Inside This Issue
IRS Commissioner Chuck Rettig’s Message to Taxpayers:
Thank You for Filing
IRS Nationwide Tax Forums Case Resolution Program
IRS, Security Summit Mark Significant Progress Against
199A: Qualified Business Income Deduction Facts
Tax Relief for Additional Nebraska Storm Victims
1. IRS Commissioner Chuck
Rettig’s Message to Taxpayers: Thank You for Filing
the tax filing deadline approaches on April 15, I’d like to thank taxpayers
for taking the time to file and pay their taxes.
Our nation’s tax system is built around the concept of voluntary tax
compliance, meaning citizens comply with their civic duty each year by
preparing and filing their taxes – without direct government intervention.
principle has helped make our tax system a model for the entire world.
Thanks to taxpayers, this system helps fund our great nation. Each year,
95% of the gross receipts of our country flows through the IRS – about $3.5
trillion last year – funding critical aspects of the U.S., ranging from
roads and schools to the nation’s military.
2. IRS Nationwide Tax
Forums Case Resolution Program
IRS Nationwide Tax Forums offer tax professionals with unresolved client
cases the opportunity to meet face to face with IRS representatives with
specialized expertise in the IRS Case Resolution Program. If your case is
not resolved onsite or if it needs more research, we will assign it to the
appropriate IRS unit for follow-up. Learn more about this program and
register for the 2019 IRS Nationwide Tax Forums at www.irstaxforum.com.
3. IRS, Security Summit
Mark Significant Progress Against Identity Theft
Internal Revenue Service and its Security Summit partners in state
government and industry announced new results this week
from 2018 that show major progress in the fight against tax-related
identity theft and added protection for thousands of taxpayers and billions
of dollars. Key improvements between 2015 and 2018 include:
- The number of taxpayers
reporting they were identity theft victims fell 71 percent.
- The number of confirmed identity
theft returns stopped by the IRS declined by 54 percent.
- The IRS protected a combined $24
billion in fraudulent refunds by stopping the confirmed identity theft
- Financial industry partners
recovered an additional $1.4 billion in fraudulent refunds.
4. 199A: Qualified
Business Income Deduction Facts
individuals, including owners of businesses operated through sole
proprietorships, partnerships, S corporations, trusts and estates may be
eligible for a qualified business income
deduction, also called the section 199A deduction. Some trusts
and estates may also claim the deduction directly.
answers to some basic questions about this TCJA provision visit https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs.
5. Tax Relief for
Additional Nebraska Storm Victims
victims in Antelope, Boyd, Burt, Cuming, Hall, Howard, Madison, Nance,
Pierce, Platte, Saline and Stanton counties now qualify for tax relief following
the March 9 winter storm and flooding.
6. Technical Guidance
Revenue Procedure 2019-18
provides a safe harbor for a professional sports team to treat certain
player and staff-member contracts and draft picks as having a zero value
for determining gain or loss to be recognized for federal income tax
purposes on the trade of player and staff-member contracts or draft picks.