e-News for Tax Professionals Issue 2012-18
Internal Revenue Service (IRS) sent this bulletin at 05/04/2012 03:03 PM EDT
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Issue Number: 2012-18Inside This Issue
1. IRS Seeks Applications for the Internal Revenue Service Advisory Council The Internal Revenue Service today announced it is accepting applications for the Internal Revenue Service Advisory Council (IRSAC), which provides a public forum for IRS officials and representatives of the public to discuss relevant federal tax administration issues. 2. IRS Accepting Applications for Low Income Taxpayer Clinic Grants The Internal Revenue Service today announced the opening of the 2013 Low Income Taxpayer Clinic (LITC) grant application process. 3. IRS Seeks Applications for Volunteer Tax Assistance Program Grants The Internal Revenue Service is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years. 4. YouTube: The Gift Tax What are the implications of gift-giving for your clients? Find out in this new YouTube video. Watch this and other videos on the IRS YouTube Channel. 5. Information for Employers on Health Care Benefits Reporting New information is available on the Form W-2 Reporting of Employer-Sponsored Health Coverage page of IRS.gov. This information includes a chart detailing the types of coverage to report, transition relief for many employers and questions and answers about the reporting requirements. 6. Rebroadcast of IRS Live Set for May 17: S Corporations--Stock Basis of the Shareholders Some viewers experienced technical difficulty during the IRS Live broadcast in March. Viewers who did not receive a certificate of completion from the original broadcast can view the webinar, in full, for CE credit on May 17. 7. Real Property: Cancellation of Debt and Foreclosure Webinar The May 16 webinar will cover taxable income from cancellation of debt, exceptions and exclusions under IRC 108 and Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. 8. May Hot Issues Report Now Online The May IMRS Hot Issues report includes a comparison of new Form 8938 and FBAR requirements. 9. Technical Guidance Revenue Procedure 2012-27 provides guidance on how a taxpayer may make the notification required by § 42(j)(6)(B)(i) of the Internal Revenue Code which was added by section 3004(c) of the Housing Assistance Tax Act of 2008 (Pub. L. 110-289). The notification is required to begin the 3-year statutory period for assessing a deficiency with respect to the taxpayer resulting from a reduction in the qualified basis of a low-income housing tax credit building that occurs after the taxpayer disposes of the building (or an interest therein). Revenue Procedure 2012-27 will be in IRB 2012-21, dated May 21, 2012. Notice 2012-34 responds to comments on the proposed regulations relating to basis reporting by brokers for debt instruments and options published in the Federal Register on November 25, 2011 (REG-102988-11). Notice 2012-34 provides that the Treasury Department and the Internal Revenue Service intend to delay the proposed effective dates for reporting for debt instruments and options under sections 6045(g), 6045(h), 6045A, and 6045B from January 1, 2013, to January 1, 2014. Notice 2012-34 will be in IRB 2012-21, dated May 21, 2012. 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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