e-News for Tax Professionals Issue 2015-19

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Issue Number:  2015-19

Inside This Issue

1. Free Tax Guide Focuses on Tax Benefits for Members of the Military
2. Report Foreign Financial Account(s) by June 30
3. How to Request a Copy of a Tax Return
4. Technical Guidance

Do you have clients in the Military? May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them.

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If you have a client with one or more foreign bank or financial accounts exceeding $10,000 in value, you must file a Report of Foreign Bank Account(s) (FBAR) by June 30. Reports must be filed electronically through the BSA E-Filing System using FinCEN Report 114.

For e-filing questions or help, call the BSA E-Filing Help Desk at 866-346-9478 or e-mail BSAEFilingHelp@fincen.gov. 

For more information, see the FBAR Reference Guide on IRS.gov.

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This new YouTube video explains how your client can request a transcript or entire copy of a tax return from the IRS.

Find this and other videos on the IRS YouTube Channel 

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Notice 2015-39 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I).  The rates in this notice reflect the application of section 430(h)(2)(C)(iv), which was added by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21) and amended by section 2003 of the Highway and Transportation Funding Act of 2014, Public Law 113-159 (HATFA).

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