Thursday, May 16, 2013

FYI: IRS News and Events from Stakeholder Liaison

Hello Everyone,
 
I hope all is going well with you!
 
Below is IRS News and Events from Stakeholder Liaison.  Please share this information with your members and colleagues. 
Select the blue links to see the full article.  Thank you!
Newsroom
 
President Obama Appoints Daniel Werfel as Acting Commission of Internal Revenue Service
                                                                                                    
 
Questions and Answers on 501(c) Organizations
May 15, 2013 — The IRS has received a variety of questions related to the exempt organization issues recently raised. The Q&As answer some basics on the issue.

 

IRS To Be Closed May 24, Four Other Days Due to Budget and Sequester; Filing and Payment Deadlines Unchanged
IR-2013-51, May 15, 2013 — The IRS announced that due to the current budget situation, including the sequester, all IRS operations will be closed on May 24, June 14, July 5, July 22 and Aug. 30, 2013.

 

IRS Criminal Investigation Issues Fiscal 2012 Report
IR-2013-50, May 10, 2013 — IRS Criminal Investigation released its annual report for fiscal 2012, highlighting strong gains in enforcement actions and penalties imposed on convicted tax criminals.

 

Many Tax-Exempt Organizations Must File with IRS By May 15 to Preserve Tax-Exempt Status
IR-2013-49, May 10, 2013 — A key deadline of May 15 is facing many tax-exempt organizations that are required by law to file annual reports with the IRS. Organizations will see their federal tax exemptions automatically revoked if they have not filed reports for three consecutive years.

 

IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion
IR-2013-48, May 9, 2013 — The U.S., Australia and United Kingdom tax administrations plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.

 

IMRS Hot Issues

IRS announces penalty relief available to certain filers, IRS expands identity theft efforts, IRS updates Allowable Living Expense Standards; revises collection forms, Enrolled agent updates and more . . .

 

IRS Technical Guidance

 

IRM Procedural Update SBSE-05-0313-0460, Changes to Streamlined IA Over $25,000 Criteria, updated guidance on installment agreements to incorporate criteria for processing agreements greater than $25,000, the Small Business/Self Employed Division said in a memorandum issued May 10.

 

Memorandum SBSE-04-0413-037, the purpose of this memorandum is to disseminate the new Letter 5154, Employment Tax Reply to Request for Reconsideration of Assessment. It replaces Letter 693, Reply to Request for Reconsideration of Assessment, currently used in all Claim for Abatement cases.

 

Memorandum SBSE-05-0413-035, dated April 30, 2013, titled, Principal Residence Suit Foreclosure Recommendations is to provide interim guidance on policies and procedures for suits to foreclose the tax lien on the taxpayer’s principal residence. These procedures will be incorporated into Internal Revenue Manual (IRM) 5.17.4.8, IRM 5.17.12.20.2, and IRM 25.3.2.4.5.

 

IRS Makes Changes to Schedule M-3 Filing Requirement for 2014

The IRS will be making changes to the Schedule M-3 filing requirement for taxpayers with assets between $10M-$50M for Forms 1120, 1120-C, 1120-F, 1120S, 1065 and 1065-B. These taxpayers will be permitted to file Schedule M-1 in place of the Schedule M-3 Parts II and III.  These changes will be effective for tax years ending on December 31, 2014, and later. No changes are currently planned to the Schedule M-3 requirements for Forms 1120-L, or 1120-PC, nor for Form 1120 taxpayers filing as a mixed group.

 

Notice 2013-34 Credit for Carbon Dioxide Sequestration - 2013 Section 45Q Inflation Adjustment Factor.  This notice publishes the inflation adjustment factor for the credit for carbon dioxide (CO2) sequestration under § 45Q of the Internal Revenue Code (§ 45Q credit) for calendar year 2013. The inflation adjustment factor is used to determine the amount of the credit allowable under § 45Q. This notice also publishes the aggregate amount of qualified CO2 taken into account for purposes of § 45Q.

 

T.D. 9616  Final regulations under section 6045 provide guidance to brokers who must report basis for the sale of a debt instrument or an option. The final regulations under sections 6045A and 6045B provide guidance to brokers for transfers of debt instruments and options and to certain issuers of securities for corporate actions that affect the basis of a debt instrument or an option. The final regulations under section 1275 provide guidance to an issuer when a debt instrument that is not registered with the SEC on the date of issue is registered with the SEC at some later date. Temporary and proposed regulations under section 6049 provide guidance to a broker who must report interest or OID income on a debt instrument that has either bond premium or acquisition premium.

 

REG-154563-12 Final regulations under section 6045 provide guidance to brokers who must report basis for the sale of a debt instrument or an option. The final regulations under sections 6045A and 6045B provide guidance to brokers for transfers of debt instruments and options and to certain issuers of securities for corporate actions that affect the basis of a debt instrument or an option. The final regulations under section 1275 provide guidance to an issuer when a debt instrument that is not registered with the SEC on the date of issue is registered with the SEC at some later date. Temporary and proposed regulations under section 6049 provide guidance to a broker who must report interest or OID income on a debt instrument that has either bond premium or acquisition premium.

 

REG-160873-04 Proposed regulations relate to the penalty under section 6708 of the Code for failing to make available lists of advisees with respect to reportable transactions. A public hearing is scheduled for July 2, 2013.

 

Notice 2013-29 Under the American Taxpayer Relief Act of 2012, Pub. L. No. 112-240, 126 Stat. 2313, a qualified facility (as described in section 45(d) of the Code) will be eligible to receive the renewable electricity production tax credit (PTC) under section 45, or the energy investment tax credit (ITC) under section 48 in lieu of the PTC, if construction of such facility begins before January 1, 2014. This notice provides guidelines and a safe harbor to determine when construction has begun on such a facility.

Events

 

Webinars for Tax Practitioners

·        Currently, there are no webinars scheduled.

 

Retirement Plans – Phone Forums & Webinars

·        403(b) Corrections and Examination Trends - May 23, 2013

 

IRS Nationwide Tax Forums 2013 Locations and Dates

For dates and more, go to the National Tax Forum website.

 

California Workshops for Small Business Owners

Please share the above link with your small business clients.  The workshops provide detailed instructional lessons that cover their tax filing, paying and operating requirements and responsibilities.

I hope you find this information useful.  If you would like additional information, you can subscribe to an IRS e-Subscription by going the Subscription page on IRS.gov. 

 

If you would like to discontinue receiving my local Stakeholder Liaison e-mails, please e-mail Jennifer.Henrie-Brown@irs.gov and request removal of your name.

 

Have a great day!

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434

 

 
Posted by at No comments:

Thursday, May 9, 2013

FYI: 27th Annual CSTC Summer Tax Symposium held in Las Vegas, June 2 to 5, 2013

Hello Everyone,
 
FYI:  The 27th Annual California Society of Tax Consultants Summer Tax Symposium is being held in Las Vegas on June 2 to 5, 2013.  Up to 25 hours total CE for EAs, CPAs and CRTPS.  CRTPS can get 3 hours of CA CE. 
 
Below is the information posted on IRS.gov for this event: 

LAS VEGAS

Title: 27th Annual California Society of Tax Consultants Summer Tax Symposium
Date: June 2 – 5, 2013
Time: All Day
Location: Gold Coast Hotel/Casino, 4000 W. Flamingo Road, Las Vegas, NV 89103
Contact Name: Office CSTC; Phone: (714) 750-CSTC (2782); Email: cstcsociety@sbcglobal.net
Event Information: The California Society of Tax Consultants Summer Symposium will be held at the Gold Coast Hotel/Casino in Las Vegas, Nevada from June 3 through June 5, 2013 with registration and vendor exhibition beginning June 2. The Symposium offers both federal and California hours of CPE for Enrolled Agents, CPAs, California Registered Tax Preparers and Registered Tax Return Preparers. This event also offers preparers the opportunity to meet with major vendors of tax return preparation software and other related products and services. Please check the California Society of Tax Consultants website for more information regarding this event.
Sponsored By: California Society of Tax Consultants  

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434

 


 
Posted by at No comments:

Wednesday, May 8, 2013

IRS News & Events from Stakeholder Liaison

Hello Everyone,

 

I hope all is going well with you.

 

Below is IRS News and Events from Stakeholder Liaison.  

 

I have also attached a flyer for the, West Coast Tax Representation Conference - Representation & Your Tax Practice two-day seminar for Enrolled Agents, CPAs, Attorneys and CTECs which will be held on June 26th, 27th in Foster City, California. 

Karen Hawkins, Director of IRS' Office of Professional Responsibility (OPR), and Peter Panuthos, Washington DC Tax Court Judge, will be among the speakers for this event.  There is an intermediate and an advanced track where each track qualifies for 16 hours of CPE.  See above attached flyer for additional information. 

Please share the information with your members and colleagues.  Select the blue links to see the full article.

 

Newsroom  

 

Grant, Kay Named to IRS Leadership Posts
IR-2013-47, May 8, 2013 — The IRS announced the selection of Joseph H. Grant as commissioner of the Tax Exempt and Government Entities Division and Sheldon Kay as Chief of Appeals.     

 

IRS Seeking Applications for Volunteer Tax Assistance Program Grants
IR-2013-46, May 6, 2013 — The IRS is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years.

                                                                                                                                 

 IRS Seeks Applications for the Internal Revenue Service Advisory Council
IR-2013-45, May 1, 2013 — The IRS announced it is accepting applications for the Internal Revenue Service Advisory Council through June 14, 2013.

 

IRS Releases Final Report on Tax-Exempt Colleges and Universities Compliance Project
IR-2013-44, April 25, 2013 — The IRS today released its final report summarizing audit results from the IRS’ colleges and universities study, which began in 2008. This final report describes the agency’s multi-year project on a major segment of tax-exempt organizations.

 

Information Reporting Program Advisory Committee (IRPAC) Open Season

The Internal Revenue Service (IRS) is requesting nominations for membership in the Information Reporting Program Advisory Committee (IRPAC) for a three-year term beginning in January 2014.  Written nominations must be received on or before May 31, 2013.

(2012 Information Reporting Program Advisory Committee (IRPAC) Public Reports)

 

IRS Tax Tip 2013-57 IRS Fresh Start Program Helps Taxpayers Who Owe the IRS

The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start.

See Tax Tips for other tips you can share with your clients!

 

IRS Furlough days, from IRS Media Relations

For your planning purposes, the first furlough days will be May 24, June 14, July 5, July 22 and August 30, with another two days possible in August or September. All public-facing operations will be closed on these dates, including our toll-free operations and Taxpayer Assistance Centers.

 

IMRS Hot Issues

IRS announces penalty relief available to certain filers, IRS expands identity theft efforts, IRS updates Allowable Living Expense Standards; revises collection forms, Enrolled agent updates and more . . .

IRS Technical Guidance

 

REG-120391-10 REG-120391-10

Proposed regulations would amend the rules regarding coverage for certain preventive services without cost sharing under the Patient Protection and Affordable Care Act.  (IRB-2013-18, April 29, 2013)

Rev. Proc. 2013-26 rules by which the Internal Revenue Service will allow a taxpayer to use a simplified proportional method of accounting for original issue discount (“OID”) on pools of credit card receivables under § 1272(a)(6).  The proportional method is intended to reduce administrative burdens and controversy for taxpayers and the Service.  Revenue Procedure 2013-26 will appear in IRB 2013-22 dated May 28, 2013. 

Rev. Proc. 2013-25 - This revenue procedure provides the 2014 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under § 223 of the Internal Revenue Code.

 

Rev. Proc. 2013-24 - This revenue procedure provides definitions of units of property and major components taxpayers may use to determine whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under § 263(a) of the Internal Revenue Code.

 

Notice 2013-31 - Determination of housing cost amount eligible for exclusion or deduction for 2013. - This notice provides adjustments to the limitation on housing expenses for purposes of section 911 of the Internal Revenue Code (Code) for specific locations for 2013. These adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States.

 

Notice 2013-30 - Filing and Payment Extension For Those Affected By The Boston Marathon Explosions - This notice provides a 3-month extension of time to file and pay tax under sections 6081 and 6161 of the Internal Revenue Code (Code) for those individuals affected by the Boston Marathon explosions.

 

Notice 2013-27 - Maximum Vehicle Values for 2013 for Use of Vehicle Cents-Per-Mile and Fleet-Average Valuation Rules - This notice provides the maximum vehicle values for 2013 that taxpayers need to determine the value of personal use of employer-provided vehicles under the special valuation rules provided under section 1.61-21(d) and (e) of the Income Tax Regulations.  (IRB-2013-18, April 29, 2013)

 

Announcement 2013-30 - Section 1446 Tax for Fiscal Year Partnerships in 2013

Partnerships that have effectively connected taxable income (ECTI) allocable to

a foreign partner must file a 2012 Form 8804, Annual Return for Partnership

Withholding Tax (Section 1446), for any taxable year that begins in 2012.

 

Memorandom SBSE-05-0413-0742 - collection due process cases procedures updates, provides changes to Internal Revenue Manual Section 5.19.8.4 related to collection due process (CDP) cases, including timing of transferred cases.

 

New features debut on EO’s webpages

With more than 1 million visitors a month, EO’s website is a main source of information about tax administration for many in the tax-exempt sector. Continual updates and improvements help make the visit more efficient and rewarding for those readers.

 

Publication 1854 , How To Prepare A Collection Information Statement (Form 433-A), has been updated.

Revised Publication 4235, Collection Advisory Group Addresses (rev 0313) posted to IRS.gov

 

IRS Draft Tax Forms, including Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, for 2014.

Events

 

31st Annual California  Society of Enrolled Agents Super Seminars will be held in Las Vegas on May 14 to 16, and Reno on May 30 to June 1st, 2013.  Up to 24 hours total Continuing Education for Enrolled Agents, CPAs and CTECs, etc. 

 

West Coast Tax Representation Conference - Representation & Your Tax Practice two-day seminar for Enrolled Agents, CPAs, Attorneys and CTECs will be held on June 26th, 27th in Foster City, California.  Karen Hawkins, Director of IRS' Office of Professional Responsibility (OPR) and Peter Panuthos, Washington DC Tax Court Judge, will be among the speakers for this event.  There is an intermediate and advanced track where each track qualifies for 16 hours of CPE.  See above attached flyer for additional information.

 

IRS Nationwide Tax Forums 2013 Locations and Dates

For dates and more, go to the National Tax Forum website.

 

Phone Forums

 

Retirement Plans – Phone Forums & Webinars

·        What You Need to Know About the IRS Final 401(k) Questionnaire Report and Next Steps - May 13, 2013

·        403(b) Corrections and Examination Trends - May 23, 2013

 

California Workshops for Small Business Owners

Please share this link with your small business clients.  The workshops provide detailed instructional lessons that cover their tax filing, paying and operating requirements and responsibilities.

 

 

I hope you find this information useful.  If you would like additional information, you can subscribe to an IRS e-Subscription by going to the Subscription page on IRS.gov.

 

If you would like to discontinue receiving our local Stakeholder Liaison e-mails, please e-mail Jennifer.Henrie-Brown@irs.gov and request removal of your name.

 

Have a great day!

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434
Posted by at No comments:

Friday, April 5, 2013

FYI: IRS News & Events from IRS Stakeholder Liaison

Hello Everyone,
 
I hope all is going well with you and you are having a successful filing season!
 
Attached is IRS' Stakeholder Liaison News & Events.
 

Please share this information with your members and colleagues.  Select the blue links to see the full article.  Thank you!

 

Newsroom

 

IRS Seeks Applications for Information Reporting Advisory Council
IR-2013-37, April 2, 2013 — The IRS is requesting nominations for membership to the Information Reporting Program Advisory Committee (IRPAC), a federal advisory panel that advises the IRS on various tax administration issues. 

IRS Smartphone App IRS2Go Now Available in Spanish
IR-2013-36, April 2, 2013 — The IRS has released IRS2Go 3.0, an update to its free smartphone application that offers practical tax tools and information for the first time in either Spanish or English.

IRS Expands Law Enforcement Assistance Program on Identity Theft to 50 States; Victim Assistance and Criminal Investigations Grow
IR-2013-34, March 28, 2013 — The IRS announced a nationwide expansion of a program that helps law enforcement get tax return data vital to their local efforts in investigating and prosecuting cases of identity theft.

 

IRS Releases the Dirty Dozen Tax Scams for 2013
IR-2013-33, March 26, 2013 — The IRS has issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

 

IRS Releases FY 2012 Data Book
IR-2013-32, March 25, 2013 — The IRS today released the 2012 IRS Data Book, a snapshot of agency activities for the fiscal year.

 

Relief Available To Many Extension Requesters Claiming Tax Benefits
IR-2013-31, March 20, 2013 —The IRS is providing late-payment penalty relief to eligible individuals and businesses requesting a tax-filing extension because they are attaching to their returns forms that couldn’t be filed until after January.

 

IRS Seeks Comments on Bilateral Safe Harbors for Certain Transfer Pricing Issues
IR-2013-30, March 15, 2013 — The IRS is seeking public comments on the development of a model memorandum of understanding between Competent Authorities on certain transfer pricing issues.

 

 

IRS Technical Guidance

 

First Time Homebuyer Credit Account Look-up

Use our First Time Homebuyer Credit Account Look-up to get account information such as the total amount of your credit or your repayment amount. 

Notice 2013-26 allows additional time for filing claims for certain excise tax payments because ATRA extended various fuel tax credits that expired on Dec. 31. The due date for filing certain claims for payments related to biodiesel mixtures and alternative fuel had already passed by the date that ATRA was enacted. 

Notice 2013-22 invites the public to submit recommendations for items that should be included on the 2013-2014 Guidance Priority List.

 

Notice 2013-24 provides transitional relief for additions to tax under section 6651(a)(2) of the Internal Revenue Code due to the delayed publication of some IRS forms relating to the 2012 tax year.

 

New Phone Number to Check the Status of VCP Submissions

The new telephone number to check the status of your Voluntary Correction Program submission is: (626) 927-2011 (not a toll-free number)

 

Recent Developments for Tax Forms, Instructions, and Publications

·        Draft Form 8957, FATCA Registration Released:  The draft form is released for public review and comment and should not be printed and submitted by a financial institution in an attempt to register for FATCA.

FATCA registration can be accomplished most efficiently and effectively through an electronic online process that will avoid the need to print, complete, and mail paper forms.  The online registration portal will be available in July 2013.

•        Empowerment Zone Designations -- 22-MAR-2013

•        Update to the 2012 Instructions for Schedule K-1 (Form 1065) -- 22-MAR-2013

•        Updated Social Security Administration Telephone Number for Questions About Back Pay Under a Statute -- 21-MAR-2013

•        Correction to Instructions for Form 720 (Rev. January 2013) -- 20-MAR-2013

•        Corrections to Publication 1141, General Rules and Specifications for Substitute Forms W-2 and W-3 (Revised February 2013) -- 14-MAR-2013

 

Events

 

Retirement Plans – Phone Forums & Webinars

·        Currently, there are no webinars scheduled.

 

IRS Nationwide Tax Forums 2013 Locations and Dates

For dates and more, go to the National Tax Forum website.

 

California Workshops for Small Business Owners

Please share this link with your small business clients.  The workshops provide detailed instructional lessons that cover their tax filing, paying and operating requirements and responsibilities.

 

I hope you find this information useful.  If you would like additional information, you can subscribe to an IRS e-Subscription by going to the Subscription page on IRS.gov.

 

If you would like to discontinue receiving our local Stakeholder Liaison e-mails, please e-mail  Jennifer.Henrie-Brown@irs.gov and request removal of your name.

 

Have a great day, and a wonderful weekend!

 

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434

 

Posted by at No comments:

Thursday, March 14, 2013

FYI: IRS Stakeholder Liaison's News & Events (March 14, 2013)

Hello Everyone,
 
Hope all is going well with you!
 

Please share the below information with your members and colleagues.  Select the blue links to see the full article.  Thank you!

 

 

Newsroom                                                                                                                                       

 

IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return
IR-2013-29, March 14, 2013 — Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009.

 

IRS Statement on Form 8863, Education Credits
Update on problems with a limited number of software company products that affected some taxpayers filing Form 8863, Education Credits, between Feb. 14 and Feb. 22.

 

Enrolled Agent Disbarred for Stealing a Client’s Tax Payments and Preparing Returns with False Deductions
IR-2013-27, March 8, 2013— The IRS today announced that its Office of Professional Responsibility obtained the disbarment of enrolled agent Lorna M. Walker for stealing a client's tax payments and for preparing tax returns with false deductions for multiple clients.

 

IRS Now Accepting All 2012 Returns
IR-2013-25, March 4, 2013 — The IRS announced today that it has finished updating its tax-processing systems, allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns.

 

IRS Expands Voluntary Worker Classification Settlement Program; Relief From Past Payroll Taxes Available to More Employers Who Reclassify Their Workers As Employees
IR-2013-23, Feb. 27, 2013 — The IRS has expanded its Voluntary Classification Settlement Program, paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods.

 

Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead
IR-2013-22, Feb. 22, 2013 — The IRS reminds parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits.

 

IRS Reminds Taxpayers to Report 2010 Roth Conversions on 2012 Returns
IR-2013-21, Feb. 19, 2013 — The IRS reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that, in most cases, they must report half of the resulting taxable income on their 2012 returns.

 

IMRS Hot Issues

Estimated tax penalty relief for farmers and fishermen; New offer in compromise pre-qualifier tool available; Report suspected tax fraud activity; Updated guidance regarding consents to disclose use of tax return and more . . .

 

IRS Technical Guidance

 

Special Procedures for Form 8839, Qualified Adoption Expenses

The IRS reminds tax practitioners that Form 8839, Qualified Adoption Expenses, cannot be electronically filed this year but must be mailed to the IRS. Additionally, there is no longer a requirement to attach supporting documentation to this year’s return. However, documentation must be kept as part of a taxpayer’s records.  See Tax Topic 607 for additional information on the Adoption Credit and adoption assistance programs.

 

Budget Sequestration Reduces Some Credits and Awards

Federal budget sequestration has resulted in required cuts to certain credits and awards, effective March 1. These required cuts include a reduction to the refundable portion of the Small Business Health Care Tax Credit for certain small tax-exempt employers, a reduction in award payments to whistleblowers, and a reduction to refundable credits applicable to certain qualified bonds.

 

Proposed regulations on truncated TINS

Proposed REG-148873-09 continues the pilot program for truncated taxpayer identification number, or TTINs.  Filers of certain information returns – now expanded to include those delivered electronically – may use a TTIN as an alternative to using an SSN, ITIN, or ATIN on payee statement.

 

IRS Extends the Comment Period on Acceptable e-signature Standards

Due to Industry requests for additional time, the IRS has extended the deadline until May 1, 2013 to receive recommendations and comments on Internal Revenue Bulletin 2013-4, Announcement No. 2013-8.   E-signature standards will promote efficiency, reduce burden and improve identity proofing methods to confirm the identity of the signer. Announcement 2013-8 provides details on the request and proposed standards. Submit recommendations and comments electronically to mailto:e-signature@irs.gov by May 1, 2013.

 

Notice 2013-20 - Allocation of Controlled Group Research Credit - This notice provides interim guidance relating to the allocation of the credit for increasing research activities (research credit) to corporations and trades or businesses under common control (controlled groups) for purposes of § 41(f)(1)(A)(ii) and § 41(f)(1)(B)(ii) of the Internal Revenue Code, as amended by section 301(c) of the American Taxpayer Relief Act of 2012, P.L. 112-240, H.R. 8 (the Act), for taxable years beginning after December 31, 2011.

 

Notice 2013-14 - This notice provides guidance on § 309 of the American Taxpayer Relief Act of 2012 (the Act), Pub. L. No. 112-240, enacted on January 3, 2013, and transition relief for employers claiming the Work Opportunity Tax Credit (the WOTC) under §§ 51 and 3111(e) of the Internal Revenue Code (the Code), as extended by the Act. Section 309 of the Act amended § 51 to extend the WOTC through December 31, 2013, for taxable employers and for qualified tax-exempt organizations. Specifically, this notice provides employers that hire members of targeted groups additional time beyond the 28-day deadline in § 51(d)(13) of the Code for submitting Form 8850, Pre-screening Notice and Certification Request for the Work Opportunity Credit, to Designated Local Agencies (DLA).

 

Rev. Rul. 2013-6 - Section 6621.--Determination of Rate of Interest

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning April 1, 2013. The rates will be:

•        three (3) percent for overpayments (two (2) percent in the case of a corporation);

•        three (3) percent for underpayments;

•        five (5) percent for large corporate underpayments; and

•        one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

 

Rev. Proc. 2013-21 - This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger

automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code.

 

Increase to Automated Collection System Authority 

Guidance memorandum SBSE-05-0113-0069 from the Small Business/Self-Employed Division, dated Jan. 31, includes detailed instructions for the handling and forwarding of cases to revenue officers or to the ACS.  The guidance updates instructions for obtaining installment agreement managerial approval, and for processing withdrawals of installment agreement requests.  The guidance also added a new exhibit for processing withdrawals of installment agreement requests.

Events

 

Retirement Plans – Phone Forums & Webinars

·        International Issues involving Retirement Plans in U.S. Territories  - March 21, 2013

 

IRS Nationwide Tax Forums 2013 Locations and Dates

For dates and more, go to the National Tax Forum website.

 

California Workshops for Small Business Owners

Please share this link with your small business clients.  The workshops provide detailed instructional lessons that cover their tax filing, paying and operating requirements and responsibilities.

I hope you find this information useful.  If you would like additional information, you can subscribe to an IRS e-Subscription by going to the Subscription page on IRS.gov.

 

If you would like to discontinue receiving my local Stakeholder Liaison e-mails, please e-mail  Jennifer.Henrie-Brown@irs.gov and request removal of your name.

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434
Posted by at No comments:
Subscribe to: Posts (Atom)