Hello Everyone,
I hope all is going well with you!
Below is news and events information for practitioners including a new ITIN Acceptance Agents On-Demand Webinar scheduled for February 26, 2013. Please share the below information with your colleagues. Select the blue links to see full articles. Thank you!
Newsroom
IRS Seeks Applications for the Electronic Tax Administration Advisory Committee
IR-2013-20, Feb. 15, 2013 — The IRS is accepting nominations for membership on the Electronic Tax Administration Advisory Committee through April 1.
IMRS Hot Issues
Due to late tax law changes, stockpiling rule does not apply; Loving vs. IRS court case regarding registered tax return preparers; Additional Medicare Tax and Net Investment Income Tax and more . . .
IRS Technical Guidance
IRS Statement on "Where's My Refund?" Tool - Feb. 14, 2013
The IRS alerted taxpayers and the tax community it is experiencing high traffic on “Where's My Refund?” as more tax returns come in. The heavy volume of refund inquiries means that the IRS anticipates both "Where's My Refund?" on IRS.gov and the refund feature on the IRS2go phone app will have limited availability during busier periods.
· You don't need to check “Where's My Refund?” more than once a day as your information will not change.
· To avoid system delays, the best time to check on refunds is evening and weekends.
· There is no need to call the IRS about your refund; the telephone service has the same information that is available on “Where’s My Refund?”
The following tax forms will be accepted by the IRS during the first week of March after updating forms and completing programming and testing of its processing systems. A specific date will be announced in the near future.
Considering an offer in compromise?
Before starting the paperwork, use the new OIC pre-qualifier tool to:
• Determine eligibility
• Calculate a preliminary offer amount
Related link: Offer in Compromise
Tax Practice: Proposed Revisions to IRS Circular 230 Set New Standards for ‘Reasonable’ Practices - BNA Daily Tax Report, February 14, 2013 - By Florence Olsen
Under proposed “reasonableness” standards for Circular 230, employee benefit attorneys who provide written tax advice may not rely on information from benefit plan sponsors if the attorneys know or should know that the information is incorrect or incomplete, an Internal Revenue Service official said Feb. 13 during an agency-sponsored phone forum.
Rev. Rul. 2013-7 - This revenue ruling provides various prescribed rates for federal income tax purposes for March 2013 (the current month).
Notice 2013-16 - Per Capita Payments from Proceeds of Settlements of Indian Tribal Trust Cases
Notice 2013-1, 2013-3 IRB 281, provides guidance on the federal tax treatment of per capita payments that members of Indian tribes receive from proceeds of certain settlements of tribal trust cases between the United States and those Indian tribes. Additional tribes have settled tribal trust cases against the United States since publication of Notice 2013-1. This notice provides an updated Appendix that reflects the additional settlement agreements.
Rev. Proc. 2013-20 - This revenue procedure modifies Revenue Procedure 2011-14, 2011-4 I.R.B. 330, to provide procedures for a taxpayer to obtain the automatic consent of the Commissioner under § 446(e) of the Internal Revenue Code to change its method of accounting under § 263A for the production of one or more plants removed from the list of plants grown in commercial quantities in the United States having a pre-productive period in excess of two years based on the nationwide weighted average pre-productive period for such plant.
Rev. Rul. 2012-32 - Section 6621.--Determination of Rate of Interest - 26 CFR 301.6621-1: Interest rate.
Section 6621 of the Internal Revenue Code establishes the interest rates on overpayments and underpayments of tax.
IRS Provides Details on Forensic Training for Certified Acceptance Agents; Deadline Extended to Dec. 31
Based on comments and feedback from the Certified Acceptance Agent (CAA) community, the IRS is extending the deadline for CAAs and responsible parties to complete the forensic training requirement to Dec. 31, 2013. The Internal Revenue Service currently does not endorse any particular vendor.
Events
Phone Forum - Retirement Plans:
Overview of the 2012 Cumulative List of Plan Qualification Changes Webinar - February 28, 2013
IRS Nationwide Tax Forums 2013 Locations and Dates
For dates and more, go to the website.
California Workshops for Small Business Owners: Please share this link with your small business clients. The workshops cover their tax filing, paying and operating requirements and responsibilities.
