Issue Number:  2017-4

Inside This Issue

1.     EITC Awareness Day: Workers May Qualify for Significant Tax Benefit

2.     Some Tax Professionals to Receive EITC Letters

3.     Form W-2 Scam Targets Payroll, Human Resource Departments

4.     Has Your PTIN Expired?

5.     YouTube: Claiming EITC or ACTC? Refunds May Be Delayed 

6.     Jan. 30 FTC Webinar: Tax Professionals on the Ramparts

7.     IRS Launches Qualified Intermediary, Foreign Withholding Application and Account Management System

 

1.  EITC Awareness Day: Workers May Qualify for Significant Tax Benefit

The Internal Revenue Service joined partners across the country today, EITC Awareness Day, to promote the Earned Income Tax Credit. This campaign, an annual event for the last 11 years, is a nationwide effort to alert millions of low- and moderate-income workers who may otherwise miss out on this significant tax credit.

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2.  Some Tax Professionals to Receive EITC Letters

The IRS is sending Letter 5025-H to tax preparers who completed returns claiming the Earned Income Tax Credit for taxpayers reporting income they received as household employees but without a Form W-2 to substantiate the income. These preparers may not have met their EITC due diligence requirements. Learn more about this letter and other due diligence information by visiting the EITC Central page on IRS.gov.

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3.  Form W-2 Scam Targets Payroll, Human Resource Departments

The Internal Revenue Service, state tax agencies and the tax industry this week renewed their warning about an email scam in which the scammer poses as a corporate officer to request employee Forms W-2 from company payroll or human resource departments.

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4.  Has Your PTIN Expired?

With the start of filing season, the IRS this week sent PTIN (preparer tax identification number) expiration notices to approximately 160,000 PTIN holders. Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid 2017 PTIN. If you need to renew your PTIN, visit IRS.gov for more information.

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5.  YouTube: Claiming EITC or ACTC? Refunds May Be Delayed 

If your clients file early and claim the Earned Income Tax Credit or the Additional Child Tax Credit, find out when they can expect their refunds in this new YouTube video.

Read more about refund timing for early EITC/ACTC filers on IRS.gov.

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6.  Jan. 30 FTC Webinar: Tax Professionals on the Ramparts

The Federal Trade Commission, Internal Revenue Service and the National Association of Tax Professionals are offering a free webinar Jan. 30 with practical guidance about identity theft issues important to tax professionals. Topics include scams targeting tax professionals, cybersecurity, protecting client data and how tax professionals can help identity theft victims.

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7.  IRS Launches Qualified Intermediary, Foreign Withholding Application and Account Management System

The Internal Revenue Service has launched a new application and account management system for certain withholding entities that enter into agreements with the U.S.

The Qualified Intermediary (QI), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) Application and Account Management System automates the Financial Intermediary Program. The system is a secure web-based platform for users to apply to become a QI, WP, or WT, renew or terminate an existing agreement, and manage their information online.

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