News from the IRS
November 2018
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Security Summit plans National Tax Security Awareness Week, Dec. 3-7


With the approach of the holidays and the upcoming tax season, the Internal Revenue Service, state tax agencies and the nation’s tax industry will sponsor a nationwide campaign in December urging people to better protect their sensitive tax and financial data.

The third annual National Tax Security Awareness campaign, to be held Dec. 3-7, will feature events nationwide, highlight a daily security topic and mark the launch of a special @IRSTaxSecurity Twitter handle that will keep the public aware of emerging threats throughout the 2019 tax filing season.

Free public webinar on how identity thieves use the Dark Web

In support of Tax Security Awareness Week, a free IRS webinar is being offered to help taxpayers understand the Dark Web and how it is used as a repository for: stolen identities, credit data, tax information and banking/financial information. During this webinar, IRS Criminal Investigation representatives will provide an overview of the Dark Web and answer questions that will help people recognize the risks and use of the Dark Web by cyber-criminals. 

This 100-minute webinar will be held on Monday, Dec. 3, 2018, at 2 p.m. EST. To register, go to  Tax Security Awareness: Understanding the Dark Web .




IRS resources help small businesses understand tax reform


 Here are some of the resources on IRS.gov to help businesses better understand how the Tax Cuts and Jobs Act affects their bottom line.

·        Tax Reform News - includes links to news releases, fact sheets and statements on the new legislation and how it affects businesses.

·        Tax Reform Provisions that Affect Businesses – brief explanations with links to more details about provisions of the new law.

·        Tax Reform Guidance – includes links to technical information about the law and how it applies to businesses.

·        Tax Reform Resources – includes links to articles, frequently asked questions, videos, publications and tax tips that employers can share with employees to help them better understand the new law.


New 100-percent depreciation deduction for businesses



Tax reform legislation includes changes that affect a business’ bottom line. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service.

Here are some facts about this deduction:

·        The 100-percent depreciation deduction generally applies to depreciable business assets and certain other property.

·        Machinery, equipment, computers, appliances and furniture generally qualify.

·        The deduction is retroactive for qualifying property acquired and placed in service after Sept. 27, 2017.

·        Taxpayers who elect out of the 100-percent depreciation deduction must do so on a timely filed return.

For more information see Form 4562 or visit IRS.gov .


More IRS resources to help small businesses better understand how tax reform affects their bottom line



Small business owners can visit IRS.gov for a wide range of resources that will help them better understand tax law changes affecting their bottom line. The Tax Cuts and Jobs Act, passed in December 2017, made changes to the tax law that affect nearly every business and individual. Here are some resources available to help small business owners:


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