1. The IRS Intensifies National Crack down on Identity Theft; Part of wider effort to Protect Taxpayers, prevent Refund Fraud
Continuing a year-long enforcement push against refund fraud and identity theft, the Internal Revenue Service announced the results of a massive national sweep in recent weeks targeting identity theft suspects in 32 states and Puerto Rico, which involved 215 cities and surrounding areas.
2. The IRS to Accept Tax Returns with Education Credits, Depreciation Next Week
The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week: Education Credits, Form 8863, and Depreciation and Amortization, Form 4562.
3. YouTube: For Victims of Identity Theft
4. IRS Provides Details on Forensic Training for certified Acceptance Agents; Deadline extended to December 31
Based on comments and feedback from the Certified Acceptance Agent (CAA) community, the IRS is extending the deadline for CAAs and responsible parties to complete the forensic training requirement to Dec. 31, 2013.The Internal Revenue Service currently does not endorse any particular vendor.
5. Form 8849, Claim for Refund of Excise Taxes, for Tax Year 2013
Attention: Software Developers, Return Transmitters and Authorized IRS e-file Providers/EROs
Form 8849 and its schedules for tax year 2013 cannot be electronically filed until programming is complete. Paper claims may be filed.
6.1099-K Reporting Requirements for Payment Settlement Entities
IRS.gov has updated information on the 1099-K reporting requirements for payment settlement entities.
7. New Offer in Compromise Pre-Qualifier Tool Available
Use the new offer in compromise pre-qualifier tool to determine a client’s eligibility and calculate a preliminary offer amount. The pre-qualifier tool is available on IRS.gov.
8. Explaining the CP 2000-in Spanish
Tax Tip 652, Notice of Under-reported Income – CP-2000, is now available in Spanish.
9. Webinar Now Online: 2013 Tax Update
The recent IRS Live webinar, Getting Ready for Filing Season 2013 – Individuals and Businesses, is now available on the IRS Video Portal.
10. Phone Forum: Employee Plans Compliance Resolution System Changes
You can sign up now for this Feb. 21 Phone Forum. Revenue Procedure 2013-12 made various changes to the IRS correction programs that plan sponsors and practitioners can use to fix mistakes in retirement plans. The changes include being able to now correct 403(b) plan document failures and new Voluntary Compliance Program procedures. Janet Mak, Manager of EP Voluntary Compliance, and Paul C. Hogan, EP Voluntary Compliance Program Coordinator, will discuss the new revenue procedure. If you have a specific matter that you would like addressed, please email email@example.com by Feb. 15.
Note: This forum will be held twice on Feb. 21. The first session is scheduled for 11:00 am ET and the second session for 2:00 pm ET. Please register only for the session in which you plan to participate.
11. Technical Guidance
Notice 2013-04 solicits comments regarding what modifications the Treasury Department should make to its method of determining adjusted applicable federal rates under section 1288(b) of the Internal Revenue Code and the adjusted Federal long-term rate under section 382(f) of the Internal Revenue Code. The notice provides interim guidance describing the modifications to the method that will be in effect pending the issuance of further guidance.
Notice 2013-04 will be published in Internal Revenue Bulletin 2013-9 on February 25, 2013.
Revenue Ruling 2013-5 holds that Eurex Deutschland, a regulated exchange of Germany, is a qualified board or exchange within the meaning of section 1256(g)(7)(C) of the Code.
Revenue Ruling 2013-5 will appear in IRB 2013-9 dated Feb. 25, 2013.
Notice 2013-6 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I), and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007. The rates in this notice reflect certain changes implemented by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21).
Notice 2013-6 will be in Internal Revenue Bulletin 2013-10, dated March 4, 2013.
Notice 2013-9 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 Hurricane Sandy (“displaced individuals”) in residential rental projects (“Projects”) financed with tax-exempt bonds under § 142(d). This Notice complements Notice 2012-68 which provides relief from certain requirements for residential rental projects utilizing § 42 low-income housing credits.
Notice 2013-9 will be published in Internal Revenue Bulletin 2013-9 on February 25, 2013.
notice 2013-12 establishes Phase II of the qualifying advanced energy project program. Phase I was originally established under § 48C of the Internal Revenue Code, and Notice 2009-72. Section 48C was enacted by section 1302 of the American Recovery and Reinvestment Act of 2009, and provides an advanced energy project credit of 30% of the qualified investment for that taxable year with respect to the taxpayer’s qualifying advanced energy project. The total credit available under this program is approximately $150,000,000.
Notice 2013-12 will be published in Internal Revenue Bulletin 2013-10 on March 4, 2013.
Notice 2013-13 inviting comments on factors to be considered in determining whether equipment is depreciable property and eligible for like-kind exchange treatment. Comments are also requested concerning possible safe harbor approaches and whether the IIR process would be useful in resolving these issues.
Notice 2013-13 will be published in Internal Revenue Bulletin 2013-12 on March 18, 2013.
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