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e-News for Tax Professionals

April 12, 2019

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Issue Number:  2019-11

Inside This Issue

1.     IRS Commissioner Chuck Rettig’s Message to Taxpayers: Thank You for Filing

2.     IRS Nationwide Tax Forums Case Resolution Program

3.     IRS, Security Summit Mark Significant Progress Against Identity Theft

4.     199A: Qualified Business Income Deduction Facts

5.     Tax Relief for Additional Nebraska Storm Victims

6.     Technical Guidance


1.  IRS Commissioner Chuck Rettig’s Message to Taxpayers: Thank You for Filing


As 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.

This 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


The 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


The 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 returns.
  • Financial industry partners recovered an additional $1.4 billion in fraudulent refunds.


4.  199A: Qualified Business Income Deduction Facts


Many 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.

For 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


Storm 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.