Issue Number: 2015-43
Inside This Issue
- Limited Practice Changes Coming for Unenrolled Preparers; PTIN Fee Decreases
- Enrolled Agent Renewals Set to Begin
- IRPAC Issues Annual Report for 2015
- Tax Preparedness Series: Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31
- YouTube: Audit by Mail–What to Do?
- Fall Edition of the SSA/IRS Reporter Online
- Technical Guidance
1. Limited Practice Changes Coming for Unenrolled Preparers; PTIN Fee Decreases
The IRS reminds non-credentialed tax return preparers of major upcoming changes regarding which tax return preparers can represent clients in matters before the IRS beginning in 2016, and to take action by Dec. 31 to avoid being affected. The agency also announced a reduction in PTIN (preparer tax identification number) fees.
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2. Enrolled Agent Renewals Set to Begin
You must renew your status as an enrolled agent every three years in order to remain eligible to practice before the IRS. If your Social Security number ends in 0, 1, 2 or 3, you must renew by Jan. 31, 2016. Renew your license using Form 8554, Application for Renewal of Enrollment to Practice Before the IRS, at www.pay.gov between Nov. 1 and Jan. 31.
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Go to www.pay.gov and enter “8554” in the Search Public Forms box on the left-hand side.
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Complete the online form and pay the $30 renewal fee.
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Renewals may take up to 90 days to process.
All enrolled agents must also have a Preparer Tax Identification Number (PTIN) and you must enter it on Form 8554.
If you have questions about your enrolled agent renewal, please email your inquiry to EPP@irs.gov or call toll-free 855-472-5540 (Hours: 6:30 am to 4 pm CT).
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3. IRPAC Issues Annual Report for 2015
The Information Reporting Program Advisory Committee (IRPAC) issued its annual report for 2015, including numerous recommendations to the IRS Commissioner on new and continuing issues in tax administration.
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4. Tax Preparedness Series: Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31
Taxpayers born before July 1, 1945, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
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5. YouTube: Audit by Mail–What to Do?
This new YouTube video explains what to do if your client is audited by mail.
Watch this and other videos on the IRS YouTube Channel
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6. Fall Edition of the SSA/IRS Reporter Online
The Fall edition of the SSA/IRS Reporter is now online with information on retirement plans, year-end reminders and more.
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7. Technical Guidance
Revenue Procedure 2015-52 sets forth for purposes of section 846 of the Internal Revenue Code the loss payment patterns and discount factors for each property and casualty line of business for the 2015 accident year. These factors are to be used by property and casualty insurance companies in discounting unpaid losses.
Revenue Procedure 2015-54 sets forth for purposes of section 832 of the Internal Revenue Code the salvage discount factors and payment patterns for each property and casualty line of business for the 2015 accident year. These factors are to be used by property and casualty insurance companies to discount estimated salvage recoverable.
Notice 2015-76 requests comments about issues that should be addressed in guidance relating to the rules to exclude from the air transportation excise tax amounts attributable to mileage awards (sometimes referred to as frequent flyer miles) that are redeemed other than for taxable transportation, such as for the purchase by the consumer for hotel rooms, restaurant gift cards and items from the airline shopping catalog.
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