Friday, June 3, 2011

IRS News & Events from Stakeholder Liaison - June 3, 2011

Hello Everyone,
I hope all is going well with you! 
I noticed e-News for Tax Professionals was released today, and the IRS News & Events from Stakeholder Liaison for June 3rd has alot of the same information.  Therefore, I have highlighted in green font information that is not in the June 3rd edition of e-News for Tax Professionals.  (If you are not a subscriber of e-News for Tax Professionals and would like to be, click on the "Subscription" page link following the "Events" section of this release and subscribe to this free newsletter).
Please share this information with your organization's members and work colleagues.  Select the links (underlined text) to see the full article.   Thank you!  

IRS Advisory Committee on Tax Exempt and Government Entities To Submit Recommendations at June Meeting
IR-2011-60, June 1, 2011 — The IRS Advisory Committee on Tax Exempt and Government Entities will provide its latest recommendations to the IRS leadership at a June 15 public meeting. 
Prepare for Hurricanes, Disasters by Safeguarding Tax Records
IR-2011-59, June 1, 2011 — The 2011 hurricane season starts today, and the IRS encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.
IRS Accepting Applications for Low Income Taxpayer Clinic Grants
IR-2011-58, June 1, 2011 — The IRS announced the opening of the 2012 Low Income Taxpayer Clinic (LITC) grant application process
FBAR Filing Deadline Extended for Certain Financial Professionals
IR-2011-57, May 31, 2011— The IRS and FinCEN announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the upcoming filing date of June 30, 2011.

IMRS Hot Issues - June 1, 2011

IRS Customer Satisfaction Surveys, Repeal of Expanded Information Reporting Requirements, Return Preparer Testing and Fingerprinting Programs, etc.  


IRS Technical Guidance    

TD 9527: Regulations Governing Practice before the Internal Revenue Service (final Circular 230 regulations).

Notice 2011-45, Restrictions on Use of the Term Registered Tax Return Preparer will be published in Internal Revenue Bulletin 2011-25 on June 20, 2011.  The notice specifies that no individual may represent themselves as a registered tax return preparer until they have met all the conditions including passing the competency exam and tax compliance and suitability checks.   Additionally, any one who becomes a registered tax return preparer will be required to include the following statement in any advertisements: "The IRS does not endorse any particular individual tax return preparer.  For more information on tax return preparers, go to"   
Revenue Procedure 2011-35 provides survey guidelines and estimation procedures to be used for determining basis in stock acquired in transferred basis transactions.  This revenue procedure updates and expands Rev. Proc. 81-70, while at the same time it obsoletes Rev. Proc. 81-70 and Notice 2009-4 with respect to transferred basis transactions completed on or after June 20, 2011.  Revenue Procedure 2011-35 will be published in Internal Revenue Bulletin 2011-25 on June 20, 2011. 
Revenue Procedure 2011-34 provides late election relief in certain situations for real estate professionals who failed to timely file the election to aggregate their rental real estate interests.  Revenue Procedure 2011-34 will be published in Internal Revenue Bulletin 2011-24 on June 13, 2011.  

Other News


Announcement 2011-36 invites public comments on transitional issues and frequently asked questions involving the redesigned Form 990.

IRS Seeks Input on Continuing Education Providers:  IRS issued a Sources Sought Notice to determine the availability of all responsible sources that have the capability, experience, and expert knowledge in the area of implementation of annual Continuing Education (CE) requirements for all return preparers who are not attorneys, enrolled agents, enrolled actuaries, or enrolled retirement plan agents. Responses are due June 6, 2011.   
IRS mailed several thousand Letters 4664 this week to indoor tanning service businesses who have not filed their excise taxes.  Please advise your members if they receive a letter they should:  Respond within the 30 day time frame specified in the letter; keep copies of all correspondence, and may refer to the IRS Indoor Tanning Services Tax Center for additional information.  (There is also a phone number on the letter they can call if they have questions).
Recent Webinars now posted for viewing on the IRS Video Portal :



National/Local Phone Forums and Webinars for Practitioners

IRS Nationwide Tax Forums   Offers three days of the latest tax law information, hands-on workshops, networking opportunities, and exhibits of the newest products and services to improve your business.  Register early and earn up to 18 CPE credits.  For more information  visit the IRS Nationwide Tax Forum website.

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


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