e-News for Tax Professionals Issue 2012-33

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Issue Number:  2012-33

Inside This Issue

1. IRS.gov Redesign
2. Message from the Return Preparer Office to RTRP Candidates
3. Having RTRP Test Anxiety?
4. YouTube: Standard Versus Itemized Deductions
5. Phone Forum on Aug. 28: Lifetime Annuity Guidance
6. Technical Guidance

The new IRS.gov website will go live on Aug. 30.

A preview of the new site is available on IRS.gov. Most of your “favorite” links will remain in tact. However, if you linked certain pages on your website to IRS.gov, check them after Aug. 30.

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If you are required to take the Registered Tax Return Preparer test, please check your inbox (or spam folder) for an email from the Return Preparer Office. Schedule your test today to ensure that you can have the time and location of your choosing.

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Read this inspiring story about the 93-year-old Californian who says tax preparation helps keep her alive. She passed the RTRP test in June.

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Find out whether your clients should take the standard deduction or itemize deductions in this YouTube video.

Watch this and other videos on the IRS YouTube Channel.

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Sign up now for the Employee Plans phone forum on Lifetime Annuity Guidance, scheduled for Aug. 28 at 2:00 pm EST.  Larry Isaacs and Carol Zimmerman, actuaries with the IRS Tax Exempt and Government Entities Division, will discuss guidance issued earlier this year to encourage lifetime annuity options for retirees. The presentation will address the following topics:
 
•        Revenue Ruling 2012-3, clarifying rules for defined contribution plans that offer lifetime income options
•        Revenue Ruling 2012-4, clarifying rules that apply to rollovers into defined benefit plans to purchase additional annuity benefits
•        Proposed regulations under section 401(a)(9) of the Code, dealing with qualified longevity annuity contracts ("QLACs")
•        Proposed regulations under section 417(e)(3) of the Code, making it easier to split a benefit between a lifetime annuity and lump sum or other form of benefit subject to section 417(e)(3)
 
Information on Continuing Professional Education Credits
 
Enrolled Agents and Enrolled Retirement Plan Agents may earn CPE credit for attending the entire phone forum.  The forum is also intended to meet the CPE requirements for Enrolled Actuaries (check with the Joint Board for the Enrollment of Actuaries for details). Other professional groups should consult with their licensing agencies regarding acceptability of credit.

Participants must register individually and use their own assigned PINs to receive CPE credit.

Each participant must use an individual phone line to establish attendance and the length of time attending the forum.

A Certificate of Completion will be e-mailed to the participants who meet the attendance requirement about a week after the forum.
 
If you have question(s), please contact us at ep.phoneforum@irs.gov.

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Notice 2012-55 provides guidance on the 25-year average segment rates that are applied to adjust the otherwise applicable 24-month average segment rates that are used to compute the funding target and other items under § 430 of the Internal Revenue Code (Code) and § 303 of the Employee Retirement Income Security Act of 1974 (ERISA).  The guidance reflects the changes made to the Code and ERISA by the Moving Ahead for Progress in the 21st Century Act (MAP-21), Pub. L. No.112-141.

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