e-News for Tax Professionals Issue 2013-11

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Issue Number:  2013-11

Inside This Issue

1. IRS has $917 Million for People Who Have Not Filed a 2009 Income Tax Return
2. Enrolled Agent Disbarred for Stealing a Client’s Tax Payments and Preparing Returns with False Deductions
3. IRS Seeks Volunteers for Taxpayer Advocacy Panel
4. Apply by April 1 for Membership on the Electronic Tax Administration Advisory Committee
5. Technical Guidance  

Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.

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The Internal Revenue Service obtained the disbarment of enrolled agent Lorna M. Walker for stealing a client's tax payments and for preparing tax returns with false deductions for multiple clients.

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The Internal Revenue Service is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), which is a federal advisory committee that listens to taxpayers, identifies key issues, and makes recommendations for improving IRS services.

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Are you a tax professional with good ideas and knowledgeable on issues in electronic tax administration? The Internal Revenue Service is accepting applications to fill vacancies on the Electronic Tax Administration Advisory Committee (ETAAC). The deadline for submitting applications is Monday April 1, 2013.

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Notice 2013-14, providing guidance on § 309 of the American Taxpayer Relief Act of 2012, Pub. L. No. 112-240, enacted Jan. 3, 2013. The Act amended § 51 of the Internal Revenue Code to extend the Work Opportunity Tax Credit through Dec. 31, 2013.

The notice also provides employers additional time beyond the 28-day deadline in § 51(d)(13) for submitting Form 8850, Pre-screening Notice and Certification Request for the Work Opportunity Credit, to Designated Local Agencies.
 
Notice 2013-14 will be in Internal Revenue Bulletin 2013-13, dated March 25, 2013. 

Notice 2013-23 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.  The rates in this notice reflect certain changes implemented by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21).

Notice 2013-23 will be in IRB 2013-16, dated April 15, 2013.

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