Hello Everyone,
Hope you had a fabulous 4th of July!
Below is the latest IRS News & Events from Stakeholder Liaison issue. Also, Stakeholder Liaison Northwest Area is holding a, Navigating the Post Filing Season webinar on July 7th, 11:00 am (Pt). See above attached promotional flyer for additional information about webinar.
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: Security Summit: Be Cautious When Using Wi-Fi
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| The IRS, states and industry are working to protect you from identity theft. Taxes. Security. Together: Protect yourself from identity theft with these simple tips. Visit the IRS identity protection page for more information. |
General News
IRS Provides Guidelines on How to Claim New Wrongful-Incarceration Exclusion; Use Special Address for All Back-Year Refund Claims; Dec. 19 Deadline for Older Claims
IR-2016-88, June 16, 2016 — The Internal Revenue Service today released guidelines on how wrongfully-incarcerated taxpayers can take advantage of the new retroactive exclusion from income for any civil damages, restitution or other monetary award received in connection with their incarceration.
IRS Makes Electronically Filed Form 990 Data Available in New Format
IR-2016-87, June 16, 2016 —The IRS announced that the publicly available data on electronically filed Forms 990 will now be available for the first time in a machine-readable format through Amazon Web Services (AWS).
New IRS Special Procedure to Allow Property Owners to Request Return of Property, Funds in Specific Structuring Cases
June 16, 2016 — The IRS has established a special procedure for people whose assets were involved in structuring to request a return of their forfeited property or funds.
Empowerment Zone Designations Continue Through the End of 2016
IR-2016-91, June 21, 2016 — The IRS today announced that all empowerment zone designations remain in effect through the end of 2016.
Foreign Earned Income Exclusion
FS-2016-22, June 2016 — As a U.S. citizen or a resident alien of the United States, you are taxed on your worldwide income.
The Electronic Tax Administration Advisory Committee Issued Its 2016 Annual Report
IR-2016-92, June 22, 2016 — ETAAC held its annual public meeting today and released its annual report to Congress, which features recommendations on a wide range of electronic tax administration issues.
ACT presents its Report of Recommendations on June 8, 2016
Sign Up for IRS Summertime Tax Tips
IR-2016-95, June 30, 2016 — The IRS today encouraged taxpayers interested in receiving helpful consumer tips this summer to get a jump-start on this year’s taxes by subscribing to the IRS Tax Tips email service.
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Security
Security Summit Reviews 2016 Accomplishments, Announces 2017 Initiatives
IR-2016-94, June 28, 2016 — Leaders from the IRS and state tax agencies along with executives from the private-sector tax industry marked the first year of their ground-breaking Security Summit partnership to combat identity theft tax fraud by recapping 2016 accomplishments and turning toward 2017 efforts.
Security Summit Partners Update Identity Theft Initiatives for 2017
FS-2016-21, June 2016 — The IRS, state tax agencies and private-sector industry continued their unprecedented Security Summit partnership by identifying and implementing additional taxpayer safeguards for the upcoming 2017 filing season.
IRS Warns Consumers of Possible Scams Relating to Orlando Mass Shooting
IR-2016-89, June 17, 2016 ― The IRS today issued a consumer alert about possible fake charity scams emerging due to the recent mass shooting in Orlando, Fla., and encouraged taxpayers to seek out recognized charitable groups.
IRS Statement on Electronic Filing PIN
As a precautionary step to protect taxpayers, the IRS announced that the electronic filing PIN tool is no longer available on IRS.gov or by toll-free phone following additional questionable activity.
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Affordable Care Act
ACA Information Center for Tax Professionals
What's Trending
ACA Information Returns May Continue To Be Filed After June 30, 2016
If you are an applicable large employer, self-insured employer or health coverage provider, the deadline to electronically file information returns with the IRS is June 30, 2016. The ACA Information Returns (AIR) system will remain up and running after the deadline.
Health Care Tax Tips
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Technical Guidance
Notice 2016-42 sets out a proposed Qualified Intermediary (“QI”) agreement revising and updating the current agreement, Rev. Proc. 2014-39, published in July 2014. The revised QI agreement updates the current agreement by providing more detailed procedures regarding how qualified intermediaries satisfy their compliance review obligations and sets out terms and requirements for qualified intermediaries that want to act as qualified derivatives dealers with respect to transactions subject to section 871(m). The proposed QI agreement, when finalized, would be effective beginning January 1, 2017.
Notice 2016-40 provides additional transition relief for employers claiming the Work Opportunity Tax Credit (WOTC) under §§ 51 and 3111(e) of the Internal Revenue Code (Code), as extended and amended by the Protecting Americans from Tax Hikes Act of 2015, Pub. L. No. 114-113, div. Q (the PATH Act). Specifically, this notice expands and extends by three months the transition relief provided in Notice 2016-22 (2016-13 IRB 488) for meeting the 28-day deadline in § 51(d)(13)(A)(ii) of the Code. This notice applies to employers that (1) hire members of targeted groups (other than qualified long-term unemployment recipients) on or after January 1, 2015, and on or before August 31, 2016, or (2) hire members of the new targeted group of qualified long-term unemployment recipients on or after January 1, 2016, and on or before August 31, 2016. This notice does not otherwise modify or add to the guidance provided under Notice 2016-22.
Revenue Procedure 2016-37 sets forth the procedures for the determination letter program for individually designed plans and the six-year remedial amendment cycle system for pre-approved plans.
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Events
The 2016 IRS Nationwide Tax Forums - Begin July 12!
Webinars for Tax Practitioners
Retirement Plans
Fed State & Local Governments
Webinars for Businesses
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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