첨부된 내용 참조하시기 바랍니다.
연방정부에서 몇가지 조건을 충족 시키면 원금도 탕감해 주는 장기 저리 융자 프로그램 두 가지를 제공하고 있습니다. 이 두가지 융자는 소상인 및 중소기업 (Small Business), 501(c) 501(d) 501(e) 허가를 받은 교회, 비영리단체 등이 신청할 수 있습니다. 


• 경제적 피해 재난 융자 (SBA Economic Injury Disaster Loan)
• 급여 보호 융자 (SBA Paycheck Protection Loan).


재난이 발생할 때 연방정부에서 제공하는 “경제적 피해 재난 융자 (SBA Economic
Injury Disaster Loan)” 가 있고 또 하나는 3월26일에 새롭게 제정된 “급여 보호 융자 (SBA Paycheck Protection Loan)” 입니다.
두 가지 융자 프로그램이 혼동 되고 있고 새로운 융자 프로그램인 “급여 보호 융자 (SBA Paycheck Protection Loan)”에 대해서는 아직 자세한 정보가 시중 금융기관에 전달이 되지 않아 일시적인 혼선이 가중 되고 있습니다. 이에 두 가지 융자 프로그램을 소개하는 안내문을 보내 드리오니 경제적 어려움을 극복하는데 참고 하시기 바랍니다.


두가지 융자를 모두 신청 하실 수도 있으며 두가지 중에 한가지만 신청 하실 수도
있습니다. 두가지 융자를 모두 신청 하실 경우에는 융자액을 서로 다른 용도로 사용
하셔야 합니다. “급여 보호 융자 (SBA Paycheck Protection Loan)” 는 “경제적 피해 재난 융자 (SBA Economic Injury Disaster Loan)”를 상환하는데 사용할 수도 있습니다.
각 사업체, 교회, 비영리단체가 처한 상황을 고려 하셔서 선택 하시기 바랍니다.
융자는 연방정부가 각 융자 프로그램에 책정한 예산의 한도 내에서 선착순으로 제공됩니다. 신속히 융자 신청을 하시기 바랍니다. “경제적 피해 재난 융자 (SBA Economic Injury Disaster Loan)”은 2020년12월31일까지 “급여 보호 융자 (SBA Paycheck Protection Loan)”은 2020년6월30일까지만 제공 됩니다.

“경제적 피해 재난 융자 (SBA Economic Injury Disaster Loan)”


연방정부가 재난이 발생할 때마다 제공하는 융자 프로그램.
아래 웹싸이트에서 연방정부 Small Business Administration (SBA)에 간단한 융자신청서 작성. 아래 웹싸이트 융자 신청서는 10분 – 20분이면 어렵지 않게 작성 가능.


https://covid19relief.sba.gov


위의 웹싸이트에서 간단한 융자 신청서를 작성한 후 3일 이내에 1만불이 먼저 긴급지원됨. 긴급 지원 1만불은 신청서 심사가 끝나지 않은 상태에서 먼저 송금되며 나중에 융자 심사에 탈락하여 융자 허가를 받지 못하는 경우에도 긴급 지원 1만불은 상환하지 않음. 위의 웹싸이트에서 융자 신청서 작성 후에 융자 심사를 위한 추가 서류 제출 요청이 있을 수 있으나 융자 심사 결과와 무관하게 긴급 지원 1만불은 먼저 송금되며 상환 의무 없음.
융자 허가가 나오는 경우에는 긴급 지원된 1만불 중에 다음 조건에 부합하는 액수 만큼만원금이 탕감되며 상환하지 않아도 됨. (최대 원금 탕감액은 1 만불) 급여, 유급휴가, 모기지, 렌트비, 판매 감소로 감당할 수 없는 채무액, 공급망 교란으로 인한 원가 상승 융자액을 매상 감소 충당, 채무 재금융, 다른 연방기관 채무 상환, 세금 벌금, 수리 비용, 주주 배당금 지급 목적으로 사용할 수 없음.


Small Business 용 이자: 3.75%, 비영리단체 용 이자: 2.75%
최대 2백만불 융자 / 최장 30년 상환 / 융자 후 1년 뒤 상환 시작
융자 대상: 직원 500명 이하 2020년1월31일 이전에 개업한 Small Business, 501C3 교회, 비영리단체, Independent Contractor, Sole Proprietor
크레딧 스코어로만 융자 승인 가능, 융자 상환 능력이나 세금 보고 실적 없이도 융자 승인 가능. 이전 파산 기록 있어도 융자 승인 가능.
위의 웹싸이트에서 융자 신청서를 접수하고 나중에 융자 승인을 받지 못하는 경우 먼저 지급 받은 긴급 지원 1만불은 상환하지 않음.
2십만불 이하 융자는 개인 보증 (Personal Guarantee) 불필요, 담보 제공 불필요. 다른 곳에서 융자 받을 수 없음을 증명 하지 않아도 됨. 즉, 다른 Credit Line 이 있어도 융자 가능

“급여 보호 융자 (SBA Paycheck Protection Loan)”

이번 코로나바이러스 사태로 인한 경제 위기 극복을 위해 특별히 제정된 융자 프로그램. 아직 시중 금융기관들도 이 융자에 대한 자세한 정보가 없음. 2 주일 내로 시중 금융기관에서 실제 융자를 시작할 것으로 예상.


이 융자 프로그램은 은행 등 시중 융자 기관에 신청. (연방정부 Small Business
Administration 에 직접 신청 하는 것이 아님)


원금 탕감 조건: 아래 목적으로 8주 동안 사용된 액수는 원금을 탕감.
급여 (10불 이상 급여 수여자의 급여는 비례계산) / 모기지 이자 / 2020년2월15일
이전에 작성된 임대 계약서에 따른 렌트비 / 2020년2월15일 이전에 시작된 전기,
개스, 수도, 교통, 전화, 인터넷 비용 / 직원 건강보험 비용 원금 탕감을 받으려면 융자 시작일로부터 8 주 동안은 평균 직원 수자를 유지해야 함.


평균 직원 수자는 2019년2월15일 – 2019년6월30일 기간 혹은 2020년1월 1일
– 2020 년 2 월 15 일 기간의 평균 직원 수자로 계산함. 평균 직원 수자를 유지 하지
못하면 원금 탕감액 감소. 10만불 이하 급여 수여자의 급여가 25% 이상 삭감되면 원금 탕감액 감소.


2020년2월15일 – 2020년4월26일 기간에 발생한 직원 수자 감소와 급여 삭감은
직원들을 2020년6월30일 이전에 다시 채용하면 원금 탕감이 줄어들지 않음.
융자 대상: 2020년2월15일 이전에 개업한 직원 500명 이하 Small Business, 501C3교회, 비영리단체, 자영업 (Self Employed), Sole Proprietor, 프리랜서, 우버드라이버와 같은 Gig Worker


융자 액수: 지난 1년간 월평균 급여 지급액의 2.5배까지 융자 가능 (최대 천만불까지)월평균 급여 계산에는 십만불 이하 임금 수여자만 포함 되며 유급병가, 건강보험 등 기타 직원 복지 비용도 포함.


이자 4% 이하 / 최장 10년 상환 / 융자금 상환은 6개월 뒤 시작
담보 제공 불필요, 개인 보증 (Personal Guarantee) 불필요
위에 설명된 융자와 별도로 Payroll Tax 에 관한 혜택도 있음.

Payroll Protection Program (#PPP)

The Payroll Protection Program can only be applied through your current commercial banks (so long as they are pre-approved as an SBA lender):

  • Generally, loan amount will be based on your average monthly payroll costs, multiplied by 2.5 (rent cannot be included in these calculations).
  • If you received an EIDL Grant, that amount will be deducted from this loan amount and/or can be refinanced as PPP.
  • The loan becomes forgivable if used for purposes such as, but not limited to:
  • Compensation (salary, wage, commission, etc.)
  • Rent
  • Utilities
  • If the funds were not used for the above forgivable purposes, the loan will have the following terms:
  • Maximum of 10 years
  • Interest rate of 0.50%, fixed rate
  • Details can be found here at the Treasury website: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

Please contact your commercial bank representatives for further information.

Provided by INC

SBA Economic Injury Disaster Loan (EIDL)

SBA Economic Injury Disaster Loan is now based on a two step application process.
Phase 1 (Grant Application)

  • Most small businesses can apply with SBA for a grant of up to $10,000, which is supposed to be directly deposited to the bank account in 3 business days.
  • However, due to the massive amount of demand (950,000 applications and counting, as of 3/31/2020), SBA staff is saying it might take 7-10 business days.
  • This grant will most likely be counted towards the Payroll Protection Program (PPP) and will reduce the amount available under PPP (please see below). Basically, SBA is trying to prevent “double dipping” on funds received from the government.
  • However, the grant is much faster to obtain vs. PPP since the latter is not live yet. Also, whether you receive the grant through EIDL or PPP, it serves the same purpose of covering payroll.
  • Once SBA releases the up to $10,000 grant, SBA will contact you for further information and to proceed to Phase 2 of the EIDL process.

Phase 2 (Disaster Loan Application)

  • Here is where SBA will request for additional documentation in order to qualify for the full EIDL, such as:
  • Signed EIDL Application (Form 5)
  • Personal Financial Statement (Form 159D)
  • Schedule of Liabilities (Form 2202)
  • Request for Tax Return Transcript (Form 4506-T)
  • EIDL Supporting Information (P-019)
  • This process is normally 1-2 weeks but SBA now says it might take up to 3-4 weeks.
  • There is a small chance that SBA may streamline this process but it is unclear at the moment.
  • This loan, if approved, allows for the following terms:
  • Length of the loan can be up to 30 years
  • APR will be 3.75% for small businesses
  • Amount allowed will be up to $2 million

provided by INC.

Treasury, IRS and Labor announce plan to implement #Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related #leave

Key Takeaways

  • #Paid_Sick_Leave for WorkersFor #COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employees’ children’s schools are closed or child care providers are unavailable.
  • Complete Coverage Employers receive 100% reimbursement for paid leave pursuant to the Act.
    • Health insurance costs are also included in the credit.
    • Employers face no payroll tax liability.
    • Self-employed individuals receive an equivalent credit.
  • Fast FundsReimbursement will be quick and easy to obtain.
    • An immediate dollar-for-dollar tax offset against payroll taxes will be provided
    • Where a refund is owed, the IRS will send the refund as quickly as possible.
  • Small Business Protection

Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened.

  • Easing Compliance
    • Requirements subject to 30-day non-enforcement period for good faith compliance efforts.

To take immediate advantage of the paid leave credits, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form that will be released next week.

Background

The Act provided paid sick leave and expanded family and medical leave for COVID-19 related reasons and created the refundable paid sick leave credit and the paid child care leave credit for eligible employers. Eligible employers are businesses and tax-exempt organizations with fewer than 500 employees that are required to provide emergency paid sick leave and emergency paid family and medical leave under the Act. Eligible employers will be able to claim these credits based on qualifying leave they provide between the effective date and December 31, 2020. Equivalent credits are available to self-employed individuals based on similar circumstances.

Paid Leave

The Act provides that employees of eligible employers can receive two weeks (up to 80 hours) of paid sick leave at 100% of the employee’s pay where the employee is unable to work because the employee is quarantined, and/or experiencing COVID-19 symptoms, and seeking a medical diagnosis. An employee who is unable to work because of a need to care for an individual subject to quarantine, to care for a child whose school is closed or child care provider is unavailable for reasons related to COVID-19, and/or the employee is experiencing substantially similar conditions as specified by the U.S. Department of Health and Human Services can receive two weeks (up to 80 hours) of paid sick leave at 2/3 the employee’s pay. An employee who is unable to work due to a need to care for a child whose school is closed, or child care provider is unavailable for reasons related to COVID-19, may in some instances receive up to an additional ten weeks of expanded paid family and medical leave at 2/3 the employee’s pay.

Paid Sick Leave Credit

For an employee who is unable to work because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis, eligible employers may receive a refundable sick leave credit for sick leave at the employee’s regular rate of pay, up to $511 per day and $5,110 in the aggregate, for a total of 10 days.

For an employee who is caring for someone with Coronavirus, or is caring for a child because the child’s school or child care facility is closed, or the child care provider is unavailable due to the Coronavirus, eligible employers may claim a credit for two-thirds of the employee’s regular rate of pay, up to $200 per day and $2,000 in the aggregate, for up to 10 days. Eligible employers are entitled to an additional tax credit determined based on costs to maintain health insurance coverage for the eligible employee during the leave period.

Child Care Leave Credit

In addition to the sick leave credit, for an employee who is unable to work because of a need to care for a child whose school or child care facility is closed or whose child care provider is unavailable due to the Coronavirus, eligible employers may receive a refundable child care leave credit. This credit is equal to two-thirds of the employee’s regular pay, capped at $200 per day or $10,000 in the aggregate. Up to 10 weeks of qualifying leave can be counted towards the child care leave credit. Eligible employers are entitled to an additional tax credit determined based on costs to maintain health insurance coverage for the eligible employee during the leave period.

Prompt Payment for the Cost of Providing Leave

When employers pay their employees, they are required to withhold from their employees’ paychecks federal income taxes and the employees’ share of Social Security and Medicare taxes. The employers then are required to deposit these federal taxes, along with their share of Social Security and Medicare taxes, with the IRS and file quarterly payroll tax returns (Form 941 series) with the IRS.

Under guidance that will be released next week, eligible employers who pay qualifying sick or child care leave will be able to retain an amount of the payroll taxes equal to the amount of qualifying sick and child care leave that they paid, rather than deposit them with the IRS.

The payroll taxes that are available for retention include withheld federal income taxes, the employee share of Social Security and Medicare taxes, and the employer share of Social Security and Medicare taxes with respect to all employees.

If there are not sufficient payroll taxes to cover the cost of qualified sick and child care leave paid, employers will be able file a request for an accelerated payment from the IRS. The IRS expects to process these requests in two weeks or less. The details of this new, expedited procedure will be announced next week.

Examples

If an eligible employer paid $5,000 in sick leave and is otherwise required to deposit $8,000 in payroll taxes, including taxes withheld from all its employees, the employer could use up to $5,000 of the $8,000 of taxes it was going to deposit for making qualified leave payments. The employer would only be required under the law to deposit the remaining $3,000 on its next regular deposit date.

If an eligible employer paid $10,000 in sick leave and was required to deposit $8,000 in taxes, the employer could use the entire $8,000 of taxes in order to make qualified leave payments and file a request for an accelerated credit for the remaining $2,000.

Equivalent child care leave and sick leave credit amounts are available to self-employed individuals under similar circumstances. These credits will be claimed on their income tax return and will reduce estimated tax payments.

Small Business Exemption

Small businesses with fewer than 50 employees will be eligible for an exemption from the leave requirements relating to school closings or child care unavailability where the requirements would jeopardize the ability of the business to continue. The exemption will be available on the basis of simple and clear criteria that make it available in circumstances involving jeopardy to the viability of an employer’s business as a going concern. Labor will provide emergency guidance and rulemaking to clearly articulate this standard.

Non-Enforcement Period

Labor will be issuing a temporary non-enforcement policy that provides a period of time for employers to come into compliance with the Act. Under this policy, Labor will not bring an enforcement action against any employer for violations of the Act so long as the employer has acted reasonably and in good faith to comply with the Act. Labor will instead focus on compliance assistance during the 30-day period.

For More Information

For more information about these credits and other relief, visit Coronavirus Tax Relief on IRS.gov. Information regarding the process to receive an advance payment of the credit will be posted next week. 

COVID19 STIMULUS CHECK FOR INDIVIDUALS

$1,200 for individuals, $2,400 for couples, $500 per child

Under the draft bill, single Americans would receive $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17.However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples.About 90% of Americanswould be eligible to receive full or partial payments, according to estimates by the Tax Policy Center. Lawmakers set aside $250 billion for the so-called recovery rebates.Qualifying income levels will be based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns. (Mnuchin earlier this month delayed the filing deadline until July 15.)

IRS unveils new People First Initiative; #COVID-19 effort temporarily adjusts, suspends key compliance programs

IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs

WASHINGTON – To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.

“The IRS is taking extraordinary steps to help the people of our country,” said IRS Commissioner Chuck Rettig. “In addition to extending tax deadlines and working on new legislation, the IRS is pursuing unprecedented actions to ease the burden on people facing tax issues. During this difficult time, we want people working together, focused on their well-being, helping each other and others less fortunate.”

“The new IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes,” Rettig added “We are temporarily adjusting our processes to help people and businesses during these uncertain times. We are facing this together, and we want to be part of the solution to improve the lives of all people in our country.”

These new changes include issues ranging from postponing certain payments related to Installment Agreements and Offers in Compromise to collection and limiting certain enforcement actions. The IRS will be temporarily modifying the following activities as soon as possible; the projected start date will be April 1 and the effort will initially run through July 15. During this period, to the maximum extent possible, the IRS will avoid in-person contacts. However, the IRS will continue to take steps where necessary to protect all applicable statutes of limitations.

“IRS employees care about our people and our country, and they have a strong desire to help improve this situation,” Rettig said. “These new actions reflect just one of many ways our employees are working hard every day to assist the nation. We care, a lot. IRS employees are actively engaged, and they have always delivered for their communities and our country. The People First Initiative is designed to help people take care of themselves and is a key part of our ongoing response to the coronavirus effort.”

More specifics about the implementation of these provisions will be shared soon. Highlights of the key actions in the IRS People First Initiative include:

Existing Installment Agreements – For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are currently unable to comply with the terms of an Installment Payment Agreement, including a Direct Deposit Installment Agreement, may suspend payments during this period if they prefer. Furthermore, the IRS will not default any Installment Agreements during this period.  By law, interest will continue to accrue on any unpaid balances.

New Installment Agreements – The IRS reminds people unable to fully pay their federal taxes that they can resolve outstanding liabilities by entering into a monthly payment agreement with the IRS. See IRS.gov for further information.

Offers in Compromise (OIC) – The IRS is taking several steps to assist taxpayers in various stages of the OIC process:

  • Pending OIC applications – The IRS will allow taxpayers until July 15 to provide requested additional information to support a pending OIC. In addition, the IRS will not close any pending OIC request before July 15, 2020, without the taxpayer’s consent.
  • OIC Payments – Taxpayers have the option of suspending all payments on accepted OICs until July 15, 2020, although by law interest will continue to accrue on any unpaid balances.
  • Delinquent Return Filings – The IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018. However, taxpayers should file any delinquent 2018 return (and their 2019 return) on or before July 15, 2020.
  • New OIC Applications – The IRS reminds people facing a liability exceeding their net worth that the OIC process is designed to resolve outstanding tax liabilities by providing a “Fresh Start.” Further information is available at IRS.gov

Non-Filers –The IRS reminds people who have not filed their return for tax years before 2019 that they should file their delinquent returns. More than 1 million households that haven’t filed tax returns during the last three years are actually owed refunds; they still have time to claim these refunds. Many should consider contacting a tax professional to consider various available options since the time to receive such refunds is limited by statute. Once delinquent returns have been filed, taxpayers with a tax liability should consider taking the opportunity to resolve any outstanding liabilities by entering into an Installment Agreement or an Offer in Compromise with the IRS to obtain a “Fresh Start.” See IRS.gov for further information.

Field Collection Activities – Liens and levies (including any seizures of a personal residence) initiated by field revenue officers will be suspended during this period. However, field revenue officers will continue to pursue high-income non-filers and perform other similar activities where warranted.

Automated Liens and Levies – New automatic, systemic liens and levies will be suspended during this period.

Passport Certifications to the State Department – IRS will suspend new certifications to the Department of State for taxpayers who are “seriously delinquent” during this period. These taxpayers are encouraged to submit a request for an Installment Agreement or, if applicable, an OIC during this period. Certification prevents taxpayers from receiving or renewing passports.

Private Debt Collection – New delinquent accounts will not be forwarded by the IRS to private collection agencies to work during this period.

Field, Office and Correspondence Audits – During this period, the IRS will generally not start new field, office and correspondence examinations. We will continue to work refund claims where possible, without in-person contact. However, the IRS may start new examinations where deemed necessary to protect the government’s interest in preserving the applicable statute of limitations.

  • In-Person Meetings – In-person meetings regarding current field, office and correspondence examinations will be suspended. Even though IRS examiners will not hold in-person meetings, they will continue their examinations remotely, where possible. To facilitate the progress of open examinations, taxpayers are encouraged to respond to any requests for information they already have received – or may receive – on all examination activity during this period if they are able to do so.
  • Unique Situations – Particularly for some corporate and business taxpayers, the IRS understands that there may be instances where the taxpayers desire to begin an examination while people and records are available and respective staffs have capacity. In those instances when it’s in the best interest of both parties and appropriate personnel are available, the IRS may initiate activities to move forward with an examination — understanding that COVID-19 developments could later reduce activities for an agreed period.
  • General Requests for Information – In addition to compliance activities and examinations, the IRS encourages taxpayers to respond to any other IRS correspondence requesting additional information during this time if possible. 

Earned Income Tax Credit and Wage Verification Reviews – Taxpayers have until July 15, 2020, to respond to the IRS to verify that they qualify for the Earned Income Tax Credit or to verify their income. These taxpayers are encouraged to exercise their best efforts to obtain and submit all requested information, and if unable to do so, please reach out to the IRS indicating the reason such information is not available. Until July 15, 2020, the IRS will not deny these credits for a failure to provide requested information. 

Independent Office of Appeals – Appeals employees will continue to work their cases. Although Appeals is not currently holding in-person conferences with taxpayers, conferences may be held over the telephone or by videoconference. Taxpayers are encouraged to promptly respond to any outstanding requests for information for all cases in the Independent Office of Appeals.

Statute of Limitations – The IRS will continue to take steps where necessary to protect all applicable statutes of limitations. In instances where statute expirations might be jeopardized during this period, taxpayers are encouraged to cooperate in extending such statutes. Otherwise, the IRS will issue Notices of Deficiency and pursue other similar actions to protect the interests of the government in preserving such statutes. Where a statutory period is not set to expire during 2020, the IRS is unlikely to pursue the foregoing actions until at least July 15, 2020.

Practitioner Priority Service – Practitioners are reminded that, depending on staffing levels and allocations going forward, there may be more significant wait times for the PPS. The IRS will continue to monitor this as situations develop.

“The IRS will continue to review and, where appropriate, modify or expand the People First Initiative as we continue reviewing our programs and receive feedback from others,” Rettig said. “We are committed to helping people get through this period, and our employees will remain focused on these and other helpful efforts in the days and weeks ahead. I ask for your personal support, your understanding – and your patience – as we navigate our way forward together. Stay safe and take care of your families, friends and others.”

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Covid 19 and $1200 checks-Nothing has been set yet

Congress and the Trump administration are racing to provide economic relief to everyday Americans affected by the coronavirus, and one leading proposal would mean cutting you a $1,200 check, and here’s how that would work:

Treasury Secretary Steven Mnuchin on Thursday said that the proposal would involve cutting two checks with the first check sent out three weeks after a relief bill is passed.
Under the GOP bill released Thursday afternoon, American adults would receive $1200 each, and $500 per child.
The payments would begin to phase out for individuals making over $75,000 and phase out completely for those making over $99,000.

Estate Tax

  1.  Estate Tax, Filing Year 2018


Three statistical tables containing estate tax return data for Filing Year 2018 are now available on SOI’s Tax Stats Web page. Due to the relatively long filing period, estate tax returns filed in a single calendar year may be for decedents who died in several different years. Table 1 contains data from estate tax returns filed in 2018, by tax status and size of gross estate. Table 2 includes data from estate tax returns filed in 2018, by State of residence. Table 3 includes data from estate tax returns filed in 2018 by gross charitable bequests and State of residence.

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  2.  Effect of IRC Section 965 Transition Tax on Domestic Corporations, Tax Year 2017


Information on the overall effect of amended IRC section 965 on U.S. corporations is now available on SOI’s Tax Stats Web page. Data on the transition tax, from the inclusion of accumulated foreign earnings and profits from specified foreign corporations in taxable income per amended section 965, were compiled from Forms 1120, 1120-L, and 1120-PC filed by U.S. corporations.

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#Tax Time Guide: #Guard #personal, #financial and tax information #year-round

Tax Time Guide: Guard personal, financial and tax information year-round

WASHINGTON — The Internal Revenue Service today reminded taxpayers to remain vigilant with their personal information by securing computers and mobile phones. Proper cybersecurity protection and scam recognition can reduce the threat of identity theft inside and outside the tax system.

This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax.

The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. People should be alert to scammers posing as the IRS to steal personal information. There are ways to know if it’s really the IRS calling or knocking on someone’s door.

The IRS also works with the Security Summit, a partnership with state tax agencies and the private-sector tax industry, to help protect taxpayer information and defend against identity theft. Taxpayers and tax professionals can take steps to help in this effort.

Below are a few tips to help minimize exposure to fraud and identity theft:

  • Protect personal information.  Treat personal information like cash – don’t hand it out to just anyone. Social Security numbers, credit card numbers, bank and even utility account numbers can be used to help steal a person’s money or open new accounts.
  • Avoid phishing scams.  The easiest way for criminals to steal sensitive data is simply to ask for it. IRS urges people to learn to recognize phishing emails, calls or texts that pose as familiar organizations such as banks, credit card companies or even the IRS. Keep sensitive data safe and:
    • Be aware that an unsolicited email with a request to download an attachment or click on a URL could appear to come from someone that you know like a friend, work colleague or tax professional if their email has been spoofed or compromised.
    • Don’t assume internet advertisements, pop-up ads or emails are from reputable companies. If an ad or offer looks too good to be true, take a moment to check out the company behind it.
    • Never download “security” software from a pop-up ad. A pervasive ploy is a pop-up ad that indicates it has detected a virus on the computer. Don’t fall for it. The download most likely will install some type of malware. Reputable security software companies do not advertise in this manner.
  • Safeguard personal data. Provide a Social Security number, for example, only when necessary. Only offer personal information or conduct financial transactions on sites that have been verified as reputable, encrypted websites.
  • Use strong passwords.  The longer the password, the tougher it is to crack. Use at least 10 characters; 12 is ideal for most home users. Mix letters, numbers and special characters. Try to be unpredictable – don’t use names, birthdates or common words. Don’t use the same password for many accounts and avoid sharing them. Keep passwords in a secure place or use password management software.

Set password and encryption protections for wireless networks. If a home or business Wi-Fi is unsecured, it allows any computer within range to access the wireless network and potentially steal information from connected devices. Whenever it is an option for a password-protected account, users also should opt for a multi-factor authentication process.

  • Use security software.  An anti-virus program should provide protection from viruses, Trojans, spyware and adware. The IRS urges people, especially tax professionals, to use an anti-virus program and always keep it up to date.

Set security software to update automatically so it can be updated as threats emerge. Educate children and those with less online experience about the threats of opening suspicious web pages, emails or documents.

  • Back up files.  No system is completely secure. Copy important files, including federal and state tax returns, onto removable discs or back-up drives and cloud storage. Store discs, drives and any paper copies in secure, locked locations.
  • ID Theft Central. New on IRS.gov. Designed to improve online access to information on identity theft. Serves taxpayers, tax professionals and businesses.

Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at IRS.gov. They can use these resources to get help when it’s needed at home, at work or on the go.

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