Issue Number: 2015-39
Inside This Issue
- IRS Modifies Maintenance Schedule; Modernized e-File Open Over Columbus Day Weekend
- Tax-filing Extension Expires Oct. 15 for Millions of Taxpayers
- Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock; 48 States and Puerto Rico Affected
- Technical Guidance
1. IRS Modifies Maintenance Schedule; Modernized e-File Open Over Columbus Day Weekend
Following concerns from the tax professional community, the IRS has modified its Columbus Day power outage to minimize the impact of this critical maintenance period as much as possible. This year, the Columbus Day weekend maintenance period will not affect the Modernized e-File operation, a change from previous years. The maintenance requirements, however, will affect the e-services secure mailbox operations between Sunday, Oct. 11 from around 3:00 a.m. Eastern Time until Monday, Oct. 12 at approximately 4:00 p.m. Eastern Time. Please note those times could vary, depending on normal maintenance issues.
During this period, the Transcript Delivery System, TIN Matching and e-File application will be available and you can use the online method to print and view your documents. However, if you choose to use the secure mailbox, you will not be able to retrieve your documents until after the maintenance period ends. Bulk TIN Matching and Transcript Delivery requests should be submitted by 2:00 a.m. Oct. 11, to ensure delivery to the secure mailbox prior to the start of the maintenance period. The IRS appreciates the feedback it has received regarding the Columbus Day period, and it has tried to reduce the impact of this outage as much as possible while balancing the need for timely system updates during a critical period. Thank you for your patience.
Back to top
2. Tax-filing Extension Expires Oct. 15 for Millions of Taxpayers
Tax-filing extensions run out on Oct. 15. Be sure to double check your clients returns for often-overlooked tax benefits.
Back to top
3. Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock; 48 States and Puerto Rico Affected
Farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales.
Back to top
4. Technical Guidance
Revenue Procedure 2015-50 updates Rev. Proc. 2014-64 (published in 12/14) to add countries to the list of countries set forth in Section 4 of Rev Proc 2014-64. Section 4 lists countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest information collected on certain nonresident alien individuals under Section 1.6049-8(a) and 1.6049-4(b)(5). Rev. Proc. 2015-50 supplements that list of countries by adding additional ones that have recently completed a FATCA-related safeguards assessment.
Notice 2015-69 provides guidance regarding an extension of the replacement period under Section 1033(e) of the Internal Revenue Code for livestock sold on account of drought in specified counties. Notice 2015-69 will be in IRB 2015-41, dated Oct. 13.
Notice 2015-70 requests comments from the public on how to define certain types of qualified property for purposes of section 48 of the Internal Revenue Code and provides a 120-day period from the date of publication of the notice in the Internal Revenue Bulletin for the comments.
Back to top
Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service.
If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.
This message was distributed automatically from the mailing list e-News for Tax Professionals. Please Do Not Reply To This Message
To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions page on the IRS Web site.
|
