e-News for Tax Professionals Issue 2014-51

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Issue Number:  2014-51

Inside This Issue

1. IRS, National Tax Groups Join to Offer Help Selecting a Tax Preparer
2. Form 8965: Health Coverage Exemptions and Instructions
3. A Filing Season Resource for Your Clients: Publication 5187, Health Care Law: What’s New for Individuals & Families
4. Refund Information for Filing Season 2015
5. Enrolled Agent Status Renewals
6. 2014 Federal Unemployment (FUTA) Credit Reduction States
7. Webinar: Keeping Up with Earned Income and Refundable Tax Credits
8. Technical Guidance

With the filing season approaching, the IRS joined with national tax organizations to provide people with new options to get information and tips on selecting tax professionals and avoiding unscrupulous preparers.

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Beginning in 2014, your individual client must have health care coverage, have a health coverage exemption, or make a shared responsibility payment with his or her tax return. Use Form 8965 to report a coverage exemption granted by the Marketplace (also called the “Exchange”) or to claim a coverage exemption on your client’s tax return. In addition, if for any month your client or another member of your client’s tax household had neither health care coverage nor a coverage exemption, these instructions provide the information you will need to calculate the shared responsibility payment.

See the Instructions for Form 8965 page for more information

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Publication 5187 explains how taxpayers enroll in minimum essential coverage, qualify for an exemption or make a shared responsibility payment. It also provides information about the premium tax credit. The publication includes a glossary that defines ACA-related terms.

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Publication 2043, IRS Refund Information Guidelines for the Tax Preparation Community, is now available on IRS.gov. The publication contains the lasted guidance on communicating with your clients about refunds, direct deposit limits and more.

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Attention enrolled agents with SSNs ending in 7, 8, 9, or none (no SSN): You need to renew your enrollment status by Jan. 31, 2015! Get started here: http://www.irs.gov/Tax-Professionals/Enrolled-Agent-News

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Employers in FUTA credit reduction states must adjust their unemployment tax liability on Form 940.

Additional information about the credit reduction, including how to calculate and report it, is on the FUTA Credit Reduction page.

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Keep your tax preparation business in good standing. In just under an hour, you’ll learn how to avoid common errors and penalties when determining eligibility for IRS Refundable Tax Credits such as the American Opportunity Tax Credit, Child Tax Credit and Earned Income Tax Credit. You’ll also hear how due diligence can benefit you, your clients and your business. IRS subject matter experts will offer tips and resources to help you prepare and file accurate claims for refundable tax credits.

Register for this webinar in English on Jan. 7 or Spanish on Jan. 8. Continuing Education credits are being issued to registered practitioners who attend the English or Spanish webinars.

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Revenue Procedure 2014-63 updates Revenue Procedure 2009-44, 2009-2 C.B. 462, incorporating provisions of Announcements 2008-111 and 2011-6 relating to mediation, to expand and clarify the types of examination and collection cases and issues in the Appeals administrative process that are eligible for mediation pursuant to section 7123(b)(1) of the Internal Revenue Code.

Revenue Procedure 2014-64 provides an updated list of jurisdictions with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information for purposes of the bank deposit interest reporting requirements under sections 1.6049-4(b)(5) and 1.6049-8(a), as well as jurisdictions with which the IRS and Treasury have determined the automatic exchange of such information is appropriate.

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