Issue Number: 2017-15
Inside This Issue
- Electronic Payment Options Available on IRS.gov
- Don’t Forget to Include the Due Diligence Checklist with Your Returns
- Reminder: Taxpayers with Foreign Assets May Have U.S. Tax Obligations
- Foreign Trust Reporting
- May 3 Webinar: Working with the IRS Office of Appeals
- Follow @IRStaxpros on Twitter
- Technical Guidance
1. Electronic Payment Options Available on IRS.gov
Encourage your clients who owe to use an electronic payment option. Taxpayers can pay online, by phone or through their mobile devices using the IRS2Go app. You can get more information on the IRS.gov Payments page and in Publication 5034, a flyer you can download and share with your clients.
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2. Don’t Forget to Include the Due Diligence Checklist with Your Returns
As the end of the filing season approaches, it’s worth remembering due diligence requirements have been expanded this year to include two refundable credits – the Child Tax Credit/Additional Child Tax Credit, and the American Opportunity Tax Credit – in addition to the Earned Income Tax Credit (EITC).
Tax practitioners must properly complete and submit Form 8867, Paid Preparer’s Due Diligence Checklist, certifying their clients’ eligibility for each of these credits. The form and instructions are available on IRS.gov.
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3. Reminder: Taxpayers with Foreign Assets May Have U.S. Tax Obligations
The IRS reminds U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. For those with foreign financial accounts, a new deadline – April 18 -- applies to the FBAR reporting requirement.
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4. Foreign Trust Reporting
Transactions with a foreign trust can have tax consequences and result in filing responsibilities. Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, is due on the date your income tax return is due, including extensions. Foreign Trust Reporting Requirements and the Foreign Trust Tax Map on IRS.gov have more information.
Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner, must be filed by the fifteenth day of the third month after the end of the trust’s tax year. See Reminder to U.S. Owners of a Foreign Trust and the Foreign Trust Tax Map for more.
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5. May 3 Webinar: Working with the IRS Office of Appeals
Register here to watch “Working with the IRS Office of Appeals -- What to Expect,” a free 90-minute webinar, scheduled for May 3 at 2:00 p.m. EDT. Topics include the role of Appeals, an overview of Appeals policies and procedures, and an outline of procedures for examination and collection cases.
Certificates of completion will be offered. Earn one continuing education credit in Federal Tax.
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6. Follow @IRStaxpros on Twitter
@IRStaxpros is an IRS Twitter feed offering daily news and guidance for tax professionals. Follow it at https://twitter.com/irstaxpros.
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7. Technical Guidance
Notice 2017-27 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.
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