e-News for Tax Professionals Issue 2015-42

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Issue Number:  2015-42

Inside This Issue

1. IRS, States, Industry Make Progress in Fight Against Identity Theft
2. IRS Releases 2016 Pension Plan Limitations; 401(k) Contribution Limit Unchanged at $18,000
3. Tax Preparedness Series: Clients Should Take Time to Check Withholding
4. Nov. 4 Webinar: General Employment Tax Issues
5. Technical Guidance

The IRS, state tax administrators and leaders of the tax industry announced continued progress to expand and strengthen protections against identity theft refund fraud for the 2016 tax season.

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The IRS has released the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. Many of the limits will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger adjustment.

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The earlier in the year your client checks his or her withholding, the easier it will be to get the right amount of tax withheld.

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Register now for the Nov. 4 webinar, General Employment Tax Issues. The one-hour broadcast will include:

• Worker Classification

• Voluntary Classification Settlement Program

• Fringe Benefits

• Officer Compensation

• Backup Withholding and Related Information Return Penalties

Certificates of completion are being offered. Earn 1 CE credit – Federal Tax.

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Revenue Ruling 2015-22 provides various prescribed rates for federal income tax purposes for November 2015 (the current month). Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR) for the current month for purposes of section 1274(d) of the Internal Revenue Code. Table 2 contains the short-term, mid-term, and long-term adjusted applicable federal rates (adjusted AFR) for the current month for purposes of section 1288(b). Table 3 sets forth the adjusted federal long-term rate and the long-term tax-exempt rate described in section 382(f). Table 4 contains the appropriate percentages for determining the low-income housing credit described in section 42(b)(1) for buildings placed in service during the current month.

Revenue Procedure 2015-53 sets forth inflation-adjusted items for 2016.

Notice 2015-73 and Notice 2015-74 were initiated in response to commenters concerns that difficulty in identifying transactions that are the same as or substantially similar to the transactions described in Notice 2015-47  and Notice 2015-48 may cause taxpayers to file disclosures for transactions that are not intended to be treated as listed transactions or transactions of interest at this time.  Notice 2015-73 and Notice 2015-74 revoke Notice 2015-47 and Notice 2015-48, respectively, and provide additional details on the types of transactions that are listed transactions or transactions of interest for purposes of Section 1.6011-4(b)(2) and (6), and Section 6111 and 6112 of the Code.  These notices also provide procedures for taxpayers to change their method of accounting for transactions within the scope of the respective notices.

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