e-News for Tax Professionals Issue 2012-12

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Issue Number:  2012-12

Inside This Issue

1. IRS Seeks Volunteers for Taxpayer Advocacy Panel
2. IRS Releases Fiscal Year 2011 Data Book
3. U.S. Residency Certification User Fee Increases April 1
4. Tax Relief for Victims of Severe Storms in Tennessee and West Virginia
5. YouTube: Work Opportunity Tax Credit
6. March 30 Phone Forum: Employee Plans Determination Letter Program Update
7. Technical Guidance

The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues and makes recommendations for improving IRS service.

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The Internal Revenue Service released the 2011 IRS Data Book, a snapshot of agency activities for fiscal year 2011 – Oct. 1, 2010, to Sept. 30, 2011. During the year, the IRS collected $2.4 trillion and processed more than 234 million tax returns.

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Beginning April 1, the fee for processing Form 8802, Application for United States Residency Certification, will increase from $35 per application to a flat fee of $85 per application. Presently, there is no limit to the number of certificates issued at the new rate of $85.

This is the first increase since the user fee policy was implemented in 2006 and reflects increases in labor and other costs to process the form. All Form 8802 applications submitted or postmarked on or after April 1 will incur the new fee.

The revised Form 8802 and instructions will be available to the public on April 1.

The Office of Management and Budget mandates that federal agencies charge user fees that reflect the full cost of goods or services that convey special benefits to recipients that go beyond those accrued by the general public.

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Victims of the severe storms that began on Feb. 29 in parts of Tennessee and West Virginia may qualify for tax relief from the Internal Revenue Service.

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Learn about a new tax law change that affects employers who hire veterans in 2011 and 2012 in this new YouTube video.

Watch this and other videos on the IRS YouTube Channel.

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Sign up now for the March 30 Employee Plans Phone Forum.  Important changes to the Employee Plans determination letter will be discussed by Donald Kieffer, Area Manager in the IRS Employee Plans determination letter program.

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Revenue Ruling 2012-11 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 § 1274.

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