e-News for Tax Professionals Issue 2011-25

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Issue Number:  2011-25

Inside This Issue

1. National Taxpayer Advocate Releases Mid-Year Report
2. Reminder: Report Certain Foreign Bank and Financial Accounts to Treasury
3. Tax Relief for Victims of Floods in North Dakota
4. The IRS Explains How to Order a Transcript
5. Technical Guidance 

National Taxpayer Advocate Nina Olson is expressing concern about the impact of IRS budget cuts on taxpayer service and tax compliance, and about IRS lien filing practices.  Read her Fiscal Year 2010 Objectives Report here, and find out how the Taxpayer Advocate Service can help you and your clients.

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The Internal Revenue Service reminds everyone who has a bank or other financial account in a foreign country, or who has signature authority over such an account, that they may be required to report the account to the U.S. Department of the Treasury by June 30 each year.

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Victims of flooding beginning on April 14, 2011, in parts of North Dakota may qualify for tax relief from the Internal Revenue Service.

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The IRS shows you how to order a copy or a transcript of your tax return in this YouTube video

Watch this and other videos on the IRS YouTube Channel

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Revenue Procedure 2011-38 modifies and supersedes the guidance concerning the treatment under sections 1035 and 72 of the partial exchange of an annuity contract.  Specifically, the revenue procedure provides that the direct transfer of a portion of the cash surrender value of an existing annuity contract for a second annuity contract will be treated as a tax-free exchange under section 1035 if no amount, other than an amount received as an annuity for a period of 10 years or more or during one or more lives, is received during the 180 days beginning on the date of the transfer.  A subsequent direct transfer is not taken into account.  Other transactions will be characterized consistent with their substance.  Prior to this revenue procedure's effective date, Rev. Proc. 2008-24 will be applied with the clarification that the conditions described in section 4.01(b) or Rev. Proc. 2008-24 will be treated as satisfied if the condition was satisfied on the date of the withdrawal or surrender.

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