May 15, 2013 — The IRS has received a variety of questions related to the exempt organization issues recently raised. The Q&As answer some basics on the issue.
IRS To Be Closed May 24, Four Other Days Due to Budget and Sequester; Filing and Payment Deadlines Unchanged
IR-2013-51, May 15, 2013 — The IRS announced that due to the current budget situation, including the sequester, all IRS operations will be closed on May 24, June 14, July 5, July 22 and Aug. 30, 2013.
IRS Criminal Investigation Issues Fiscal 2012 Report
IR-2013-50, May 10, 2013 — IRS Criminal Investigation released its annual report for fiscal 2012, highlighting strong gains in enforcement actions and penalties imposed on convicted tax criminals.
Many Tax-Exempt Organizations Must File with IRS By May 15 to Preserve Tax-Exempt Status
IR-2013-49, May 10, 2013 — A key deadline of May 15 is facing many tax-exempt organizations that are required by law to file annual reports with the IRS. Organizations will see their federal tax exemptions automatically revoked if they have not filed reports for three consecutive years.
IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion
IR-2013-48, May 9, 2013 — The U.S., Australia and United Kingdom tax administrations plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.
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
IRM Procedural Update SBSE-05-0313-0460, Changes to Streamlined IA Over $25,000 Criteria, updated guidance on installment agreements to incorporate criteria for processing agreements greater than $25,000, the Small Business/Self Employed Division said in a memorandum issued May 10.
Memorandum SBSE-04-0413-037, the purpose of this memorandum is to disseminate the new Letter 5154, Employment Tax Reply to Request for Reconsideration of Assessment. It replaces Letter 693, Reply to Request for Reconsideration of Assessment, currently used in all Claim for Abatement cases.
Memorandum SBSE-05-0413-035, dated April 30, 2013, titled, Principal Residence Suit Foreclosure Recommendations is to provide interim guidance on policies and procedures for suits to foreclose the tax lien on the taxpayer’s principal residence. These procedures will be incorporated into Internal Revenue Manual (IRM) 5.17.4.8, IRM 5.17.12.20.2, and IRM 25.3.2.4.5.
IRS Makes Changes to Schedule M-3 Filing Requirement for 2014
The IRS will be making changes to the Schedule M-3 filing requirement for taxpayers with assets between $10M-$50M for Forms 1120, 1120-C, 1120-F, 1120S, 1065 and 1065-B. These taxpayers will be permitted to file Schedule M-1 in place of the Schedule M-3 Parts II and III. These changes will be effective for tax years ending on December 31, 2014, and later. No changes are currently planned to the Schedule M-3 requirements for Forms 1120-L, or 1120-PC, nor for Form 1120 taxpayers filing as a mixed group.
Notice 2013-34 Credit for Carbon Dioxide Sequestration - 2013 Section 45Q Inflation Adjustment Factor. This notice publishes the inflation adjustment factor for the credit for carbon dioxide (CO2) sequestration under § 45Q of the Internal Revenue Code (§ 45Q credit) for calendar year 2013. The inflation adjustment factor is used to determine the amount of the credit allowable under § 45Q. This notice also publishes the aggregate amount of qualified CO2 taken into account for purposes of § 45Q.
T.D. 9616 Final regulations under section 6045 provide guidance to brokers who must report basis for the sale of a debt instrument or an option. The final regulations under sections 6045A and 6045B provide guidance to brokers for transfers of debt instruments and options and to certain issuers of securities for corporate actions that affect the basis of a debt instrument or an option. The final regulations under section 1275 provide guidance to an issuer when a debt instrument that is not registered with the SEC on the date of issue is registered with the SEC at some later date. Temporary and proposed regulations under section 6049 provide guidance to a broker who must report interest or OID income on a debt instrument that has either bond premium or acquisition premium.
REG-154563-12 Final regulations under section 6045 provide guidance to brokers who must report basis for the sale of a debt instrument or an option. The final regulations under sections 6045A and 6045B provide guidance to brokers for transfers of debt instruments and options and to certain issuers of securities for corporate actions that affect the basis of a debt instrument or an option. The final regulations under section 1275 provide guidance to an issuer when a debt instrument that is not registered with the SEC on the date of issue is registered with the SEC at some later date. Temporary and proposed regulations under section 6049 provide guidance to a broker who must report interest or OID income on a debt instrument that has either bond premium or acquisition premium.
REG-160873-04 Proposed regulations relate to the penalty under section 6708 of the Code for failing to make available lists of advisees with respect to reportable transactions. A public hearing is scheduled for July 2, 2013.
Notice 2013-29 Under the American Taxpayer Relief Act of 2012, Pub. L. No. 112-240, 126 Stat. 2313, a qualified facility (as described in section 45(d) of the Code) will be eligible to receive the renewable electricity production tax credit (PTC) under section 45, or the energy investment tax credit (ITC) under section 48 in lieu of the PTC, if construction of such facility begins before January 1, 2014. This notice provides guidelines and a safe harbor to determine when construction has begun on such a facility.
Events
Webinars for Tax Practitioners
· Currently, there are no webinars scheduled.
Retirement Plans – Phone Forums & Webinars
· 403(b) Corrections and Examination Trends - May 23, 2013
IRS Nationwide Tax Forums 2013 Locations and Dates
For dates and more, go to the National Tax Forum website.
California Workshops for Small Business Owners
Please share the above 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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