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Below is the latest edition of IRS News & Events from Stakeholder Liaison.
IRS News & Events from Stakeholder Liaison - Please share with your members and colleagues. Select the blue links to see the full article.
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General News
Modernized e-File (MeF) Power Outage for Labor Day Weekend
IRS will conduct its annual Labor Day power outage beginning Saturday, September 3, 2016, starting at 8:00 p.m. and ending Tuesday, September 6, 2016, at 6:00 a.m. (EST). We apologize in advance for any inconvenience.
Memorial Day FTD Penalty Error Many taxpayers who made next-day employment tax deposits on Tuesday May 31 or semi-weekly employment tax deposits on Thursday June 2 were incorrectly sent notices that the deposits were late. The IRS apologizes for the error. No taxpayer action is required. IRS systems have been corrected and taxpayer accounts will be updated.
IRS Launches New Sharing Economy Resource Center on IRS.gov, Provides Tips for Emerging Business Area
IR-2016-110, Aug. 22, 2016 — The IRS this week launched a new web page designed to help taxpayers involved in the sharing economy quickly locate the resources they need to help them meet their tax obligations.
IRS Works to Help Taxpayers Affected by ITIN Changes; Renewals Begin in October
IR-2016-100, Aug. 4, 2016 — The IRS announced important changes today to help taxpayers comply with revisions to the Individual Taxpayer Identification Number (ITIN) program made under a new law. The changes require some taxpayers to renew their ITINs beginning in October.
IRS Proposes Revised Fees for Installment Agreements; New Lower Fee Available for Direct Debit Online Payment Agreements; Special Relief Provided to Low-Income Taxpayers
IR-2016-108, Aug. 19, 2016 — The IRS is proposing a revised schedule of user fees that would take effect on Jan. 1, 2017, and apply to any taxpayer who enters into an installment agreement.
IRS Seeks Additional Applications for the Electronic Tax Administration Advisory Committee
IR-2016-109, Aug. 19, 2016 — The IRS is seeking applications from consumer advocates and others for consideration to join as members of the Electronic Tax Administration Advisory Committee.
Sign Up for IRS Summertime Tax Tips
· What to Expect at Tax Time if You Rent Out Your Vacation Home
· Five Tips for Starting a Business
· Find Easy-to-Use Online Tools on IRS.gov
· Five Tax Tips about Hobbies that Earn Income
· Back to School? Learn about Tax Credits for Education
· How Selling Your Home Can Impact Your Taxes
· IRS Offers Tips on Charity Travel
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Security
IRS Warns of Back-to-School Scams; Encourages Students, Parents, Schools to Stay Alert
IR-2016-107, Aug. 18, 2016 — The IRS today warned taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.”
New Phishing Scheme Mimics Software Providers; Targets Tax Professionals
IR-2016-103, Aug. 11, 2016 — The IRS today alerted tax professionals to an emerging phishing email scam that pretends to be from tax software providers and tries to trick recipients into clicking on a bogus link.
IRS Warns Taxpayers of Summer Surge in Automated Phone Scam Calls; Requests for Fake Tax Payments Using iTunes Gift Cards
IR-2016-99, Aug. 2, 2016 — The IRS today warned taxpayers to stay vigilant against an increase of IRS impersonation scams in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards.
Tax Professionals: Monitor Your PTIN for Suspicious Activity
Tax preparers can help protect clients and their businesses from identity theft by checking their PTIN Accounts to ensure the number of returns filed using their identification number matches IRS records.
How Identity Theft Can Affect Your Taxes
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Affordable Care Act
What’s Trending
Health Care Tax Tips
· ACA and Employers: Understanding the Terms Affordable and Minimum Value Coverage
· Resources on IRS.gov and Social Media Help Employers and Coverage Providers Understand ACA
· IRS.gov and Social Media Resources Help Individual Taxpayers Understand ACA
· Four Reasons You Should Not Wait Until Extension Deadline to File Your Return
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Technical Guidance
Priority Guidance Plan for 2016-2017 IRS Chief Counsel has released its 2016–2017
T.D. 9781 Preparer Tax Identification Number (PTIN) User Fee Update
These regulations are effective on September 9, 2016.
T.D. 9780 Election into the Partnership Audit Regime under the Bipartisan Budget Act of 2015
The regulations affect any partnership that wishes to elect to have the new partnership audit regime apply to its returns filed for certain taxable years beginning before January 1, 2018.
REG-103058-16 Notice of Proposed Rulemaking: Information Reporting of Catastrophic Health Coverage and Other Issues under Section 6055. Written or electronic comments and requests for a public hearing must be received by October 3, 2016.
REG-163113-02 Estate, Gift, and Generation-skipping Transfer Taxes; Restrictions on Liquidation of an Interest. Written and electronic comments must be received by November 2, 2016.
REG-131418-14 Reporting for Qualified Tuition and Related Expenses
Written or electronic comments must be received by October 31, 2016.
Announcement 2016-27 provides guidance to jurisdictions that are treated as if they have an IGA in effect and FFIs located in those jurisdictions.
Notice 2016-49 provides interim guidance on certain requirements for persons seeking certification as Certified Professional Employer Organizations (CPEOs), as defined in §301.7705-1T(b)(1).
Notice 2016-48 explains how the IRS will implement the changes to the Individual Taxpayer Identification Number (ITIN) program resulting from the enactment of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).
Revenue Procedure 2016-44 provides safe harbor conditions under which a management contract does not result in private business use of property financed with governmental tax-exempt bonds under § 141(b) of the Internal Revenue Code or cause the modified private business use test for property financed with qualified 501(c)(3) bonds under § 145(a)(2)(B) to be met.
Revenue Procedure 2016-43 provides the national monthly average premium for a bronze-level qualified health plan (NABP) available through Marketplaces in 2016. The NABP is the maximum monthly individual shared responsibility payment under section 5000A for nonexempt individuals who do not have minimum essential coverage for a month in 2016.
Revenue Procedure 2016-42 states that a charitable remainder annuity trust (CRAT) containing the sample provision found in Rev. Proc. 2016-41 will not be subject to the probability of exhaustion test set forth in Rev. Rul. 70-452, 1970-2 C.B. 199, and applied in Rev. Rul. 77-374, 1977-2 C.B. 329.
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Events
The 2016 IRS Nationwide Tax Forums - Continuing through September 15!
· Participate in SB/SE Focus Groups: Here’s Your Opportunity to Improve IRS Programs!
o ACA Information Returns
o Federal Tax Deposit Alerts
Webinars for Tax Practitioners
California Practitioner Liaison Meetings and Seminars
· 22nd Annual Tax Practitioner/IRS Fall Seminar – Dublin, August 30, 2016
Webinars for Businesses
· Federal and State Basic Payroll Tax Webinar for the Restaurant Industry (CA, HI, NV) - September 14, 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
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Jennifer Henrie-Brown, ID #1000247447
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
Work cell phone: 510-926-0175
Jennifer.Henrie-Brown@irs.gov
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