e-News for Tax Professionals Issue 2015-31

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e-News for Tax Professionals August 7, 2015

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Issue Number:  2015-31

Inside This Issue


  1. Failing to File 2014 Tax Returns Affects Advance Payments of Premium Tax Credit in 2016
  2. IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists; Losses Top $20 Million
  3. IRS FBAR Reference Guide
  4. Tax Relief for Victims of Typhoon Soudelor in the Commonwealth of the Northern Mariana Islands

 


1.  Failing to File 2014 Tax Returns Affects Advance Payments of Premium Tax Credit in 2016

Remind your clients who received advance payments of the premium tax credit in 2014 that they should file their 2014 tax return as soon as possible this summer, even if they have an extension, to protect their eligibility for advance payments from their Marketplace in 2016. Depending on the situation the IRS is currently sending Letter 5591, Letter 5591A or Letter 5596 to taxpayers who received 2014 advance payments, but have not yet filed their tax return. The letters remind taxpayers of the importance of filing their 2014 federal tax return along with Form 8962, Premium Tax Credit, as soon as possible. For more information, see Understanding your Letter 5591, Understanding your Letter 5591A, Understanding your Letter 5596 and the ACA What’s Trending page.

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2.  IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists; Losses Top $20 Million

Following the emergence of new variations of widespread tax scams, the Internal Revenue Service issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people.

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3.  IRS FBAR Reference Guide

New IRS FBAR Reference Guide is available on IRS.gov. This IRS Reference Guide on the Report of Foreign Bank and Financial Accounts provides assistance to U.S. persons who have the obligation to file the FBAR; and to the tax professionals who prepare and electronically file FBAR reports on behalf of their clients. 

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

  • If you need to discuss acceptable alternatives to e-filing, contact the Regulatory Helpline at 800-949-2732 or 703-905-3975, or via email frc@fincen.gov.

  • FBAR questions can also be submitted to FBARquestions@irs.gov.

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4.  Tax Relief for Victims of Typhoon Soudelor in the Commonwealth of the Northern Mariana Islands

Victims of Typhoon Soudelor that began on August 1, 2015 in parts of the Commonwealth of the Northern Mariana Islands may qualify for tax relief from the Internal Revenue Service.

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