Hope you had a fabulous 4th of July!
Below is the latest IRS News & Events from Stakeholder Liaison issue. Also, Stakeholder Liaison Northwest Area is holding a, Navigating the Post Filing Season webinar on July 7th, 11:00 am (Pt). See above attached promotional flyer for additional information about webinar.
IRS News & Events from Stakeholder Liaison - Please share with your members and colleagues. Select the blue links to see the full article.
What to Watch: IRS videos:
Featured video: Security Summit: Be Cautious When Using Wi-Fi
The IRS, states and industry are working to protect you from identity theft. Taxes. Security. Together: Protect yourself from identity theft with these simple tips. Visit the IRS identity protection page for more information.
IR-2016-88, June 16, 2016 — The Internal Revenue Service today released guidelines on how wrongfully-incarcerated taxpayers can take advantage of the new retroactive exclusion from income for any civil damages, restitution or other monetary award received in connection with their incarceration.
IR-2016-87, June 16, 2016 —The IRS announced that the publicly available data on electronically filed Forms 990 will now be available for the first time in a machine-readable format through Amazon Web Services (AWS).
June 16, 2016 — The IRS has established a special procedure for people whose assets were involved in structuring to request a return of their forfeited property or funds.
IR-2016-91, June 21, 2016 — The IRS today announced that all empowerment zone designations remain in effect through the end of 2016.
FS-2016-22, June 2016 — As a U.S. citizen or a resident alien of the United States, you are taxed on your worldwide income.
IR-2016-92, June 22, 2016 — ETAAC held its annual public meeting today and released its annual report to Congress, which features recommendations on a wide range of electronic tax administration issues.
IR-2016-95, June 30, 2016 — The IRS today encouraged taxpayers interested in receiving helpful consumer tips this summer to get a jump-start on this year’s taxes by subscribing to the IRS Tax Tips email service.
- IRS Says be Alert for Tax Scams
- Tax Tips for Students Working this Summer
- Keep in Mind the Child and Dependent Care Credit this Summer
IR-2016-94, June 28, 2016 — Leaders from the IRS and state tax agencies along with executives from the private-sector tax industry marked the first year of their ground-breaking Security Summit partnership to combat identity theft tax fraud by recapping 2016 accomplishments and turning toward 2017 efforts.
FS-2016-21, June 2016 — The IRS, state tax agencies and private-sector industry continued their unprecedented Security Summit partnership by identifying and implementing additional taxpayer safeguards for the upcoming 2017 filing season.
- Remarks by IRS Commissioner John Koskinen
- H&R Block
- National Association of Tax Professionals
- Network Branded Prepaid Card Association
IR-2016-89, June 17, 2016 ― The IRS today issued a consumer alert about possible fake charity scams emerging due to the recent mass shooting in Orlando, Fla., and encouraged taxpayers to seek out recognized charitable groups.
As a precautionary step to protect taxpayers, the IRS announced that the electronic filing PIN tool is no longer available on IRS.gov or by toll-free phone following additional questionable activity.
If you are an applicable large employer, self-insured employer or health coverage provider, the deadline to electronically file information returns with the IRS is June 30, 2016. The ACA Information Returns (AIR) system will remain up and running after the deadline.
Notice 2016-42 sets out a proposed Qualified Intermediary (“QI”) agreement revising and updating the current agreement, Rev. Proc. 2014-39, published in July 2014. The revised QI agreement updates the current agreement by providing more detailed procedures regarding how qualified intermediaries satisfy their compliance review obligations and sets out terms and requirements for qualified intermediaries that want to act as qualified derivatives dealers with respect to transactions subject to section 871(m). The proposed QI agreement, when finalized, would be effective beginning January 1, 2017.
Notice 2016-40 provides additional transition relief for employers claiming the Work Opportunity Tax Credit (WOTC) under §§ 51 and 3111(e) of the Internal Revenue Code (Code), as extended and amended by the Protecting Americans from Tax Hikes Act of 2015, Pub. L. No. 114-113, div. Q (the PATH Act). Specifically, this notice expands and extends by three months the transition relief provided in Notice 2016-22 (2016-13 IRB 488) for meeting the 28-day deadline in § 51(d)(13)(A)(ii) of the Code. This notice applies to employers that (1) hire members of targeted groups (other than qualified long-term unemployment recipients) on or after January 1, 2015, and on or before August 31, 2016, or (2) hire members of the new targeted group of qualified long-term unemployment recipients on or after January 1, 2016, and on or before August 31, 2016. This notice does not otherwise modify or add to the guidance provided under Notice 2016-22.
Revenue Procedure 2016-37 sets forth the procedures for the determination letter program for individually designed plans and the six-year remedial amendment cycle system for pre-approved plans.
- Practicing Before the IRS - Circular 230 A to Z Rebroadcast - July 13, 2016
- Nondiscrimination Rules for Closed Pension Plans – July 21, 2016
- Income Tax Withholding on Foreign Persons Forms 1042-S and 1042 – July 14, 2016
- TEGE Worker Classification: Employee or Independent Contractor? – Available on Demand
- Why file Form 1099-MISC – Available on Demand
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