e-News for Tax Professionals Issue 2012-22

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Issue Number:  2012-22

Inside This Issue

1. IRS Names Seven New Members to Tax Exempt Panel; ACT to Submit Recommendations at June Meeting
2. YouTube: IRS Nationwide Tax Forums 2012
3. Information Reporting: Which date do I report on Form 1099-K?
4. Spring 2012 Statistics of Income Bulletin Now Available
5. Technical Guidance

The Internal Revenue Service Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 6 when the panel will submit its latest round of recommendations to senior IRS executives.

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Whether you’re an enrolled agent, CPA, RTRP or other tax professional, get information about the 2012 IRS Nationwide Tax Forums in this new YouTube video.

Watch this and other videos on the IRS YouTube Channel.

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For reporting on Form 1099-K, use the date of the reportable payment transaction. For payment card transactions, use the date the merchant accepted the payment card. For third-party network transactions, use the date the merchant accepted payment through a third-party payment network.

For more information about Forms 1099-K and other payment card issues, visit the “Third Party Reporting Information Center” page on IRS.gov.

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The spring 2012 issue of the Statistics of Income Bulletin is now available. This issue features information on high-income individual income tax returns filed for tax year 2009.

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Revenue Ruling 2012-14 amplifies Revenue Ruling 92-53, 1992-2 C.B. 48, by describing how discharged partnership excess nonrecourse debt is taken into account in measuring the insolvency of the partners under section 108(d)(3). The revenue ruling provides that to the extent discharged excess nonrecourse debt generates cancellation of indebtedness (COD) income that is allocated under section 704(b) (and the regulations thereunder), each partner treats its portion of the discharged excess nonrecourse debt related to such COD income as a liability in measuring insolvency under section 108(d)(3).

Notice 2012-37 extends the interim guidance and transitional relief provided in Notices 2010-79 and 2011-51 for an additional two years through the first taxable year beginning after Dec. 31, 2012, and solicits public comments to inform the development of proposed regulations under § 833(c)(5).

Notice 2012-38 solicits public comments on what additional guidance may be needed after Rev. Rul. 2006-57, which provides guidance on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Internal Revenue Code, became effective on Jan. 1, 2012. In particular, the notice requests public comments on a number of issues surrounding an employer's provision of transit benefits in light of changes in technology in transit benefit administration.

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