

Notice. The IRS issued transition relief from the “once-in-always-in” condition for excluding part-time employees under Reg. §1.403(b)-5(b)(4)(iii)(B), (Notice 2018-95; TAXDAY, 2018/12/05, I.1).

ABLE Accounts. The IRS informed taxpayers with disabilities that the Tax Cuts and Jobs Act (P.L. 115-97), enacted last year, made major changes to Achieving a Better Life Experience (ABLE) accounts, (IR-2018-239; TAXDAY, 2018/12/05, I.2).

Phishing Emails. The IRS issued a second reminder during the “National Tax Security Awareness Week” urging taxpayers to avoid identity theft by watching out for phishing scams that often surge during holidays and filing season, (IR-2018-240; TAXDAY, 2018/12/05, I.3).

Passwords. The IRS issued its third reminder for “National Tax Security Awareness Week” urging taxpayers and tax practitioners to review new, stronger standards to protect the passwords of their online accounts, (IR-2018-241; TAXDAY, 2018/12/05, I.4).

Chief Counsel. The IRS issued an updated version of the Chief Counsel telephone directory, dated December 3, 2018, (TAXDAY, 2018/12/05, I.5).

Filing Deadline. The IRS provided an additional day for taxpayers to file and pay their taxes following the December 1 Executive Order closing all federal agencies on December 5, as a mark of respect for George Herbert Walker Bush, the forty-first President of the United States, (IR-2018-242; TAXDAY, 2018/12/05, I.6).

Cybersecurity. In honor of “National Tax Security Awareness Week,” which runs from December 3 to December 7, the IRS and Security Summit partners urged taxpayers to take steps to protect their data, (IR-2018-238; TAXDAY, 2018/12/04, I.1).

I.R.B. The IRS released I.R.B. 2018-49, dated December 3, 2018, (TAXDAY, 2018/12/03, I.1).

Reconstruction of Records. The IRS outlined certain steps disaster victims could take to reconstruct their financial records for properly documenting a tax-deductible loss, supporting various tax-related transactions or getting federal assistance or insurance reimbursement, (FS-2018-18; TAXDAY, 2018/12/03, I.2).

Instagram Account. The IRS launched an Instagram account to help taxpayers understand and meet their tax responsibilities, (IR-2018-237; TAXDAY, 2018/12/03, I.3).

FEMA. The Federal Emergency Management Agency (FEMA) announced that certain areas in Alabama were eligible for assistance, (TAXDAY, 2018/12/03, I.4).

Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.

Not a subscriber? Sign up for a free trial or contact us for a representative.

AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup