e-News for Tax Professionals Issue 2013-4

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Issue Number:  2013-4

Inside This Issue

1. On EITC Awareness Day, IRS and Partners Alert Low- and Moderate-Income Workers of Significant Tax Benefit
2. YouTube: Earned Income Tax Credit
3. IRS Issues Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program (HAMP)
4. Phone Forum: Employee Plans Compliance Resolution System Changes
5. Technical Guidance

The Internal Revenue Service and partners nationwide launched the Earned Income Tax Credit Awareness Day outreach campaign today, aimed at helping millions of Americans who earned $50,270 or less take advantage of the Earned Income Tax Credit (EITC).

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Find out if your clients qualify for the Earned Income Tax Credit (EITC) by watching this new YouTube video.

Watch this and other videos on the IRS YouTube Channel.

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The Internal Revenue Service issued guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction AlternativeSM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification Program® (HAMP-PRA®).

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Sign up now for this Feb. 21 Phone Forum. Revenue Procedure 2013-12 made various changes to the IRS correction programs that plan sponsors and practitioners can use to fix mistakes in retirement plans. The changes include being able to now correct 403(b) plan document failures and new Voluntary Compliance Program procedures. Janet Mak, Manager of EP Voluntary Compliance, and Paul C. Hogan, EP Voluntary Compliance Program Coordinator will discuss the new revenue procedure. If you have a specific matter that you would like addressed, please email us at ep.phoneforum@irs.gov by Feb. 15.

Note: This forum will be held twice on Feb. 21. The first session will be held at 11:00am ET and the second session will be held at 2:00pm ET. Please register only for the session in which you plan to participate. The port cannot be freed up for another participant if you can't attend the session you are registered for.

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Notice 2013-10 provides guidance to certain domestic entities concerning the first taxable year they must report specified foreign financial assets under §6038D.  Reporting by domestic entities will not be required before the date specified by final regulations, which will not be earlier than taxable years beginning after December 31, 2012. 

Notice 2013-10 will be published in Internal Revenue Bulletin 2013-8, on February 19, 2013.

Revenue Procedure 2013-16 provides guidance to mortgage loan holders, loan servicers, and borrowers who are participating in the Department of the Treasury’s (Treasury) and Department of Housing and Urban Development’s (HUD) Home Affordable Modification Program® (HAMP).

Revenue Procedure 2013-16 will be in IRB 2013-7, dated Feb. 11, 2013

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