Issue Number: 2016-20
Inside This Issue
- Tax Pros Can Earn 19 CPE Credits at the 2016 IRS Nationwide Tax Forums
- IRS Marks National Military Appreciation Month
- Modernized e-File (MeF) to Shut Down for Memorial Day Weekend
- Get Transcript Update
- May 25 Webinar: “Overseas Filing for US Taxpayers”
- Technical Guidance
1. Tax Pros Can Earn 19 CPE Credits at the 2016 IRS Nationwide Tax Forums
The IRS encourages tax professionals to register for the 2016 IRS Nationwide Tax Forums for an opportunity to earn up to 19 continuing professional education credits at any of the five forums held throughout the country beginning this July.
Back to top
2. IRS Marks National Military Appreciation Month
May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them.
Back to top
3. Modernized e-File (MeF) to Shut Down for Memorial Day Weekend
IRS will conduct its annual Memorial Day Systems Shutdown beginning Saturday, May 28 at 11:59 a.m. ET and ending Tuesday, May 31 at 6:00 a.m. ET. The Modernized e-File Systems (both Production and ATS) will not be operational during this timeframe. Please refrain from accessing the MeF Systems to transmit business, individual or state tax returns, retrieve acknowledgements or submit any other service requests.
Please monitor the MeF Status Page for any updates.
Back to top
4. Get Transcript Update
Over the coming days the IRS will beta test a new authentication and access process for Get Transcript Online. During this period, some people visiting the Get Transcript page will see options to use both Get Transcript Online and Get Transcript by Mail, while others will see only the Get Transcript by Mail option. More information about the new authentication and access process and full re-launch of Get Transcript Online will be made available once beta testing has concluded.
Back to top
5. May 25 Webinar: “Overseas Filing for US Taxpayers”
IRS will present the “Overseas Filing for US Taxpayers” webinar on May 25 from 1-3 p.m. EDT(18:00-2100 hours UTC-0).
To register and attend this webinar, use the Overseas Filing for US Taxpayers webinar link. It is recommended attendees log in 10 minutes prior to the start time.
The session will be recorded and made available at a later time at IRSvideos.gov.
Back to top
6. Technical Guidance
Revenue Ruling 2016-13 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 section 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.
Notice 2016-31 updates prior IRS guidance to address the PATH Act extension and modification of IRC sections 45 and 48. Notice 2016-31 was previously released by the Service on May 5, 2016. This second release reflects 3 revisions made to the Notice: (1) to modify the deadline for the Continuity Safe Harbor in section 3, (2) to correct a math error in the example in section 6.02(1), and (3) to insert language regarding the effective date of the publication in section 7.
Notice 2016-33 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates for May 2016.
Notice 2016-34 publishes calendar year 2016 inflation adjustment factors and reference prices for the renewable electricity production credit, the refined coal production credit and the Indian coal credit under section 45.
Back to top
Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service.
If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.
This message was distributed automatically from the mailing list e-News for Tax Professionals. Please Do Not Reply To This Message
To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions page on the IRS Web site.
|
