Issue Number: 2017-39
Inside This Issue
- Tax Relief for Hurricane Victims
- Free Webinar to Help Tax Professionals Detect Cyber Threats
- e-Services Secure Mailbox Unavailable over Columbus Day Weekend
- Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock
- APMA Solicits Comments on New Advanced Pricing Agreement Template
- Technical Guidance
1. Tax Relief for Hurricane Victims
As the hurricane season continues, IRS is working to provide relief to tax professionals and their clients. Extensions of time to file and other forms of tax relief are available to victims of hurricanes Harvey, Irma and Maria. Check www.irs.gov/hurricaneharvey, www.irs.gov/hurricaneirma and www.irs.gov/hurricanemaria for the latest updates.
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2. Free Webinar to Help Tax Professionals Detect Cyber Threats
Recent headlines offer a reminder that no business is immune from cyberattack. If you’re a tax professional, the sensitive information you handle makes you a particularly appealing target. Find out how to reduce your cyber risk at a free webinar for tax professionals.
Experts from the Internal Revenue Service, Federal Trade Commission and National Association of Tax Professionals (NATP) will discuss protections that can warn you of a cyberattack and help you react quickly to avert or limit the harm. It’s the third of four webinars based on the National Institute of Standards and Technology’s (NIST) Cyber Security Framework core principles of Identify, Protect, Detect, Respond and Recover.
The free webinar is set for 1 p.m. ET on Wednesday, Oct. 4. Register at the NATP website.
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3. e-Services Secure Mailbox Unavailable over Columbus Day Weekend
IRS will conduct maintenance on numerous electronic systems over the Columbus Day weekend. e-Services will remain operational during this time. However, delivery to the Secure Mailbox will be delayed until power is restored. The Secure Mailbox outage period begins Saturday, Oct. 7 at 7:00 p.m. ET and ends Tuesday, Oct. 10 at 6:00 a.m. ET. If you will need to retrieve products from your mailbox, please plan to do so before the outage.
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4. Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock
Farmers and ranchers who previously were forced to sell livestock due to drought in an applicable region now have an additional year to replace the livestock and defer tax on any gains from the forced sales. An applicable region is a county designated as eligible for federal assistance plus counties contiguous to that county.
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5. APMA Solicits Comments on New Advanced Pricing Agreement Template
The IRS’s Advance Pricing and Mutual Agreement Program (APMA) is soliciting comments on a proposed revision to the template for advance pricing agreements.
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6. Technical Guidance
Notice 2017-46 provides guidance for financial institutions required to collect taxpayer identification numbers (TINs) and dates of birth under temporary regulations under Chapter 3 or a Model 1 Intergovernmental Agreement (IGA).
Notice 2017-46 will be in IRB 2017-41, dated Oct. 10.
Notice 2017-53 provides guidance regarding an extension of the replacement period under section 1033(e) of the Internal Revenue Code for livestock sold because of drought in specified counties.
Notice 2017-54 announces the special per diem rates effective October 1, 2017, which taxpayers may use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.
Notice 2017-55 excludes from the definition of United States property for purposes of section 956 certain property temporarily stored in the United States following Hurricane Irma or Hurricane Maria.
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