Issue Number: 2019-03
Inside This Issue
- Commissioner Rettig's Message for Taxpayers
- "Returns Per PTIN" Opens to All PTIN Holders
- Enrolled Agent Renewal Processing Delayed
- Avoid the Rush: Validating Your Identity
- Taxpayer Advocate Releases Annual Report to Congress
- Safe Harbor: Accounting for Qualifying Passenger Automobiles
- Technical Guidance
1. Commissioner Rettig's Message for Taxpayers
Commissioner Chuck Rettig this week shared a message for taxpayers on YouTube. The Commissioner shared important tips for this year’s filing season, including choosing a trusted tax professional and reminding people to check their withholding.
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2. “Returns Per PTIN” Opens to All PTIN Holders
Beginning Feb. 25, the IRS will expand the availability of “Returns Per PTIN” information in the PTIN system to all preparer tax identification number holders. PTIN holders must process a minimum of 50 returns under their PTIN in the current year for data to be displayed. The PTIN system will only include Form 1040 series returns.
Here is a sample screen of the Returns Per PTIN info:
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3. Enrolled Agent Renewal Processing Delayed
Due to the government shutdown, the IRS is delaying renewal processing for enrolled agents whose enrollment expires March 31. Additionally, the IRS is automatically extending enrollment card expiration for this group, which includes all Enrolled Agents with social security numbers ending in 0, 1, 2 or 3. Enrolled Agents with social security numbers ending in 0, 1, 2 or 3 who have not yet submitted a renewal should do so immediately at Pay.gov.
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4. Avoid the Rush: Validating Your Identity
The IRS will ask tax professionals to verify their identities when calling the IRS on behalf of their clients. When you call, have the following information available:
• Verbal or written authorization from the third-party to discuss the account
• Ability to verify your client’s name, SSN/ITIN, tax period, and tax form(s) filed
• Preparer Tax Identification Number (PTIN) or PIN if a third-party designee
• Current, completed and signed Form 8821, Tax Information Authorization or completed and signed Form 2848, Power of Attorney and Declaration of Representative
Because Presidents Day is a peak period for telephone calls to the IRS, use the ‘Where’s My Refund?’ tool at IRS.gov and other resources such as the IRS Service Guide when possible.
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5. Taxpayer Advocate Releases Annual Report to Congress
The National Taxpayer Advocate this week released the 2018 Annual Report to Congress. The report describes challenges arising from the recent government shutdown, and it recommends Congress provide the IRS with multi-year funding to replace its core information technology systems. Visit www.TaxpayerAdvocate.irs.gov/2018AnnualReport to read the report.
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6. Safe Harbor: Accounting for Qualifying Passenger Automobiles
The Treasury Department and the IRS issued guidance on a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles. For more information, see TCJA, Depreciation or visit IRS.gov/taxreform for other provisions under the Tax Cuts and Job Acts (TCJA).
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7. Technical Guidance
Notice 2019-16 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.
Revenue Ruling 2019-07 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.
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