36 THE QUEENS COURIER • QUEENS BUSINESS • AUGUST 8, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
TAX TIPS
CHANGES ARE
COMING TO IRS
BY JOHN SAVIGNANO, CPA
The Taxpayer First Act easily passed Congress on a
bipartisan basis and was signed by the president. It
includes a veritable smorgasbord of ideas on improved
customer service, enforcement easing’s, identity
protection, cybersecurity, modernization, expanded use
of electronic systems and much more. Some of the
provisions are as follows:
An independent office of appeals within IRS to resolve
controversies for most taxpayers.
An IRS re-design. The Service is mandated to develop its
own reorganization plan that meets certain parameters
and submit it to Congress by September 2020. IRS is
mulling a new division dedicated to tax practitioners.
On taxpayer service, IRS is tasked with crafting a
customer service strategy. Low incomers seeking offers in
compromise to settle tax debts won’t have to pay a fee. IRS
must give advance notice before closing an in-person
taxpayer assistance center.
Among the enforcement and collection changes: The
agency is prohibited from turning over tax debts of
low-income individuals to private tax-debt collectors.
Taxpayers will get timely notice when the Revenue
Service contacts a third party, such as a bank or employer.
Controversial asset seizures will be reined in.
Two changes affect nonprofits: Non-filers get relief on
exemption revocations. Exempt groups that fail to file
their annual Form 990 returns for two consecutive years
will get a letter from IRS notifying them that the agency
hasn’t received the filings and that not filing for a third
straight year will cause their exemption to be revoked. All
exempt groups have to electronically file their annual
Form 990s, except that smaller organizations get an
additional two years to comply.
Ideas to help victims or potential victims of tax identity
theft are included. All individuals can request a special
password to use before filing returns. Individuals will be
alerted to suspected identity theft. IRS will notify them
when it detects an unauthorized use of their or any
dependents identity. Identity theft victims will be
assigned an IRS employee to track their case.
The fine for filing late returns is going up. Currently, the
minimum penalty for returns filed 60 or more days after
the filing due date is the lesser of $215 or 100% of the
amount required to be shown as tax on the return. Under
the new law, the $215 figure is increased to $330 for
returns required to be filed after 2019.
John Savignano is a partner with Savignano Accountants
& Advisors located at 47-46 Vernon Blvd., Second Floor, in
Long Island City. If you have any questions or require
additional information, please call John at 718-707-0955.
Call Now & End Your Tax Nightmare!
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Co-Author of the
best selling book
“Breaking the Tax Code”
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Salvatore P. Candela, EA, ATA, ABA
Enrolled Agent - Tax Advisor
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