e-News for Tax Professionals Issue 2015-32

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Issue Number:  2015-32

Inside This Issue

1. IRS Seeks Applications for Advisory Committee for the Tax Exempt and Government Entities Division
2. Tax Relief for Storm Victims in Kentucky
3. Upcoming IRS Webinars
4. Technical Guidance

The IRS is seeking applicants for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides advice and public input on the various areas of tax administration served by the Tax Exempt and Government Entities Division (TE/GE). Applications will be accepted through Sept. 4.

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Victims of the severe storms, tornadoes, straight-line winds, flooding, landslides, and mudslides that took place beginning on July 11 in parts of Kentucky may qualify for tax relief from the Internal Revenue Service.

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The following IRS webinars may be of interest to you and your clients.

Aug. 19: Payments to Independent Contractors. This webinar rebroadcast features information on backup withholding and how to avoid it, CP2100 notices for payee name/TIN mismatches and a new live Q&A session. CE credit is available.

Aug. 26: Business Taxes for the Self-Employed: The Basics. This webinar features key information on husband and wife businesses and recordkeeping and includes a Q&A session.

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Announcement 2015-22 states that the IRS will not assert that an individual whose personal information may have been compromised in a data breach must include in gross income the value of the identity protection services provided by the organization that experienced the data breach.  Additionally, the IRS will not assert that an employer providing identity protection services to employees whose personal information may have been compromised in a data breach of the employer’s (or employer’s agent or service provider’s) recordkeeping system must include the value of the identity protection services in the employees’ gross income and wages. 

Revenue Procedure 2015-40 provides guidance on the process of requesting and obtaining assistance under U.S. tax treaties from the U.S. Competent Authority, acting through the Advance Pricing and Mutual Agreement Program and the Treaty Assistance and Interpretation Team of the Deputy Commissioner (International) Large Business and International Division of the Internal Revenue Service.

Revenue Procedure 2015-41 provides guidance on the process of requesting and obtaining an Advance Pricing Agreement (“APA”). 

Notice 2015-55 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I). The rates in this notice reflect the application of section 430(h)(2)(C)(iv), which was added by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21) and amended by section 2003 of the Highway and Transportation Funding Act of 2014, Public Law 113-159 (HATFA).

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