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Newsroom January 7, 2011
National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Tax Reform, Collection Issues, and Implementation of Health Care Reform
IR-2011-2, Jan. 5, 2011 — National Taxpayer Advocate Nina E. Olson released her annual report to Congress.
IRS Kicks Off 2011 Tax Season with Deadline Extended to April 18; Taxpayers Impacted by Recent Tax Breaks Can File Starting in Mid- to Late February
IR-2011-1, Jan. 4, 2011 — The IRS opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their returns and reminded taxpayers to e-file as the best way to ensure accurate tax returns and get faster refunds.
IRS Offers New Guidance on FSA and HRA Debit Cards
IR-2010-128, Dec. 23, 2010 — FSA and HRA participants can continue using debit cards to buy prescribed over-the-counter medicines, if requirements are met.
IRS Technical Guidance
Notice 2011-06 provides guidance regarding the implementation of new Treasury regulations governing tax return preparers regarding the requirement to obtain a preparer tax identification number (PTIN), identifies the forms that qualify as tax returns or claims for refund for purposes of those regulations, and provides interim rules applicable to certain PTIN holders during the implementation phase of the new regulations governing tax return preparers.
Revenue Procedure 2011-13 updates Rev. Proc. 2010-15 and identifies circumstances under which the disclosure on a taxpayer's income tax return with respect to an item or a position is adequate for the purpose of reducing the understatement of income tax under section 6662(d) of the Internal Revenue Code and for the purpose of avoiding the tax return preparer penalty under section 6694(a) with respect to income tax returns.
Notice 2011-5 provides guidance on use of health FSA and HRA debit cards to purchase over-the-counter medicines or drugs that are prescribed. This document modifies Notice 2010-59, 2010-39 IRB 396 which did not allow the use of health FSA and HRA debit cards to purchase over-the-counter medicines or drugs after December 31, 2010. The current notice would allow the use of debit cards to purchase prescribed over the counter drugs when certain requirements are met. This notice will be in IRB 2011-3, dated Jan. 18, 2011.
The SBJA contains some tax provisions that take effect this year. Other tax provisions will be implemented during the next several years. Several of the provisions are designed to encourage investment and provide access to capital for businesses.
- Collection Bankruptcy Overview Webinar (01/25/2011)
- January 26, 2011 - Getting Ready for Filing Season 2011 - Individuals and Businesses
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James R. Kinsey
James R. Kinsey