e-News for Tax Professionals Issue 2014-21

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Issue Number:  2014-21

Inside This Issue

1. Penalty Relief Pilot for Small Retirement Plans Begins in June
2. Some Suspended or Disbarred Tax Practitioners Are Now Permitted to Obtain  PTINs and Prepare Tax Returns
3. IRS Direct Pay Now Available on IRS.gov
4. ACT to Submit Recommendations at June Meeting
5. IRS and Free File Alliance Sign One-Year Renewal of Partnership
6. YouTube: Mortgage Debt Forgiveness
7. Technical Guidance  

The Internal Revenue Service will begin a one-year pilot program in June to help small businesses with retirement plans that owe penalties for not filing reporting documents. By filing current and prior year forms during this pilot program, they can avoid penalties.

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Some suspended or disbarred tax professionals are now permitted to obtain or renew preparer tax identification numbers (PTINs) and may again prepare federal tax returns for compensation as a result of a recent court decision.

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Let your clients know they can now pay their tax bills directly from their checking or savings accounts using IRS Direct Pay. It’s secure, free of charge and available on IRS.gov.

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The IRS Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 11, when the panel will submit its annual reports and recommendations to senior IRS executives.

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The Internal Revenue Service and the Free File Alliance have signed a one-year extension for their partnership that makes free tax software available to the nation’s taxpayers.

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Taxpayers may not need to report forgiven mortgage debt as income on their tax returns. Get more information by watching this new YouTube video.

Watch this and other videos on the IRS YouTube Channel. 

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Revenue Ruling 2014-16 provides various prescribed rates for federal income tax purposes for June 2014 (the current month).

Revenue Ruling 2014-17 holds that tangible assets used in converting corn to fuel grade ethanol are properly included in asset class 49.5 of Rev. Proc. 87-56,1987-2 C.B. 674, for depreciation purposes. The Internal Revenue Service will not apply the revenue ruling to tangible assets that are used in converting biomass to a liquid fuel such as fuel grade ethanol that a taxpayer places in service before June 9, 2014.

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