Hope all is going well with you!
Below is the 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.
2016 PTIN Renewal Period Underway for Tax Professionals; More than 136,000 PTINs Have Already Been Renewed
IR-2015-125 — IRS reminds federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2016.
IR-2015-123, Oct. 29, 2015 — The IRS today reminded non-credentialed tax return preparers of major upcoming changes regarding which tax return preparers can represent clients in matters before the IRS beginning in 2016, and to take action by Dec. 31, 2015, to avoid being affected.
You must renew your status as an enrolled agent every three years in order to remain eligible to practice before the IRS. If your Social Security number ends in 0, 1, 2 or 3, you must renew by Jan. 31, 2016.
IR-2015-122, Oct. 29, 2015 — The IRS today reminded taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
IR-2015-121, Oct. 28, 2015 — The Information Reporting Program Advisory Committee today issued its annual report for 2015, including numerous recommendations to the IRS Commissioner on new and continuing issues in tax administration.
Special Edition Tax Tip 2015-19, October 26, 2015
Special Edition Tax Tip 2015-18, October 21, 2015
When it comes to the health care law – also known as the Affordable Care Act or ACA – and how it may affect your taxes, there are many questions you might have. This page offers news on trending topics and answers to questions we are hearing.
- ACA Information Center for Applicable Large Employers on IRS.gov has information and resources for employers on how the health care law may affect them if they fit the definition of an applicable large employer.
- Publication Helps Health Coverage Providers and Employers Understand ACA Information Return Electronic Filing Health Care Tax Tip 2015-71, November 4, 2015
- Understanding Your Form 1095-B, Health Coverage Health Care Tax Tip 2015-70, November 3, 2015
- Report Life Changes to the Marketplace Health Care Tax Tip 2015-69, October 29, 2015
- ACA and Employers – Know if Coverage You Offer Meets Requirements Health Care Tax Tip 2015-68, October 27, 2015
- Review Your Health Coverage Exemption Options Health Care Tax Tip 2015-67, October 22, 2015
The Fall edition of the SSA/IRS Reporter is now online with information on retirement plans, year-end reminders and more
- 1040 MeF Production Shutdown/Cutover Schedule – Shutdown begins on Saturday, November 21, 2015 at 11:59 a.m. in order to prepare the system for the upcoming 2016 Filing Season. Anything not retrieved in MeF by 11:59 a.m., November 21st, cannot be accessed again until MeF reopens for 1040 MeF Production for Filing Season 2016.
- Business MeF Production Shutdown/Cutover Schedule – Shutdown is scheduled to begin on Saturday, December 26, 2015 at 11:59 a.m.
IRS Technical Guidance
RIN 1545–BM10 This document contains proposed regulations that reflect the holdings of Obergefell v. Hodges, 576 U.S. __, 135 S. Ct. 2584 (2015), Windsor v. United States, 570 U.S. __, 133 S. Ct 2675 (2013), and Revenue Ruling 2013– 17 (2013–38 IRB 201), and that define terms in the Internal Revenue Code (Code) describing the marital status of taxpayers. The proposed regulations primarily affect married couples, employers, sponsors and administrators of employee benefit plans, and executors. This document invites comments from the public regarding these proposed regulations. Written or electronic comments and requests for a public hearing must be received by December 7, 2015.
Notice 2015-76 requests comments about issues that should be addressed in guidance relating to the rules to exclude from the air transportation excise tax amounts attributable to mileage awards (sometimes referred to as frequent flyer miles) that are redeemed other than for taxable transportation, such as for the purchase by the consumer for hotel rooms, restaurant gift cards and items from the airline shopping catalog.
Notice 2015-75 provides the Tax Year 2016 dollar limitations for qualified retirement plans.
Amended Notice 2015-73: On October 21, 2015, the Internal Revenue Service released Notice 2015-73, I.R.B. 2015-46, dated November 16, 2015, which identifies certain contracts denominated as options (“basket option contracts”) as listed transactions.
Revenue Procedure 2015-54 sets forth for purposes of section 832 of the Internal Revenue Code the salvage discount factors and payment patterns for each property and casualty line of business for the 2015 accident year. These factors are to be used by property and casualty insurance companies to discount estimated salvage recoverable.
Revenue Procedure 2015-52 sets forth for purposes of section 846 of the Internal Revenue Code the loss payment patterns and discount factors for each property and casualty line of business for the 2015 accident year. These factors are to be used by property and casualty insurance companies in discounting unpaid losses.
- S Corporation Shareholder Stock Basis – November 18, 2015
- IRS Business Taxes for the Self Employed Webinar is Now Available On Demand!
- California Society of Enrolled Agents Federal Representation Workshop – (Virtual), November 23, 2015
Please share these links 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.
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Jennifer Henrie-Brown, ID #1000247447
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
Work cell phone: 510-926-0175