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Useful Links:Stakeholders Partners' Training and Upcoming EventsSeminars, Workshops, Conferences, and Other Practitioner Activities By State:Alabama Kentucky North Dakota | Issue Number: 2013-18Inside This Issue
1. Internal Revenue Service Advisory Council Seeks New Members The Internal Revenue Service is accepting applications for the Internal Revenue Service Advisory Council (IRSAC) through June 14. 2. IRS Nationwide Tax Forums: Destination Orlando Join tax professionals from across the country July 9 through 11 at the Hilton Orlando for the first of the 2013 IRS Nationwide Tax Forums. Three days of the latest tax law information, hands-on workshops, networking opportunities and exhibits of the newest products and services to improve your business are just around the corner. 3. Keep Informed about Hot Issues Read the May Hot Issues report from the Issue Management Resolution System. 4. May 23 Phone Forum: 403(b) Corrections and Examination Trends Earn continuing education credit in this May 23 Phone Forum. A discussion on Revenue Procedure 2013-12 will include guidance on correcting 403(b) plan failures and updates to the Employee Plans Compliance Resolution System. IRS experts will review issues found in recent 403(b) audits and correcting 403(b) plan failures. If you have a specific matter that you’d like addressed, please email ep.phoneforum@irs.gov by May 21. 5. Technical Guidance Revenue Procedure 2013-24 resulted from an Industry Issue Resolution project undertaken to provide assistance to taxpayers that have a depreciable interest in steam or electric power generation property primarily used in the trade or business of generating or selling steam (or steam in the form of heat) or electricity. The revenue procedure provides definitions of units of property and major components taxpayers may use to determine whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under § 263(a) of the Internal Revenue Code. The revenue procedure also provides procedures for obtaining automatic consent to change to a method of accounting that uses all, or some of, the unit of property definitions provided and also provides an extrapolation methodology an eligible taxpayer may use in connection with a change in method of accounting for determining the amount of a § 481(a) adjustment. Revenue Procedure 2013-24 will appear in IRB 2013-21 dated May 20, 2013. Revenue Procedure 2013-15 provides the 2014 inflation adjusted amounts for Health Savings Accounts. The annual limitation on deductions under § 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,300. For calendar year 2014, the annual limitation on deductions under § 223(b)(2)(B) for an individual with family coverage under a high deductible health plan is $6,550. Revenue Procedure 2013-25 will be published in Internal Revenue Bulletin 2013-21 on May 20, 2013. Notice 2013-30 providing a 3-month extension of time to file and pay tax under sections 6081 and 6161 of the Internal Revenue Code. Notice 2013-30 will be in Internal Revenue Bulletin 2013-21, dated May 20, 2013. Notice 2013-31 provides adjustments to the limitation on housing expenses for purposes of section 911 of the Internal Revenue Code for specific locations for 2013. These adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States. Notice 2013-31 will appear in IRB 2013-21 dated May 20, 2013. Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service. If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the mailing list e-News for Tax Professionals. Please Do Not Reply To This Message To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions page on the IRS Web site. | ||
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