Thursday, May 30, 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 the information with your members and colleagues.  Select the blue links to see the full article.  Thank you!

 

Have a great day!

 


Newsroom                                                                                                       

 

Prepare for Hurricanes, Natural Disasters by Safeguarding Tax Records
IR-2013-56, May 29, 2013 — With the start of this year’s hurricane season, the IRS encourages individuals and businesses to safeguard their records by taking a few simple steps.

 

Interest Rates Remain the Same for the Third Quarter of 2013
IR-2013-55, May 23, 2013 ― The IRS has announced that interest rates will remain the same for the calendar quarter beginning July 1, 2013.

 

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations
IR-2013-54, May 23, 2013 — The IRS reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, that they may have a U.S. tax liability and a filing requirement in 2013. The filing deadline is Monday, June 17, 2013, for U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular due date of their tax return.

 

IRS Gives Tax Relief To Oklahoma Tornado Victims; Return Filing and Tax Payment Deadlines Extended to Sept. 30
IR-2013-53, May 21, 2013 –– After Monday’s devastating tornado in Moore and Oklahoma City, the IRS today provided tax relief to individuals and businesses affected by this and other severe storms occurring in parts of Oklahoma.

 

More Taxpayers e-file from Home in 2013
IR-2013-52, May 20, 2013 — New statistics show continued growth in electronic filing of tax returns.

 

Publication 3112 IRS e-file Application and Participation (Revised 05-2013) is now available for download on http://www.irs.gov/pub/irs-pdf/p3112.pdf.  This publication provides important information for Tax Professionals and Authorized IRS e-file Providers regarding applying and participating in IRS e-file.

 

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

 

Headliner Volume 341, May 17, 2013

IRS’ Online Small Business Tax Workshop Updated

 

REG-106796-12 - These proposed regulations provide guidance on the application of section 162(m)(6). Section 162(m)(6) limits the allowable deduction for remuneration for services provided by individuals to certain health insurance providers. Section 162(m)(6) was enacted as part of the Patient Protection and Affordable Care Act (Public Law 111-148, 124 Stat. 119, 868 (2010)).

 

Rev. Proc. 2013-27 - This revenue procedure provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code, and issuers of mortgage

credit certificates, as defined in § 25(c), in computing the income requirements described in § 143(f).

 

Rev. Proc. 2013-26 - This revenue procedure provides rules by which the Internal Revenue Service will allow a taxpayer to use the proportional method of accounting for original issue discount (“OID”) on pools of credit card receivables under section 1272(a)(6). The proportional method allocates to an accrual period an amount of unaccrued OID that is proportional to the amount of pool principal that is paid by cardholders during the period. This revenue procedure also describes the exclusive procedures by which a taxpayer may obtain the Commissioner’s consent to change to the proportional method. Rev. Proc. 2011-14 is modified.

 

Notice 2013-38 Empowerment Zone Designation Extension - This notice explains how a State or local government amends the nomination of an empowerment zone to provide for a new termination date of December 31, 2013, as provided for by § 1391 of the Internal Revenue Code, as amended by § 753(c) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. L. No. 111-312, 124 Stat. 3296 (December 17, 2010) (TRUIRJCA), and § 327(c) of the American Taxpayer Relief Act of 2012, Pub. L. 112-240, 126 Stat. 2313 (January 2, 2013) (ATRA).

 

Notice 2013-35 - This notice requests public comments on Treas. Reg. § 1.166-2(d)(1) and (3)

(the “Conclusive Presumption Regulations”). In particular, comments are sought on

whether 1) changes that have occurred in bank regulatory standards and processes

since adoption of the Conclusive Presumption Regulations require amendment of those

regulations, and 2) application of the Conclusive Presumption Regulations continues to

be consistent with the principles of section 166. Comments are also sought on the

types of entities that are permitted, or should be permitted, to apply a conclusive

presumption of worthlessness.


Events

 

Webinars
 
Charities & Other Non-Profits
 

 

 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

 

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
 
                                                                                                    
 
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

 

 

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

 


 

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