e-News for Tax Professionals Issue 2011-48
Internal Revenue Service (IRS) sent this bulletin at 12/09/2011 11:45 AM EST
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Issue Number: 2011-48Inside This Issue
1. Tax Information for U.S. Citizens or Dual Citizens Residing Outside the U.S. The IRS is aware some taxpayers who are dual citizens of the United States and a foreign country may have failed to timely file United States federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs), despite being required to do so. Some of those taxpayers are now aware of their filing obligations and seek to come into compliance with the law. This fact sheet summarizes information about federal income tax return and FBAR filing requirements, how to file a federal income tax return or FBAR, and potential penalties. 2. IRS Announces Standards for Continuing Education Providers and Accrediting Organizations The IRS this week announced the standards to become an IRS-approved Continuing Education (CE) Provider and the requirements to become an IRS CE Accrediting organization. The guidance paves the way for implementation of new CE requirements for certain tax return preparers starting next year. 3. New PTIN Application Functionality Available Preparers who no longer have access to the email addresses associated with their PTIN accounts or who do not remember what email address they used when obtaining a PTIN can now update their email addresses without logging into their accounts. Simply select “Forgot or Cannot Access Email?” from the Tax Professional PTIN System. Preparers must know their Last Name, Date of Birth, PTIN, Social Security Number, and the answer to their Secret Question in order to use this functionality. 4. IRS Urges Tax Professionals to Prepare Now for New e-File Rules Are you or your firm an Authorized IRS e-File Provider? Remember there's a new requirement for 2012: If you prepare and file more than 10 individual and/or trust returns, you must use IRS e-file. You (or your firm) must have an Electronic Filing Identification Number (EFIN) to e-file. And don’t delay. It can take 45 days or more to process an application. 5. Identity Protection Specialized Unit Fax Number Changing Dec. 12 The fax number for the Identity Protection Specialized Unit, which is published on IRS.gov, Form 14039 and other references, will change on Dec. 12 to: (978)684-4542 6. IRS Helps Tax ID Theft Victims with New IP PIN A six-digit Identity Protection Personal Identification Number or IP PIN is being provided to those victims of tax-related identity theft who have had their identities verified by IRS to avoid delays in processing their federal returns. If your client indicates he or she received IRS Letter 4869CS providing them with an IP PIN, please ask your client for the letter and follow the instructions provided when preparing the return. Important: If your client received an IP PIN, please enter it on the tax return to avoid processing delays. For electronic returns, the software will indicate where to insert the IP PIN. For paper returns, enter the IP PIN in the six boxes to the right of the spouse's occupation in the signature section. Tax professionals may send general inquiries to-IPPIN.Questions@irs.gov 7. Reminder: Latest News from OPR and RPO The Dec. 14 IRS Live webinar will provide an overview of the responsibilities of the newly established Return Preparer Office. The broadcast will also cover the recent IRS Office of Professional Responsibility reorganization and its exclusive authority under Circular 230. 8. Keep Informed About Hot Issues The Issue Management Resolution System is a streamlined, structured process that captures, develops and responds to significant national and local issues from tax practitioners and other stakeholders. Check out this month's IMRS Hot Issues report. 9. YouTube: IRS Offers Year-End Tax Tips The IRS has suggestions for taxpayers as the year comes to an end in this new YouTube video. Watch this and other videos on the IRS’s YouTube Channel. 10. Technical Guidance Revenue Procedure 2012-12 describes the procedures and standards that organizations must follow to be identified by the Internal Revenue Service as a qualifying organization that may accredit continuing education providers under section 10.9(a)(1)(iii) of Circular 230 and the procedures and standards that individuals and entities must follow to be approved as continuing education providers under section 10.9(a)(1) of Circular 230. Notice 2011-100 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I), and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007. 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. |
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