Hello Everyone,
FYI: Below is the latest edition of IRS News & Events from Stakeholder Liaison.
Also, attached above is a flyer for the IRS & California Employment Department Basic Payroll Tax Webinar for the Construction Industry which is from 10:00 – 11:00 am. No CE is being offered for this webinar. (See above attached promotional flyer for additional information).
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: Summer Day Camp Expenses
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| Find out how you can get it tax credit for sending your kids to summer day camp |
IRS Statement on "Get an IP PIN" Tool
July 19, 2016 — The IRS today announced that the “Get an IP PIN” tool has returned to IRS.gov with a stronger authentication process to help protect taxpayers.
New requirement for Section 501(c)(4) organizations – Form 8976
New legislation enacted at the end of 2015 added Section 506 to the Internal Revenue Code. Section 506 requires an organization to notify the IRS of its intent to operate as a Section 501(c)(4) organization. The IRS has developed a new form – Form 8976 – that organizations should use to provide this notification
IRS Announces Additional Low Income Taxpayer Clinic Grant Recipients
IR-2016-98, July 18, 2016 — The IRS today announced $385,678 in matching grants to nine additional recipients for development of qualified Low Income Taxpayer Clinics (LITCs) in underserved areas around the country for the last six months of the 2016 grant year.
IR-2016-97, July 7, 2016 — National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that contains extended excerpts from her ongoing Public Forums on Taxpayer Needs and Preferences, presents a review of the 2016 filing season, and identifies the priority issues the TAS will address during the upcoming fiscal year.
The IRS is developing the Form 1040NR for the Modernized e-File system for Tax Year 2016. Early look versions of the five ATS scenarios are available on Coming Soon to the MeF Program. The purpose is to provide the external customers with an opportunity to review and comment on the scenarios before the final posting.
IRS Posts New FATCA FAQ to General Compliance Area
The IRS has published a new FAQ regarding submission of Form 8809-I when an additional 90 Day Extension to file Form 8966 has been requested.
Sign Up for IRS Summertime Tax Tips
- How to Request a Transcript or Copy of a Prior Year’s Tax Return
- IRS Offers Tips to Help You Prepare for Hurricanes, Natural Disasters
- Check Your Tax Withholding this Summer to Prevent a Tax-Time Surprise
- Miscellaneous Deductions Can Trim Taxes
- How a Summer Wedding Can Affect Your Taxes
- Tax Help in Spanish and Other Languages is Just a Click Away
- Tax Breaks for the Military
- About Your IRS Notice or Letter
- Click on Over to IRS.gov this Summer
- Owe Taxes? These Tips Can Help
- IRS Offers Tips on Filing an Amended Tax Return
IRS, Partners Warn Tax Preparers of Data Theft Risks; Launch New Campaign to Increase Awareness
IR-2016-96, July 6, 2016 — Leaders from the IRS, state tax agencies and tax preparation community today warned tax preparers that increasingly they are targets of cybercriminals and should take appropriate steps to protect clients from data theft.
Tax Professionals: Protect Your Clients; Protect Yourself from Identity Theft
FS-2016-23, July 2016 — The Security Summit, the partnership between the IRS, state tax agencies and the tax community formed to combat identity theft, recently announced it expanded its public awareness campaign on data security to include tax professionals.
IRS Takes Steps to Strengthen IVES Program; Works with Industry to Quickly Implement New Safeguards
- ACA and Employers: How Seasonal Workers Affect Your Workforce Size
- Employers: Here’s a Mid-Year Affordable Care Act Refresher
- It’s Time for a PTC Checkup for your 2016 Health Insurance Marketplace Coverage
REG-109086-15 Premium Tax Credit Notice of Proposed Rulemaking VI
REG–147196–07 Deferred Compensation Plans of State and Local Governments and Tax- Exempt Entities
TD 9769 Removal of Allocation Rule for Disbursements from Designated Roth Accounts to Multiple Destinations
TD 9779 Property Transferred in Connection With the Performance of Services
TD 9774 Method of Accounting for Gains and Losses on Shares in Money Market Funds: Broker Returns with Respect to Sales of Shares in Money Market Funds
Revenue Procedure 2016-41 sets forth the procedure for an organization to notify the Internal Revenue Service (IRS), consistent with section 506 of the Internal Revenue Code (Code), that it is operating as an organization described in section 501(c)(4) of the Code (a section 501(c)(4) organization).
Revenue Procedure 2016-40 provides two safe harbors in which the Service will not assert that a corporation lacks the requisite ‘control’ for purposes of section 355(a), when a corporation (D) acquires putative control of another corporation (C) through C’s issuance of stock, and C subsequently engages in a transaction that actually or effectively reverses the effect of the stock issuance. The Revenue Procedure also removes the prohibition against issuing letter rulings on transactions involving such an acquisition of “control.”
Revenue Procedure 2016-39 provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue (Commissioner) to change to or from the net asset value (NAV) method of accounting provided in § 1.446-7 of the Income Tax Regulations for gain or loss on shares in a money market fund (MMF). This revenue procedure modifies Rev. Proc. 2016-29, 2016-21 I.R.B.
Revenue Procedure 2016-32 On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was decreased from $400 to $275. You must submit the fee through www.pay.gov when you file a 1023-EZ application. You can pay the fee directly from your bank account or by credit/debit card.
The 2016 IRS Nationwide Tax Forums - Continuing through September 15!
- Participate in SB/SE Focus Groups: Here’s Your Opportunity to Improve IRS Programs!
- ACA Information Returns
- Federal Tax Deposit Alerts
- ACA Information Returns
Webinars for Tax Practitioners
- Foreign Earned Income for U.S. Overseas Taxpayers webinar - Now Available on Demand!
California Practitioner Liaison Meetings and Seminars
- Employee Plans Determination Letter Program Changes In 2017 – August 11, 2016
- Employee Plans Compliance Unit (EPCU) – 2016 Updates - August 25, 2016
Exempt Organizations - Online educational programs available anytime at www.stayexempt.irs.gov
- Indian Tribes and the Collection Process – August 18, 2016
California Workshops for Small Business Owners
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
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