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Tuesday, August 11, 2009
FW: Need Free CPE Credits? Free Electronic Interactions Seminars Offered Throughout California
Need Free CPE Credits? Free Electronic Interactions Seminars Offered Throughout California
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Monday, August 10, 2009
August 10, 2009 IRS News and Information
Here is the latest IRS news and information, please share with your members and colleagues. Select the blue links to see the full article
Newsroom August 7, 2009
IRS Alerts Public to New Identity Theft Scams
IR-2009-71, August 4, 2009 — Summertime brings no relief from phony e-mails that claim to come from the IRS but which really come from scammers trying to steal the identity of the e-mail recipients.
IRS Seeks New Issues for the Industry Issue Resolution Program
IR-2009-70, Aug. 3, 2009 — The IRS is encouraging business taxpayers, associations and other interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution that involve a controversy, dispute or an unnecessary burden on business taxpayers.
IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud
IR-2009-69, July 29, 2009 — Preparer pleads guilty to falsely claiming credit on client's return.
IRS Seeks Public Comment for Proposals to Boost Tax Preparer Performance Standards
IR-2009-68, July 24, 2009 — The IRS is inviting the public to contribute ideas as part of an effort to ensure high performance standards for all tax preparers.
Inserts Eliminated from Copies of Notices
The IRS has stopped duplicating the inserts previously included in copies of client notices sent to representatives on behalf of their individual and business clients, but will continue sending inserts with notices to taxpayers.
If you need forms, schedules or publications to respond to a notice, or information about notices, go to IRS.gov.
IRS Estate and Gift Tax Working with State Authorities on Real Estate Transfers
The IRS Estate and Gift Tax Program recently started working with state and county authorities in several states to determine if real estate transfers reported to them are unreported gifts. Although a tax may not be due, a gift tax return may be required for real estate transfers above the annual exclusion amount. Penalties will be considered on all delinquent taxable gift returns filed.
See information about:
· Gift Tax
2009 Summertime Tax Tips – 7 new tips have posted, share with your clients.
The American Recovery and Reinvestment Act of 2009: Information Center
IRS Headliners
Volume 272: Some State Offices Offering One-Stop Form 2290 Filing and Vehicle Registration
Volume 273: July Tax Talk Today Spotlights OPR’s Oversight Role in Setting and Enforcing Tax Professionals’ Competency Standards
Technical Guidance
REG-152166-05 withdraws the notice of proposed rulemaking published on April 19, 1996, in the Federal Register and contains proposed regulations relating to the issuance of Taxpayer Assistance Orders.
TD 9455 provides final regulations regarding the use of designated summonses.
Events
National Phone Forums (http://www.irs.gov/businesses/small/article/0,,id=158856,00.html)
Everyone’s at Risk – Combating the Increasing Threat of Online Fraud and Identity Theft - August 19, 2009
American Recovery & Reinvestment Act of 2009 (ARRA) - Tuesday, October 6, 2009, 2:00 p.m. to 3:00 p.m. Employment Tax
IRS 2009 Nationwide Tax Forums
A 45 minute study will be conducted at the Dallas and New York Tax Forum, to help improve the IRS.gov Electronic Reading Room. Please e-mail Shauna Whitcomb at: shauna.t.whitcomb@irs.gov if you would like to assist!
I hope you find this information useful in your tax practice. If you know someone who might want to subscribe to an IRS e-Subscription, please forward this message to them and they may go to the Subscription page on the IRS Web site to subscribe.
If you would like to discontinue receiving local Stakeholder Liaison e-mails, please e-mail James.R.Kinsey @irs.gov and request removal of your name.
Thank you,
Friday, July 31, 2009
July 31, 2009 IRS News and Information & LEGISLATIVE AFFAIRS
Here is the latest IRS news and information. Please share with your members and colleagues. Select the blue links to see the full article
Newsroom July 31, 2009
IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud
IR-2009-69, July 29, 2009 — Preparer pleads guilty to falsely claiming credit on client's return.
IRS Seeks Public Comment for Proposals to Boost Tax Preparer Performance Standards
IR-2009-68, July 24, 2009 — The IRS is inviting the public to contribute ideas as part of an effort to ensure high performance standards for all tax preparers.
IRS Reminds Taxpayers to Take Advantage of Recovery Act Benefits
IR-2009-67, July 20, 2009 — The IRS reminds taxpayers to take advantage of the numerous tax breaks in the American Recovery and Reinvestment Act (ARRA).
IMRS Hot Topics – July 8, 2009
Subscribe To Quick Alerts
It’s the free online service that is designed to keep Tax Professionals informed of e-file issues and events almost the very moment they occur… 24/7
Subscribe to the Modernized e-File (MeF) News for Partnerships
Join the MeF News for Partnerships mailing list to receive information via e-mail pertaining to current developments and updates to the e-filing guidance, known issues, and the latest information of interest to partnerships.
Subscribe to IRS Newswire
Newswire subscribers receive news releases and other documents via e-mail as they are issued by the IRS National Media Relations Office in
Tax Preparer Review; Public Forums to Gather Input this Summer
IR-2009-66, July 14, 2009 - The Internal Revenue Service today announced a series of public forums at which individuals and representatives of diverse constituent groups will be able to provide input on the development of tax preparer performance standards.
IRS Headliners
Volume 271: IRS Offers Tips on Rental Real Estate Income, Deductions and Recordkeeping
IRS Stakeholder Partners' Headliners
IRS Stakeholder Headliners are intended to provide alerts or reminders to taxpayers and tax professionals about tax matters and issues. For more authoritative information, readers are encouraged to review the materials cited or referenced in the Headliners.
Events
National Phone Forums (http://www.irs.gov/businesses/small/article/0,,id=158856,00.html)
Everyone’s at Risk – Combating the Increasing Threat of Online Fraud and Identity Theft - August 19, 2009
(note – this event has not yet posted to IRS.gov )
American Recovery & Reinvestment Act of 2009 (ARRA) - Tuesday, October 6, 2009, 2:00 p.m. to 3:00 p.m. ET
The witnesses presented various proposals for financing options for the Highway Trust Fund, including: (1) raising the federal gas tax by 18 cents to address the effects of inflation since the fee was last increased; (2) imposing a fee on barrels of crude oil, both imported and domestic, and an equivalent fee on imported refined gasoline and diesel; (3) raising $190 billion by taxing crude oil futures contracts at a 0.2%, with an additional 0.5% tax on crude oil options; (4) establishing a federal Highway User Rate Commission to determine biennially the federal motor fuels tax rate, to avoid the instability in the annual amount of revenue collected (and to annually index the motor fuels tax to inflation); (5) changing the user fee collection model to a vehicle miles traveled (VMT) tax; and (6) making non transportation-related tax increases or deficit spending. Some of the subcommittee Members urged Congress to support their own legislation, including H.R. 272 and H.R. 1806, two bills introduced which would allow a 25% tax credit for infrastructure investments in new track, intermodal facilities, yards, locomotives, and allow for expensing of all qualifying rail infrastructure capital expenditures; H.R. 1132, which would extend the short line railroad rehabilitation tax credit (which expires on December 31, 2009), for an additional 3 years; and H.R. 1789, a bill which would combine both the Class 1 and short line railroad tax credits.
Nomination Update
On Thursday, July 23rd, the Senate Committee on Finance favorably reported by voice vote the nominations of Dan Tangherlini, to be Assistant Secretary of Treasury for Management and Chief Financial Officer, Department of Treasury; William Wilkins, to be Chief Counsel for the Internal Revenue Service and an Assistant General Counsel for the Department of Treasury; Kim Wallace, to be Assistant Secretary for Legislative Affairs, U.S. Department of Treasury; George Madison, to be General Counsel, U.S. Department of Treasury; and Rosa Rios, to be Treasurer of the United States.
On Wednesday, July 8th, Rep. Barney Frank introduced H.R. 3126, “Consumer Financial Protection Agency Act of 2009,” which was referred to the Committees on Financial Services, and Energy and Commerce. The bill would establish the Consumer Financial Protection Agency as an independent executive agency to regulate consumer financial products and services and would apply to any person engaged directly or indirectly in a financial activity, including tax-planning or tax preparation services. This new agency would have exclusive examination authority to prescribe regulations, issue guidance, or conduct examinations regarding consumer financial protection. The agency would have primary enforcement authority and any other Federal agency would only be able to initiate an enforcement proceeding after that Federal agency had referred the case and the agency had failed to act after 120-days.
On Tuesday, July 21st, Sen. Max Baucus (along with Sens. Rockefeller and Menendez) introduced S. 1474, which would repeal the provision prohibiting the crediting of interest to the Highway Trust Fund. The bill was referred to the Senate Committee on Finance.
On Tuesday, July 21st, the House passed H.J. Res. 56, which would approve the renewal of import restrictions contained in the Burmese Freedom and Democracy Act of 2003. Sec. 202 of the bill repeals corporate estimated tax adjustments for 2010, 2011, and 2013 and increases the amount of corporate estimated tax payments (in the case of a corporation with assets of at least $1 billion, for payments due in July, August, and September, 2014) to 100.25%.
On Wednesday, July 22nd, the House passed H.R. 2920, "Statutory Pay-As-You-Go Act of 2009" by a vote of 265-166. The bill would reinstitute and update the Pay-As-You-Go requirement of budget neutrality on new tax and mandatory spending legislation, enforced by the threat of annual, automatic sequestration.
On Wednesday, July 22nd, Sen. Carl Levin introduced S. 1491 (text not yet available), which would provide that corporate tax benefits based upon stock option compensation expenses be consistent with accounting expenses shown in corporate financial statements for such compensation. The bill was referred to the Senate Committee on Finance.
On Thursday, July 23rd, the Senate passed H.J. Res. 56, thus clearing the measure for the President. Sec. 202 of the bill repeals corporate estimated tax adjustments for 2010, 2011, and 2013 and increases the amount of corporate estimated tax payments (in the case of a corporation with assets of at least $1 billion, for payments due in July, August, and September, 2014) to 100.25%.
On Thursday, July 23rd, Rep. John Tanner (along with Rep. Sam Johnson) introduced H.R. 3306 (text not yet available), which would enhance Social Security account number privacy protections, prevent fraudulent misuse of the Social Security account number, and otherwise enhance protection against identity theft.
On Thursday, July 23rd, Rep. Heath Shuler introduced H.R. 3308 (text not yet available), which would provide immigration reform by securing America's borders, clarifying and enforcing existing laws, and enabling a practical employer verification program. The bill was referred to the Committees on Judiciary, Ways and Means, Education and Labor, Oversight and Government Reform, Armed Services, Agriculture, and Natural Resources.
I hope you find this information useful in your tax practice. If you know someone who might want to subscribe to an IRS e-Subscription, please forward this message to them and they may go to the Subscription page on the IRS Web site to subscribe.
If you would like to discontinue receiving local Stakeholder Liaison e-mails, please email James.R.Kinsey@irs.gov and request removal of your name.
Thank you,