Wednesday, June 26, 2013

FYI: IRS News & Events from Stakeholder Liaison

Hello Everyone,

 

Below is IRS News & Events from Stakeholder Liaison. 

 

Please share the below information with your members and colleagues.  Select the blue links to see the full article.  Thank you, and have a great day!

Newsroom    

National Taxpayer Advocate Identifies Priority Issues for Upcoming Year; Reports on Exempt Organization Review Concerns
IR-2013-63, June 26, 2013 — The National Taxpayer Advocate has released a mid-year report to Congress identifying the priority issues the Taxpayer Advocate Service will address during the upcoming fiscal year.   

Report Outlines Changes for IRS To Ensure Accountability, Chart a Path Forward; Immediate Actions, Next Steps Outlined
IR-2013-62, June 24, 2013 ― IRS Principal Deputy Commissioner Werfel issued a report outlining new actions and next steps to fix problems uncovered with the IRS’ review of tax-exempt applications and improve the wider processes and operations in place at the IRS.

IRS Electronic Tax Administration Advisory Committee Delivers Report to Congress
IR-2013-61, June 19, 2013 — The Electronic Tax Administration Advisory Committee (ETAAC) presented its 2013 Annual Report to Congress with recommendations on electronic tax administration. 

IRS Charts a Path Forward with Immediate Actions
The IRS is outlining new actions and next steps to fix problems uncovered with the IRS’ review of tax-exempt applications and improve the wider processes and operations in place at the IRS.  

IRS Conferences and Cost Savings FY2010 Thru FY2012
Check here for IRS comments and additional information regarding the report issued by the Treasury Inspector General for Tax Administration on IRS conferences from FY 2010 through the end of FY 2012.

 

Management Veterans Selected to Assist New IRS Acting Commissioner Werfel; Maloy, Grams, Fisher Named to Senior Posts
IR-2013-59, June 3, 2013 ― The IRS today announced the selection of several senior leaders to assist new Acting Commissioner Danny Werfel.

 

Spring 2013 Statistics of Income Bulletin Now Available
IR-2013-58, May 31, 2013 — The spring 2013 issue of the IRS Statistics of Income Bulletin, which features information on high-income individual income tax returns filed for tax year 2010, is now available on IRS.gov

 

IRS Accepting Applications for Low Income Taxpayer Clinic Grants
IR-2013-57, May 30, 2013 — The IRS announced the opening of the 2014 Low Income Taxpayer Clinic (LITC) grant application process.

 

IMRS Hot Issues

New features debut on Exempt Organization’s webpages, Refunds for canceled registered tax return preparer tests, IRS closed due to budget and sequester and more . . .

IRS Technical Guidance

 

E-Services: Disclosure Authorization and Electronic Account Resolution Applications Retire in August

Due largely to low usage, the IRS will retire and remove the Disclosure Authorization (DA) and Electronic Account Resolution (EAR) applications from e-Services effective Aug. 11.

 

Financial Crimes Enforcement Network (FinCEN) Final Rule on FBAR Responsibilities

Review the Final Rule on Foreign Bank and Financial Accounts Report (FBAR) Responsibilities, published Feb. 24, 2011, to determine if your clients need to file TD F 90-22.1, FBAR, by June 30, 2013.

Revenue Procedure 2013-32 changes IRS letter ruling policy concerning spin-offs, reorganizations and other corporate nonrecognition transactions. The IRS will no longer rule on whether such transactions generally qualify for tax-free treatment, but will instead rule only on significant issues presented therein.  Revenue Procedure 2013-32 will appear in IRB 2013-28 dated July 8, 2013. 

Rev. Rul. 2013-14 - Is the fideicomiso or Mexican Land Trust arrangement (“MLT”), a trust under Treasury Regulation § 301.7701-4(a)?

Notice 2013-42 provides relief from the § 5000A shared responsibility payment for specified individuals who are eligible to enroll in certain eligible employer-sponsored health plans with a plan year other than a calendar year (non-calendar year plans) if the plan year begins in 2013 and ends in 2014. 

Notice 2013-41 provides guidance on whether or when, for purposes of the premium tax credit under § 36B of the Internal Revenue Code, an individual is eligible for minimum essential coverage under the Medicaid, Medicare, or TRICARE government-sponsored health programs or under a student health plan or state high risk pool.
 
Both Notice 2013-41 & Notice 2013-42 will be in IRB 2013-29, dated July 15, 2013. 
 

Notice 2013-40 - This notice provides for the suspension of certain requirements under § 42 of the Code for low-income housing credit projects to provide emergency housing relief needed as a result of the devastation caused by severe storms and tornadoes in the State of Oklahoma.

 

Notice 2013-39 - This notice provides relief from certain requirements in § 142(d) to issuers of tax-exempt bonds that approve the housing of individuals displaced due to the effects of severe storms in Oklahoma in residential rental projects financed with tax-exempt bonds under § 142(d).

 

T.D. 9619 - Final regulations under section 336(e) of the Code provide for an election to treat the sale, exchange, or distribution of at least 80 percent of the stock of a domestic subsidiary corporation or a subchapter S corporation as a sale of the corporation’s assets, rather than a sale of its stock.

 

REG-126633-12 - These proposed regulations provide guidance on the interpretation and application of section 833(c)(5). They guide certain health care organizations in computing and applying the medical loss ratio added to the Code by the Patient Protection and Affordable Care Act. A public hearing is scheduled for September 17, 2013.

 

T.D. 9618 - This final regulation extends the period for submission to the IRS of taxpayer authorizations permitting disclosure of returns and return information to third-party designees. Notice 2010-8 is obsolete as of May 7, 2013.

 

REG-125398-12 - Proposed regulations provide rules under section 36B of the Code relating to the health insurance premium tax credit, enacted by section 1401 of the Affordable Care Act, including rules for determining whether an eligible employer-sponsored plan provides minimum value.

Events

 

Charities & Other Non-Profits

· Veterans Organizations – Complying with IRS Rules: Tips to help veterans organizations stay tax exempt - June 30, 2 p.m. EDT

· Charities and Their Volunteers - July 17, 2013 at 2:00 PM EDT

 

Federal, State, and Local Governments

· Phone Forum for FICA Replacement Plans - June 27, 2013 at 2 p.m. EDT

 

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 this link 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 helpful.  If you would like additional information, you can subscribe to an IRS e-new Subscription by going to the Subscription page on IRS.gov.

 

If you would like to discontinue receiving our local Stakeholder Liaison e-mails, please e-mail Jennifer.Henrie-Brown@irs.gov and request removal of your name.

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434

 

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Wednesday, June 5, 2013

FYI: IRS Small Business Webinars - June 18th & 20th

Hello Everyone,
 
IRS is offering two webinars during Small Business Week: 
  • Small Business Owners:  Get All The Tax Benefits You Deserve on June 18th, and
  • Avoiding the Top Tax Mistakes on June 20th
    •
 
Please see below for additional information including how to register.
 
Please also share this information with your members/small business clients/customers.  Thank you!
 
Have a great day!
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
 
Small Business Owners:  Get All the Tax Benefits You Deserve – IRS Webinar on June 18th
 
 
Taking all the deductions you’re entitled to? Know what business tax credits you can take?
 
Get answers to these questions and more during this FREE one-hour webinar…
 
Topic: Small Business Owners: Get All the Tax Benefits You Deserve
 
Date:  Tuesday, June 18, 2013
 
Time:  11:00 a.m. (Pacific); Noon (Mountain); 1:00 p.m. (Central); 2:00 p.m. (Eastern)
 
What's Covered:
  • Learn about business expenses and deductions
  • What is a business depreciation deduction?
  • Find out which business tax credits are available for your business
  • Get the latest facts about the American Taxpayer Relief Act
  • What are the qualifications for the Earned Income Tax Credit?
  • Broadcast will include a live Q&A session
 
CPE:  CE Credit is NOT being offered for this webinar.
 
Information & Registration:  
 
Click on the following link to register: 
 
 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
 
Avoiding the Top Tax Mistakes – IRS Webinar on June 20th
 
 
Knowledge is Power…ignorance is not bliss.
 
You know your business. Take that knowledge to new heights and avoid mistakes.
 
Get the information you need and answers to your questions during this FREE one-hour webinar…
 
Topic: Avoiding the Top Tax Mistakes that Small Businesses Make
 
Date:  Thursday, June 20, 2013
 
Time:  11:00 a.m. (Pacific)
 
What's Covered:
  • Tips to avoid common mistakes with your business taxes
  • Good recordkeeping strategies
  • What is reportable income
  • How to carefully choose a tax preparer
  • Helpful Tax Information Resources
  • Broadcast will include a live Q&A session
 
CPE:  CE Credit is NOT being offered for this webinar.
 
Information & Registration:  
 
Click on the following link to register: 
 
 
Please share this, including the flyer, with your members and anyone who may benefit from this information.
 
 
Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434
 
 
 
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Thursday, May 30, 2013

FYI: IRS News and Events from Stakeholder Liaison

Hello Everyone,

 

I hope all is going well with you!

 

Below is "IRS News and Events from Stakeholder Liaison".   

 

Please share the information with your members and colleagues.  Select the blue links to see the full article.  Thank you!

 

Have a great day!

 

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.

 

IMRS Hot Issues

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

 

Webinars
·  Small Business Owners: Get All the Tax Benefits You Deserve - June 18, 2013
 
Charities & Other Non-Profits
·  Charities and their volunteers: Tax rules that come into play in the sometimes complex relationships between charities and their volunteers - June 27, 2013
 
Retirement Plans – Phone Forums & Webinars
·        What You Need to Know about the 403(b) Pre-Approved Plan Program - June 25, 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 this link 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.

If you would like to discontinue receiving my local Stakeholder Liaison e-mails, please e-mail Jennifer.Henrie-Brown@irs.gov  and request removal of your name.

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434

 

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Thursday, May 16, 2013

FYI: IRS News and Events from Stakeholder Liaison

Hello Everyone,
 
I hope all is going well with you!
 
Below is IRS News and Events from Stakeholder Liaison.  Please share this information with your members and colleagues. 
Select the blue links to see the full article.  Thank you!
Newsroom
 
President Obama Appoints Daniel Werfel as Acting Commission of Internal Revenue Service
                                                                                                    
 
Questions and Answers on 501(c) Organizations
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.

 

IMRS Hot Issues

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.

I hope you find this information useful.  If you would like additional information, you can subscribe to an IRS e-Subscription by going the Subscription page on IRS.gov. 

 

If you would like to discontinue receiving my local Stakeholder Liaison e-mails, please e-mail Jennifer.Henrie-Brown@irs.gov and request removal of your name.

 

Have a great day!

 

Jennifer Henrie-Brown, ID #94-07690
Stakeholder Liaison Specialist
Communications Stakeholder Outreach
510-637-2199/ fax 510-637-2434

 

 
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