Windham Region Chamber of Commerce

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IRS e-News for Small Business 2018-3: Scam Alert; Tax Calendar; Payment Plan; Identity Theft; Advocate’s Report

Inside This Issue

  1. Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds;
    Beware of Fake Calls to Return Money to a Collection Agency
  2. 2018 IRS Tax Calendar Helps You Save the Tax Date
  3. Need a Tax Payment Plan? Consider Using the IRS Online Payment Agreement
  4. Key IRS Identity Theft Indicators Continue Dramatic Decline in 2017; Security Summit Marks 2017 Progress Against Identity Theft
  5. National Taxpayer Advocate’s Annual Report to Congress Highlights Issues with the Sharing Economy

  1.  Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds;

Beware of Fake Calls to Return Money to a Collection Agency

The IRS warns taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. In a Feb. 13, 2018, news release , the IRS offered a step-by-step explanation for how to return the funds and avoid being scammed.

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  2.  2018 IRS Tax Calendar Helps You Save the Tax Date

The IRS Tax Calendar for Small Businesses and Self-Employed is a free tool offered by the IRS to help you keep track of upcoming tax due dates. Available in both online and Spanish language versions at the IRS Tax Calendar page on IRS.gov.

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  3.  Need a Tax Payment Plan? Consider Using the IRS Online Payment Agreement

Learn what to do if you can’t pay your tax bill in full within 120 days. Watch this IRS YouTube video to see if you’re eligible for an online payment agreement.

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  4.  Key IRS Identity Theft Indicators Continue Dramatic Decline in 2017; Security Summit Marks 2017 Progress Against Identity Theft

The IRS recently announced steep declines in tax-related identity theft in 2017, attributing the success to the Security Summit initiatives that help safeguard the nation’s taxpayers. In a Feb. 8, 2018, news release, the IRS reported a 40 percent decline in taxpayers reporting they are victims of identify theft compared to 2016. 

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  5.  National Taxpayer Advocate’s Annual Report to Congress Highlights Issues with the Sharing Economy

The 2017 Annual Report to Congress highlights tax guidance issues for those participants involved in the “sharing” economy, including small businesses. In fact, a 2016 survey of members of the National Association of the Self-Employed (NASE) revealed that 36 percent of businesses did not understand what records they would need to maintain as a small business for tax purposes.

 

If your business involves short-term home rentals, shared car services, sales of hand-made products via the internet or other sharing type activities, you should read the Sharing Economy section of the National Taxpayer Advocate’s report.