Issue Number: 2019-38
Inside This Issue
- PTIN Renewal Season Begins
- Oct. 22 Webinar: Understanding the 2020 Form W-4 and How to Use It to Compute Withholding
- IRS Celebrates Military Families During National Work and Family Month
- New Members Selected for the Electronic Tax Administration Advisory Committee
- Technical Guidance
1. PTIN Renewal Season Begins
Preparer Tax Identification Number (PTIN) applications and renewals for 2020 are now being processed.
Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid 2020 PTIN before preparing returns. All enrolled agents must also have a valid PTIN.
See PTIN Requirements for Tax Return Preparers for more.
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2. Oct. 22 Webinar: Understanding the 2020 Form W-4 and How to Use It to Compute Withholding
The IRS will present the webinar, Understanding the 2020 Form W-4 and How to Use it to Compute Withholding, at 2 p.m. ET on Oct. 22. This 60-minute webinar will explain the reasoning behind the new W-4 design, steps one through five of the 2020 Form W-4, and how to complete two of the five worksheets from Publication 15-T. Tax pros can earn one continuing education credit by participating.
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3. IRS Celebrates Military Families During National Work and Family Month
As part of National Work and Family Month, the IRS reminds military families they often qualify for specific tax benefits that could lower their tax or allow them more time to file and pay their federal taxes. A key source of information for military families is Publication 3, Armed Forces’ Tax Guide.
Visit IRS.gov to learn more about military family tax benefits.
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4. New Members Selected for the Electronic Tax Administration Advisory Committee
The IRS this week announced the appointment of nine new members to the Electronic Tax Administration Advisory Committee (ETAAC). The ETAAC is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in support of paperless filing of tax and information returns.
To learn more about the new ETAAC members, visit IRS.gov.
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5. Technical Guidance
Revenue Ruling 2019-25 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 and the adjusted federal long-term tax-exempt rate.
Notice 2019-56 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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