e-News for Tax Professionals Issue 2012-17

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Issue Number:  2012-17

Inside This Issue

1. RTRP Competency Test Now Based on 2011 Tax Law: Don't Delay, Take It Now
2. IRS Holds Meeting May 3 for Governmental Plan Sponsors and Practitioners
3. May 15 Phone Forum: Retirement Plans - Governmental Plan Proposed Guidance
4. YouTube: Name Changes after Marriage or Divorce
5. Technical Guidance

Did you know that the Registered Tax Return Preparer Test is now based on 2011 tax law? Why delay? Earn your Registered Tax Return Preparer credential by taking the test while the law is still fresh. View study materials, test day logistics, and more on IRS.gov.

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The IRS invites governmental plan sponsors, practitioners and others to attend a town hall meeting on May 3, in Cleveland, Ohio, to provide feedback on the Advance Notice of Proposed Rulemaking that addresses the definition of “governmental plan” in section 414(d) of the Internal Revenue Code. The meeting will give members of the governmental plan community an opportunity to provide comments and pose questions to a panel of government speakers, including the Director of EP Rulings and Agreements.

Registration information is available on IRS.gov.

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Sign up now for the May 15 Retirement Plans Phone Forum.  Proposed drafts of the general guidance on possible standards for determining whether a retirement plan is a governmental plan under section 414(d) of the Internal Revenue Code will be discussed.

No continuing professional education (CPE) credits will be earned for this phone forum.

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A new YouTube video explains what to do when a client’s name changes because of marriage or divorce.

 Watch this and other videos on the IRS YouTube Channel. 

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Revenue Procedure 2012-25 provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.

Notice 2012-31 describes and requests comments on several possible approaches to determining whether health coverage under an eligible employer-sponsored plan provides minimum value.  Beginning in 2014, eligible individuals who purchase coverage under a qualified health plan through an Affordable Insurance Exchange may receive a premium tax credit under § 36B only if they are not eligible for other minimum essential coverage, including coverage under an employer-sponsored plan that is affordable and provides minimum value.  A plan fails to provide minimum value if the plan covers less than 60 percent of the total allowed costs of benefits provided under the plan.  If an employee receives a premium tax credit an applicable large employer may be liable for an assessable payment under § 4980H.

Notice 2012-32 invites comments on the reporting requirements under § 6055 of the Internal Revenue Code for health insurance issuers, government agencies, employers that sponsor self-insured plans, and other persons that provide minimum essential coverage to an individual.  Minimum essential coverage includes individual health insurance coverage, eligible employer-sponsored plans, and government-sponsored coverage such as Medicare, Medicaid, TRICARE, and veterans’ health care.  Entities  providing minimum essential coverage after January 1, 2014, must file annual returns reporting information for each individual covered.

Notice 2012-33 invites comments on reporting under § 6056 by applicable large employers (as defined in § 4980H(c)(2)) that are subject to § 4980H.  Section 6056 requires reporting of certain information on employer-provided health care coverage provided on or after January 1, 2014.  Notice 2012-33 advises the public that the Treasury and IRS intend to propose regulations implementing § 6056 and invites comments on issues arising under § 6056, including on possible approaches for coordinating and minimizing duplication between the information required to be reported and furnished by employers under § 6056 and information required to be reported and/or furnished by employers or other persons under other applicable Code provisions.

Notice 2012-31, 32 & 33 will be published in Internal Revenue Bulletin 2012-20 on May 14, 2012.

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