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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.
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
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.
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