e-News for Tax Professionals Issue 2012-21

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Issue Number:  2012-21

Inside This Issue

1. IRS to Close 43 Small Offices, Consolidate Others
2. Fresh Start: IRS Announces More Flexible Offer-in-Compromise Terms
3. Take the RTRP Test or the Special Enrollment Exam during the 2012 IRS Nationwide Tax Forums
4. Interest Rates Unchanged for the Third Quarter of 2012
5. Webinar: Tax Related Guidance for Child Care Providers
6. June 12 Phone Forum: Operating Under 403(b) Written Plan Requirements
7. YouTube: Taxable and Nontaxable Income
8. Technical Guidance

The Internal Revenue Service announced a sweeping office space and rent reduction initiative that over the next two years will close 43 smaller offices and reduce space in many larger facilities. These measures will save more than $40 million. Coupled with space reductions last year, the initiative will slash total IRS office space by more than one million square feet.

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The Internal Revenue Service announced another expansion of its “Fresh Start” initiative by offering more flexible terms in its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems more quickly than in the past.

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Did you know that you can take the Registered Tax Return Preparer Test at or near an IRS Nationwide Tax Forum? Reserve your slot today and test while the tax law is still fresh in your mind. Learn more.

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Interest Rates Unchanged for the Third Quarter of 2012

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1, 2012. The rates will be:
• three (3) percent for overpayments [two (2) percent in the case of a corporation];
• three (3) percent for underpayments;
• five (5) percent for large corporate underpayments; and
• one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

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Webinar: Tax Related Guidance for Child Care Providers

A June 5 webinar will cover tax related issues pertaining to businesses that provide child care. Topics include recordkeeping, business use of the home, and computing and reporting depreciation.

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Sign up now for the June 12 Phone Forum. The IRS Employee Plans 403(b) Compliance Planning Group will address frequent questions pertaining to the 403(b) written plan requirements and how the IRS is approaching the written plan requirement under audit. The forum will also address common operational issues identified in 403(b) plans.

If you have a specific matter that you would like the speakers to address, please let us know via e-mail at ep.phoneforum@irs.gov on or before June 1.

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Find out the difference between taxable and nontaxable income in this new YouTube video.

Watch this and other videos on the IRS YouTube Channel

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TD 9590 contains final regulations relating to the health insurance premium tax credit. These final regulations provide guidance to individuals who enroll in qualified health plans through Affordable Insurance Exchanges and claim the premium tax credit, and to Exchanges that make qualified health plans available to individuals and employers. 
 
These regulations are effective on May 23. 
Comments will be accepted until Aug. 21.

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