e-News for Tax Professionals Issue 2015-11

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Issue Number:  2015-11

Inside This Issue

1. Clients Receiving Identity Verification Letter Should Use IDVerify.irs.gov
2. Webinar: 2015 Payment Alternatives When You Owe the IRS
3. Extended Maintenance Window for the Modernized e-File (MeF) this Sunday
4. Many Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions
5. Technical Guidance  

Did your client receive a 5071C letter? The IRS mails the letter after it stops a suspicious tax return and needs to confirm who sent it. For faster service, direct clients to the IRS’ Identity Verification Service.

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Register now for this March 25 webinar and get a better understanding of tax payment alternatives, including options for resolving complex collection cases.

Certificates of completion are being offered. Earn 1 continuing education credit – Federal Tax.

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The Modernized e-File (MeF)  maintenance build window is being extended on Sunday, March 22. The system will be unavailable from 1:00 a.m. until 11:00 a.m., Eastern.

Thank you in advance for not accessing the MeF Production and ATS Systems during this period.

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The IRS reminds taxpayers who turned 70½ during 2014 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts and workplace retirement plans by April 1.

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Revenue Procedure 2015-23 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), in computing the housing cost/income ratio described in section 143(f)(5).

Revenue Procedure 2015-23 will be in IRB 2015-13, dated March 30.

Revenue Ruling 2015-7 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274.
The rates are published monthly for purposes of sections 42, 382, 412, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.

Revenue Ruling 2015-7 will be in IRB 2015-14, dated  April 6.

Notice 2015-27 invites public comment to the Department of Treasury and Internal Revenue Service on recommendations for items that should be included in the 2015-2016 Priority Guidance Plan.

It will appear in IRB 2015-13 dated March 30.

Notice 2015-28 - The Treasury Department and the IRS previously published Notice 2014-5, 2014-2 I.R.B. 276, which provides temporary nondiscrimination relief for certain “closed” defined benefit pension plans (i.e., defined benefit plans that provide ongoing accruals but that have been amended to limit those accruals to some or all of the employees who participated in the plan on a specified date).  The relief provided in Notice 2014-5 is applicable for a plan year that begins before January 1, 2016. Notice 2014-5 also included a request for comments with respect to these plans, to assist the Treasury Department and the IRS in developing proposed regulations.  This notice extends for one year the temporary nondiscrimination relief for certain closed defined benefit pension plans provided in Notice 2014-5, so that a closed defined benefit pension plan to which the relief under Notice 2014-5 applies may continue to use the temporary relief for a plan year that begins before January 1, 2017.

Notice 2015-28 will appear in IRB 2015-14 dated April 6.

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