e-News for Tax Professionals Issue 2015-28

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e-News for Tax Professionals July 17,2015

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Issue Number:  2015-28

Inside This Issue


  1. IRS Offers Three Webinars on Affordable Care Act Provisions for Employers and Coverage Providers
  2. Taxpayer Advocate Releases FY2016 Objectives Report to Congress
  3. Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns
  4. Technical Guidance

 


1.  Offers Three Webinars on Affordable Care Act Provisions for Employers and Coverage Providers 

This series of educational webinars is designed to help you understand the Affordable Care Act’s employer provisions and related requirements. The IRS is presenting three different webinars later this month that will be repeated in August and September.

The webinars are designed for business owners, tax managers, employee benefits managers and health coverage providers. All times are Eastern.

Employer Shared Responsibility and Information Reporting

Employer-Sponsored Health Coverage Information Reporting Requirements for Applicable Large Employers

Information Reporting Requirements for Providers of Minimal Essential Coverage

For more information about the Affordable Care Act and tax provisions for employers and health coverage providers, visit http://www.irs.gov/Tax-Professionals/ACA-Information-Center-for-Tax-Professionals.

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2.  Taxpayer Advocate Releases FY2016 Objectives Report to Congress

The National Taxpayer Advocate, Nina Olsen, identifies specific tax administration priority areas and challenges in the FY2016 Objectives Report to Congress. The report includes information related to IRS long-term strategic planning, tax-related identity theft and administration of the Patient Protection and Affordable Care Act (ACA). It also presents highlights of the recently concluded filing season.

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3.  Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns

The IRS encourages eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to come back into compliance.

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4.  Technical Guidance

Revenue Ruling 2015-16 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274.  The rates are published monthly for purposes of sections 42, 382, 412, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.

Notice 2015-50 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).

Notice 2015-51 modifies Notice 2015-4 by providing a revised effective date for certain qualifying property.

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