e-News for Tax Professionals Issue 2012-7
Internal Revenue Service (IRS) sent this bulletin at 02/17/2012 02:52 PM EST
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Issue Number: 2012-7Inside This Issue
1. IRS Releases the Dirty Dozen Tax Scams for 2012 The Internal Revenue Service issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. 2. YouTube: Don’t Be Victim of the Dirty Dozen Learn more about the tax scams and schemes that made the IRS’s Dirty Dozen list in this YouTube video. Watch this and other videos on the IRS YouTube Channel. 3. IRS Updates Rules for Communication with Appeals Office The Internal Revenue Service updated existing rules on permissible communications between the Office of Appeals and other parts of the IRS. The updated rules are in Revenue Procedure 2012-18, posted today on IRS.gov. 4. Commissioner Speaks before the Financial Accounting Foundation Read the prepared remarks of IRS Commissioner Doug Shulman before the Financial Accounting Foundation at the New York Stock Exchange. 5. IRS 2013 Budget Proposal Summary The Administration’s fiscal year (FY) 2013 budget request for the Internal Revenue Service is approximately $12.8 billion, a $944.5 million increase (8%) over the FY 2012 enacted level, but only a $639.3 million increase (5.3%) from the level enacted for FY 2011. A significant portion of the increase from FY 2012 represents the Administration’s request to restore lost revenue resulting from reductions in IRS funding made over the past two years. 6. Rules for Electronic K-1s The IRS issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients. Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners. The new rules can make it easier for partnerships to provide this necessary information to their partners, and will reduce the expense associated with printing and mailing K-1s to partners who elect to receive them electronically. 7. IRS and Treasury Seek Input on Possible Approaches to Governmental Plan Guidance The Internal Revenue Service and Department of Treasury have announced they will hold town hall and consultation listening meetings across the country to discuss proposed guidance on possible standards for determining if a retirement plan is a governmental plan under section 414(d) of the Internal Revenue Code. 8. IRS Extends Comment Period for Guidance on Indian Tribal Government Programs The IRS is extending the time limit for commenting on guidance the agency issued regarding the application of the general welfare exclusion to Indian tribal government programs. Comments may now be submitted through March 14. 9. Guidance on Employee Tool & Equipment Plans Information and guidance are now available for “tool plans” that are marketed in various industries that require employees provide their own tools. 10. Updated Audit Technique Guide The Artists, Art Galleries Audit Technique Guide includes potential audit issues, definitions for artists and art galleries, and charitable donation issues. 11. Phone Forum May 15: Governmental Plan Proposed Guidance Sign up for the May 15 Employee Plans phone forum. Proposed drafts of the general guidance on possible standards for determining if a retirement plan is a governmental plan under section 414(d) of the Internal Revenue Code will be discussed. If you have a particular issue you would like addressed, please send an email in advance to ep.phoneforum@irs.gov. No continuing professional education (CPE) credits will be earned for this phone forum. 12. Technical Guidance Notice 2012-15 provides that the IRS and Department of the Treasury will issue regulations which fully apply section 367(a) and (b) (including the gain recognition agreement regulations) to section 304 transactions. Revenue Procedure 2012-16 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in § 25(c), in computing the housing cost/income ratio described in § 143(f)(5). Revenue Procedure 2012-17 provides the requirements for furnishing substitute Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc., in electronic format. A partnership (including an Electing Large Partnership, as defined in section 775 of the Internal Revenue Code) that follows the procedures set forth in this revenue procedure will satisfy the requirements of section 6031(b) of the Internal Revenue Code and section 1.6031(b)-1T(a)(1) of the Income Tax Regulations. Notice 2012-19 provides adjusted limitations on housing expenses for tax year 2012 for purposes of section 911 of the Internal Revenue Code. 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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