e-News for Tax Professionals Issue 2012-13

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Issue Number:  2012-13

Inside This Issue

1. Delay for Some Enrolled Agents Awaiting Renewal Cards
2. IRS Seeks Applications for Information Reporting Advisory Committee; Deadline Is May 31
3. IRS Adjusts Procedures for APA and Certain Competent Authority Requests
4. Deputy Commissioner Steve Miller Speaks before the Tax Executives Institute
5. Tax Relief for Victims of Severe Storms in West Virginia
6. YouTube: IRS Tax Payment Options
7. New COBRA Audit Technique Guide
8. Which Form? Chart Explains Foreign Asset Reporting
9. Technical Guidance 

Some enrolled agents are still experiencing delays in the processing of renewal applications. For those individuals who timely filed a renewal application and have an enrollment card with an expiration date of March 31, 2012, the card is valid for another 60 days or until receipt of a new card.  Enrollment will not expire due to this IRS delay.

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The Internal Revenue Service officially opened the nomination season for the Information Reporting Program Advisory Committee (IRPAC), a federal advisory group that provides recommendations to the IRS on information reporting issues of concern to both the private sector and the federal government.

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The Internal Revenue Service announced certain organizational and administrative changes in connection with the creation of the Advance Pricing and Mutual Agreement program.

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Read the prepared remarks of IRS Deputy Commissioner Steve Miller at the Tax Executives Institute Mid-Year Conference.

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Victims of severe storms that began on Feb. 29 in parts of West Virginia may qualify for tax relief from the Internal Revenue Service.

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Find out how to pay federal income taxes without having to go into an IRS office in this new YouTube video.

Watch this and other videos on the IRS YouTube Channel.

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A new Audit Technique Guide covers tax examinations involving the continuation of employee health care coverage.

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The new Form 8938, Statement of Specified Foreign Financial Assets, does not eliminate a taxpayer’s obligation to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Some taxpayers are required to file both.
 
A new comparison chart explains the filing requirements for both Form 8938 and Form TD F 90-22.1.

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Revenue Ruling 2012-12, which modifies Revenue Ruling 2012-9, provides various prescribed rates for federal income tax purposes for March 2012 to correct two of the rates. The March 2012 Applicable Federal Rate is modified to correct the annual long-term adjusted Applicable Federal Rate and the long-term tax-exempt rate for ownership changes.

Announcement 2012-14 provides procedures for obtaining relief from allocation and accounting errors for certain issuers of tax-exempt student loan bonds through the IRS Tax-Exempt Bonds Voluntary Closing Agreement Program.

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