e-News for Tax Professionals Issue 2014-34
Internal Revenue Service (IRS) sent this bulletin at 08/22/2014 04:36 PM EDT
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Issue Number: 2014-34Inside This Issue
1. Important Whistleblower Office Releases IRS Commissioner John Koskinen issued a statement on Aug. 20 supporting the work of the IRS Whistleblower Office. In it, the Commissioner said he is “committed to expanding the program’s reach.” Also on August 20, Deputy Commissioner for Services and Enforcement John Dalrymple issued a memo to the IRS operating divisions and the Whistleblower Office. In the memo, Dalrymple explains how the new regulations governing the IRS Whistleblower Program will require changes in policies and procedures and he outlines his expectations for timely action on whistleblower submissions. 2. Sept. 4 Phone Forum: Correcting Retirement Plan Mistakes Using IRS Correction Programs Sign up now for this Sept. 4 phone forum and learn how the IRS correction programs for retirement plans work, how to address common plan failures, tips to expedite submissions and how to resolve issues that can’t be addressed under the Employee Plans Compliance Resolution System. 3. Technical Guidance Revenue Ruling 14-22 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. Revenue Ruling 2014-24 modifies the list of group trust retiree benefit plans eligible to participate in 81-100 group trusts in accordance with the requirements of Rev. Rul. 2011-1, 2011-2 I.R.B. 251, as modified by Notice 2012-6, 2012-3 I.R.B. 293, to include trusts of certain retirement plans qualified only under the Puerto Rico Code (Código de Rentas Internas para un Nuevo Puerto Rico de la Ley Núm. 1 de 31 de enero de 2011) and clarifies that assets held by certain separate accounts maintained by insurance companies may be invested in 81-100 group trusts. In addition Rev. Rul 2014-24 provides limited transition relief. Revenue Procedure 2014-49, in the context of a Major Disaster, provides temporary relief from certain requirements of Section 42 of the Internal Revenue Code for Agencies and Owners. The revenue procedure also provides emergency housing relief for individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas. Revenue Procedure 2014-50 automatically suspends certain requirements under Section 142(d) for qualified residential rental projects financed with exempt facility bonds issued by state and local governments under Section 142. The revenue procedure suspends these requirements for one year following a Presidential declaration of a qualifying major disaster. During this period, the revenue procedure suspends the income requirements for units occupied by individuals displaced by the disaster and modifies other requirements of Section 142(d) to accommodate this suspension. 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. |