e-News for Tax Professionals Issue 2014-33

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Issue Number:  2014-33

Inside This Issue

1. IRS Repeats Warning about Phone Scams
2. "Taxpayer Bill of Rights" Now Available in Six Languages
3. New Pub 5172 – Facts about Health Coverage Exemptions Available on IRS.gov
4. Technical Guidance

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to represent the IRS.

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The IRS’ cornerstone document, "Taxpayer Bill of Rights,“ is now available in six languages.

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New IRS Publication 5172, Facts about Health Coverage Exemptions, provides information for taxpayers who qualify for and may claim exemption from minimum essential coverage so that they do not need to make individual shared responsibility payments when they file their federal tax returns.

Publication 5156, Facts about the Individual Shared Responsibility Payment, an exemption chart, IRS You Tube video Individual Shared Responsibilities - Overview and Questions and Answers contain more information.

IRS.gov/aca has the latest information about ACA tax provisions. Go to HealthCare.gov for information about health insurance coverage and financial assistance.

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Notice 2014-48 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for July 2014 used under Section 417(e)(3)(D), the 24-month average segment rates applicable for August 2014, and the 30-year Treasury rates.  These rates 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 (HATFA).

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