Announcements & Upcoming Events:
Archived webinars on Tax Reform are now available on the IRS Video Portal!
This webinar will give an overview of Tax Reform Changes for Small Businesses and Pass-Through Entities. Some of the topics will include changes to estimated taxes, deductions, and depreciation.
This webinar will give an overview of Tax Reform changes for Employers. Topics will include changes to Employer Credit Family and Medical Leave, Employee Achievement Awards, Qualified Transportation Fringe Benefits, and others.
This webinar addresses Tax Reform changes related to Individual Taxpayers. Topics include changes to standard deductions, personal exemptions, itemized deductions, child tax credit, and other changes.
Small Business Administration Workshops
SBA offers a variety of workshops, some online and others in person. Check the Events Calendar for a complete list.
Also check out the SBA Learning Center for a variety of free online courses, available anytime!
SCORE Workshops
SCORE offers workshops designed to give you the skills necessary to start your own successful business.
Dec 19, Jan 9 – Understanding Financial Statements
Jan 4 -- Managing Finances for a New One-Person Business
Jan 9 -- What to Know Before You Hire or Fire an Employee!
Jan 9, Feb 6, Mar 6 -- How to Start a New Business
Mar 7 – Tax Tips with a Tax Expert
Small Business Development Center (SBDC) Workshops
The SBDCs across Washington offer a variety of online and in person training for businesses. Visit the two links above to see what is available.
Jan 12 – Des Moines: Small Business Tax Workshop
IRS Updates & News Releases:
Did you know? One of the best ways to get information is by visiting the IRS
Small Business Tax Center where you can learn everything from how to get an Employer Identification Number (EIN) online to how to best navigate an audit.
The IRS, State Tax Agencies and the Tax Industry recently collaborated on National Tax Security Awareness Week to encourage both individual and business taxpayers to take steps to protect their tax data and identities in advance of the 2019 filing season. Of course, tax security and identity and data protection are not just limited to one week. Visit this page to see the news releases and tax tips available and be sure to follow @IRSTaxSecurity on Twitter and look for the hashtag #TaxSecurity.
IRS, Security Summit partners warn tax professionals of fake payroll direct deposit and wire transfer emails
The Internal Revenue Service and its Security Summit partners today warned tax professionals of an uptick in phishing emails targeting them that involve payroll direct deposit and wire transfer scams. These business email compromise/business email spoofing (BEC/BES) tactics generally target all types of industry and employers. Recently the IRS received a number of reports from tax preparers that they, too, are being targeted. The IRS and the Summit partners, consisting of state revenue departments and tax community partners, are concerned these scams – as well as the Form W-2 scam -- could increase as the 2019 tax season approaches.
What’s new for farmers in 2018?
This webinar will give an overview of Tax Reform Changes for Small Businesses and Pass-Through Entities. Some of the topics will include changes to estimated taxes, deductions, and depreciation.
2018 Form 1040 Now Available
For Tax Year 2018, you will no longer use Form 1040A or Form 1040EZ, but instead will use the redesigned Form 1040. Many people will only need to file Form 1040 and no schedules. However, if your return is more complicated (for example, you claim certain deductions or credits or owe additional taxes) you will need to complete one or more of the new Form 1040 Schedules. This page is a general guide to what Schedule(s) you will need to file, based on your circumstances.
In addition, the final
2019 Form W-4 is also now available on IRS.gov. Be sure to revisit your tax withholding in early 2019, especially if you increased your 2018 withholding late in the year. A
Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paychecks. Too little could mean an unexpected tax bill or penalty.
IRS issues proposed regulations on foreign tax credits
The Internal Revenue Service issued proposed regulations today on foreign tax credits for businesses and individuals.
The 2017 Tax Cuts and Jobs Act (TCJA), legislation passed in December 2017, made major changes to the way the U.S. taxes foreign activities.
IRS reminds those with disabilities of new ABLE account benefits
The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts. Eligible individuals may now put more money into their ABLE account and also roll money from their qualified tuition programs (529 plans) into their ABLE accounts. And certain contributions made to ABLE accounts by low- and moderate-income workers may now qualify for the Saver's Credit. ABLE accounts are designed to help people with disabilities and their families save and pay for disability-related expenses.
For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units
The Internal Revenue Service issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers.
IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations
The Internal Revenue Service issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income (UBTI).
The IRS acknowledges that this guidance falls late in the year and taxpayers that own or lease parking facilities may have already adopted reasonable methods in 2018 to determine the amount of their nondeductible parking expenses. Taxpayers may rely on the guidance or, until further guidance is issued, use any reasonable method for determining nondeductible parking expenses related to employer-provided parking. A key part of this guidance is a special rule, enabling many employers to retroactively reduce the amount of their nondeductible parking expenses. Under this rule, employers will have until March 31, 2019, to change their parking arrangements to reduce or eliminate the number of parking spots they reserve for their employees
IRS issues proposed regulations on key new international provision, the base erosion and anti-abuse tax
The Internal Revenue Service issued proposed regulations today on the section 59A base erosion and anti-abuse tax.
The Tax Cuts and Jobs Act (TCJA), legislation passed in December 2017, made major changes to the tax law for 2018 and future years, including revamping the U.S. international tax system.
See this page for messages available in seven languages (Spanish, Chinese, Korean, Vietnamese, Russian and Haitian Creole) with information for taxpayers about tax changes and actions to take now to ensure smooth processing of their return.
Other news releases:
Proposed hardship withdrawal regulations include relief for disaster victims: Retirement plans can now make loans, hardship distributions to victims of Hurricanes Michael and Florence
The Internal Revenue Service recently announced that 401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Michael and Hurricane Florence and to members of their families.
IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams
As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the Internal Revenue Service announced its debut on Instagram, adding this platform to its social media portfolio. The IRSNews account (https://www.instagram.com/irsnews) will provide taxpayers the latest information on a variety of topics as taxpayers face numerous tax law changes for the upcoming 2019 filing season related to the Tax Cuts and Jobs Act. The IRS Instagram account will share taxpayer-friendly information to help people Get Ready for the upcoming tax season. And it will provide the latest tax scam information to help support the Security Summit initiative, a joint effort between the IRS, states and the nation’s tax industry to combat tax-related identity theft.
Interest Rates Increase for the First Quarter of 2019
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning January 1, 2019.
IRS reminder: Deadline Dec. 31 for most retirees who must make required retirement plan distributions
The Internal Revenue Service reminds retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1, 2019, to take their first RMDs.
IRS issues standard mileage rates for 2019
The Internal Revenue Service has issued the 2019 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, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018,
- 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018, and
- 14 cents per mile driven in service of charitable organizations.
The business mileage rate increased 3.5 cents for business travel driven and 2 cents for medical and certain moving expense from the rates for 2018. The charitable rate is set by statute and remains unchanged.
It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station. For more details see Notice-2019-02.
First plug-in electric vehicle manufacturer crosses 200,000 sold threshold; Tax credit for eligible consumers begins phase down on Jan. 1
Tax Tips
