e-News for Tax Professionals Issue 2012-23

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Issue Number:  2012-23

Inside This Issue

1. IRS Marks Third Anniversary of Return Preparer Review; Urges Required Preparers to Take Competency Test as Soon as Possible
2. Subscribe to the FATCA News and Information List
3. YouTube: Deducting Moving Expenses
4. Act on this month's Hot Issues
5. Technical Guidance

The Internal Revenue Service marked the third anniversary of its groundbreaking return preparer initiative and urged those paid tax return preparers required to pass a new competency test to take the test as soon as possible.

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Sign up to receive the latest IRS news, guidance, regulations and other public information related to the Foreign Account Tax Compliance Act (FATCA) including information that affects:

• Individuals with foreign accounts
• Foreign financial institutions registration, reporting and withholding requirements
• Non-Financial Foreign Entities
• Tax and compliance professionals interested in the implementation and requirements of FATCA

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Find out which of your moving expenses may be tax deductible in this new YouTube video.

Watch this and other videos on the IRS YouTube Channel.

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The June Hot Issues report from the Issue Management Resolution System solicits your Taxpayer Burden Reduction ideas and encourages you to take the Registered Tax Return Preparer competency test.

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Notice 2012-41 extends the relief set forth in Notice 2010-30 for civilian spouses described in the prior paragraph to taxable years beginning after November 11, 2010 (generally, these will be calendar year 2011 and subsequent calendar years, referred to hereinafter as 2011 and subsequent taxable years), and provides that such civilian spouses should follow the applicable procedures described in Notice 2010-30.

Notice 2012-42 publishes the inflation adjustment factor for the carbon dioxide (CO2) sequestration credit under § 45Q for calendar year 2012.

Notice 2012-43 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008.  It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2).  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I), and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007.

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