• General rules contained in the IRC
• Acquisition and production costs
• Applicable Financial Statements
• Materials and supply rules
• Improvements vs. repairs
• Betterments, restorations and adaptations
• Safe harbor
• Election to capitalize repair and maintenance costs
• Method changes
• Simplified procedures for small business taxpayers
• Plus live Q&A with IRS subject matter experts

Certificates of completion are being offered. Earn up to 2 CE credits – Federal Tax Update.

3. Last-Minute Reminder: Report Certain Foreign Bank and Financial Accounts to Treasury by June 30

If your clients have one or more bank or financial accounts located outside the United States, or signature authority over such accounts, they may need to file an FBAR by next Tuesday, June 30.

4. Dual Notice of Address Change

As of January 2015, the IRS is legally required to issue both Notices CP148A and CP148B, confirmation of address change, to employers at the previous and new address on record. The IRS is sending a high volume of notices due to simple mistakes when preparing employment tax returns, such as interchanging “Street” for “St.” or “Ave.” instead of “Avenue”.

For more information: Understanding Your CP148A Notice, Understanding Your CP148B Notice and Form 8822-B - Change of Address or Responsible Party – Business.

5. The Electronic Tax Administration Advisory Committee Issued Its 2015 Annual Report

The Electronic Tax Administration Advisory Committee (ETAAC) held its annual public meeting and released its annual report to Congress. The report features recommendations on a wide range of electronic tax administration issues.

6. IRS Provides Online Information on Circular 230

Tax professionals who represent taxpayers before the IRS should be aware that there were significant revisions made to Circular 230 on June 12, 2014.

7. Technical Guidance

Revenue Ruling 2015-15 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.

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 2015-15 will be in IRB 2015- 27, dated July.

Notice 2015-46 clarifies how a charitable hospital organization may comply with the requirement in the final regulations under section 501(r) published on December 31, 2014, that a hospital facility include a list of providers in its financial assistance policy (FAP). This notice affects charitable hospital organizations.

Notice 2015-46 will appear in IRB 2015-28, dated July 13.

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