e-News for Tax Professionals Issue 2013-14

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Issue Number:  2013-14

Inside This Issue

1. IRS Seeks Applicants for Information Reporting Program Advisory Committee
2. Enroll Early for the IRS Nationwide Tax Forums
3. Smartphone App IRS2Go Now Available in Spanish
4. YouTube: IRS2Go 3.0 Mobile App
5. Phone Forum April 23: Defined Benefit Plan Update
6. IRS Updates Allowable Living Expense Standards for 2013
7. Technical Guidance  

The Internal Revenue Service is requesting nominations for membership to the Information Reporting Program Advisory Committee (IRPAC), a federal panel that advises the IRS on various tax administration issues.

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Whether you are an Attorney, Certified Public Accountant, Certified Financial Planner, or Enrolled Agent, the IRS Nationwide Tax Forums have something for you. Three days of seminars, hands-on workshops, and exhibits of the newest products and services remain the highlight of the event.

Take part in seminars such as the Overview of 2013 Tax Law Changes, Employment Tax Issues and more. You may earn up to 18 CPE credits in one location.

Pre-register and save $129! IRS Nationwide Tax Forum Pre-registration is only available for a limited time.

Visit the IRS Nationwide Tax Forum website at www.irstaxforum.com for more information.

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The Internal Revenue Service this week announced the release of IRS2Go 3.0, an update to its Smartphone application that offers tax tools and information for the first time in either Spanish or English.

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Encourage your clients to check on their refunds and watch IRS tax tips videos on the IRS2Go English or Spanish phone app. See this new YouTube video for more.

Watch this and other videos on the IRS YouTube Channel.

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Earn continuing education credit while you learn about recent developments affecting defined benefit plans in this April 23 Phone Forum. IRS actuaries Larry Heberle, Mike Spaid and Carol Zimmerman will lead a discussion that includes guidance topics as well as issues and practices the IRS has encountered in examinations and requests for rulings.

Sign up now. If you have a specific matter that you would like addressed, email us at ep.phoneforum@irs.gov by April 16.

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The Internal Revenue Service released the 2013 updates to the Allowable Living Expense Standards on April 1. The ALE standards are used to reduce subjectivity in determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard allowances provide consistency and fairness in collection determinations by incorporating average expenditures for basic necessities for citizens in similar geographic areas.

More information on the ALE standards is available at the Collection Financial Standards Web page.

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Revenue Procedure 2013-22 sets forth the procedures of the Internal Revenue Service for issuing opinion and advisory letters for § 403(b) pre-approved plans (that is, § 403(b) prototype plans and § 403(b) volume submitter plans).  Under the program established by this revenue procedure, the Service will accept applications for opinion and advisory letters regarding the acceptability under § 403(b) of the Internal Revenue Code of the form of prototype plans and volume submitter plans.

Revenue Procedure 2013-22 will be published in Internal Revenue Bulletin 2013-18 on April 29.

Notice 2013-25 announces the 2012 section 45K credit for fuel produced from a nonconventional source. For 2012, the section 45K credit is only available for fuel produced from coke or coke gas (other than from petroleum based products) and is not subject to phase-out.

Notice 2013-25 will appear in the IRB 2013-17 dated April 22.

Notice 2013-26 allows additional time for filing claims for certain excise tax payments because ATRA extended various fuel tax credits that expired on Dec. 31. The due date for filing certain claims for payments related to biodiesel mixtures and alternative fuel had already passed by the date that ATRA was enacted. 

Notice 2013-26 will be published in Internal Revenue Bulletin 2013-18 on April 29.

Notice 2013-28 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 2013-28 will be in IRB 22013-19, dated May 6.

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