e-News for Tax Professionals Issue 2013-9

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Issue Number:  2013-9

Inside This Issue

1. IRS Expands Voluntary Worker Classification Settlement Program
2. Check Out College Tax Benefits for 2012 and Years Ahead
3. Form 8886, Reportable Transaction Disclosure Statement, Questions and Answers
4. YouTube: Health Insurance on W-2
5. IRS Workshops for Charities and Nonprofits Coming to Florida and Missouri
6. Phone Forum: International Issues Involving Retirement Plans in U.S. Territories
7. Technical Guidance

The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP), paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods.

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Now is a good time to see whether your clients qualify for either of two college education tax credits or any of several other education-related tax benefits.

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The IRS Office of Tax Shelter Analysis (OTSA) has developed Q&As that explain the requirements for filing a complete Form 8886, Reportable Transaction Disclosure Statement. The Q&As address participation in a reportable transaction, what constitutes a complete disclosure and provide examples of when a Form 8886 is required to be filed.  Without a complete disclosure of participation in a reportable transaction, a penalty may be applicable.

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Find out why the cost of health insurance is now reported on Form W-2 by watching this new YouTube video.

Watch this and other videos on the IRS YouTube Channel.

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IRS Exempt Organizations offers one-day workshops for small and medium-sized 501(c)(3) organizations around the country in collaboration with colleges and universities. These popular workshops are presented by experienced IRS Exempt Organizations specialists and explain the nuts and bolts of what 501(c)(3) entities must do to keep their tax-exempt status and comply with tax obligations.
 
All full-day workshops are approved by the IRS for six continuing education (CE) credits for Enrolled Agents.
 
The Florida workshops in Gainesville, March 13, and Ocala, March 14, have also been approved for CPE for CPAs.

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Audit results and recurring issues of retirement plans in U.S. Territories and Employee Plans’ (EP) 2013 fiscal year strategies and operating priorities will be discussed March 21 by International Focus Team members, Charlie Petrasanta, TE/GE International lead, Olimpia Diaz, EP group manager, and Stephanie Hunter, EP revenue agent. Sign up now for this phone forum. If you have a specific matter that you would like the presenters to address, please email us at ep.phoneforum@irs.gov by March 14.

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Notice 2013-19 provides guidance on whether, for purposes of applying the limitation set forth in the flush language of § 807(d)(1) (the statutory reserve cap), deficiency reserves are included in the amount taken into account with respect to a life insurance contract in determining statutory reserves under § 807(d)(6).

Notice 2013-19 will be in IRB 2013-14, dated April 1, 2013.

Notice 2013-21 postpones until October 15, 2013, the deadline to make an election under § 165(i) to deduct in the preceding taxable year losses attributable to Hurricane Sandy sustained in federally declared disaster areas in Connecticut, Delaware, District of Columbia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Virginia, and West Virginia resulting from Hurricane Sandy.

Notice 2013-21 will be in IRB 2013-15, dated April 8, 2013.

Revenue Procedure 2013-21 provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2013 and the amount to be included in income by lessees of passenger automobiles first leased during calendar year 2013.  These depreciation deduction limitations and income inclusion amounts are updated annually pursuant to section 280F to reflect the automobile price inflation adjustments.

Revenue Procedure 2013-21 will be published in Internal Revenue Bulletin 2013-12 on March 18, 2013.

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