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News

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News Links

8/31/2018 - Have you done your "Paycheck Checkup" yet? Please do, so you know what to expect due to federal Tax Reform changes.
Link - irs.gov/newsroom/time-for-a-paycheck-checkup

8/31/2018 - KY Department of Revenue Tax Answers for 2018 Kentucky Tax Reform changes.
Link: taxanswers.ky.gov/Pages/index.aspx

FOR EMPLOYERS - 8/31/2018 - KY Department of Revenue 2018 Employer Withholding Calculator
Link: revenue.ky.gov/News/Pages/2018-Employer-Withholding-Tax-Calculator.aspx

8/13/2018 - The new federalTax Reform Changes website shows you how the new federal tax law may change your future tax filings and helps you plan for these changes. Currently, the site addresses the most common 2017 IRS Form 1040, U.S. Individual Income Tax Return topics and whether the tax law changed.
Link - taxchanges.us/

Check out the new irs.gov website - irs.gov

Check out the new IRS2Go mobile app - irs.gov/newsroom/irs2goapp

IRS Advisory: Prepaid real property taxes may be deductible in 2017 if assessed and paid in 2017. irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-assessed-and-paid-in-2017

Kentucky Department of Revenue – NEWS tab - revenue.ky.gov/News/Pages/default.aspx.gov

Consumer Alerts on Tax Scams

Note that the IRS will never:

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Ask for credit or debit card numbers over the phone.

For more information on tax scams, please see Tax Scams/Consumer Alerts. For more information on phishing scams, please see Suspicious e-Mails and Identity Theft.

Is it really the IRS calling?

Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is truly from an IRS employee.

The IRS initiates most contacts through regular mail delivered by the United States Postal Service.

However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.

To understand how and when the IRS contacts taxpayers and determine if it’s truly the IRS see: How to know it’s really the IRS calling or knocking on your door.

Private Debt Collection

The IRS began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it.

The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA). First, the IRS will send a letter to the taxpayer and their tax representative informing them that their account is being assigned to a PCA and giving the name and contact information for the PCA. This mailing will include a copy of Publication 4518, What You Can Expect When the IRS Assigns Your Account to a Private Collection Agency.

Only four private groups are participating in this program: CBE Group of Cedar Falls, Iowa; Conserve of Fairport, N.Y.; Performant of Livermore, Calif.; and Pioneer of Horseheads, N.Y. The taxpayer’s account will only be assigned to one of these agencies, never to all four. No other private group is authorized to represent the IRS.

Changes to the ITIN Program

Your ITIN may expire before you file a tax return in 2018. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2017. Additionally, all ITINs issued before 2013 with middle digits of 70, 71, 72 or 80 are expiring. If you need to file a tax return in 2018, IRS recommends you renew your ITIN. The IRS has developed outreach products and additional information on the ITIN program in English, Spanish, Chinese, Russian, Korean, Vietnamese and Haitian Creole. See IRS.gov/itin.

As a reminder, ITINs with middle digits 78 and 79 that expired in 2016 can also be renewed.

Interest Rates Remain the Same for the First Quarter of 2018
IR-2017-200, Dec. 5, 2017 ― The IRS today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2018.

Consumer Alert: IRS Warns Taxpayers, Tax Pros of New Email Scam Targeting Hotmail Users
IR-2017-203, Dec. 13, 2017 — The Internal Revenue Service today warned taxpayers and tax professionals of a new email scam targeting Hotmail users that is being used to steal personal and financial information.

IRS Provides Additional Relief for Partnerships and Certain other Entities
IR-2017- 205, Dec. 14, 2017 — The Internal Revenue Service today issued revised guidance extending relief for certain partnerships, real estate mortgage investment conduits (REMICs), and other entities that did not file the required returns by the new due date for tax years beginning in 2016.

Standard Mileage Rates for 2018 Up from Rates for 2017
IR-2017-204, Dec. 14, 2017 ― The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018
IR-2017-209, Dec. 22, 2017 ― The IRS announced today that it has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals.

IRS Issues Guidance on Transition Tax on Foreign Earnings
IR-2017-212, Dec. 29, 2017 - The Treasury Department and the Internal Revenue Service today issued Notice 2018-07, which provides guidance for computing the “transition tax” under recent tax legislation enacted on Dec. 22, 2017.