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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: 2013-22Inside This Issue
1. Prepare for Hurricanes, Natural Disasters by Safeguarding Tax Records With the start of this year’s hurricane season, the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. 2. IRS Accepting Applications for Low Income Taxpayer Clinic Grants The Internal Revenue Service announced the opening of the 2014 Low Income Taxpayer Clinic (LITC) grant application process. 3. Modified First Time Abate Policy Provides Penalty Relief in Certain Situations Recently updated policy modifies the IRS first time abate policy for penalty relief. This type of penalty removal is a one-time consideration available only for a first-time penalty charge and based on taxpayers’ compliance history. Headliner Volume 339 has more information. 4. Technical Guidance Revenue Procedure 2013-27 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 § 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in § 25(c), in computing the housing cost/income ratio described in § 143(f)(5). Revenue Procedure 2013-27 will be published in Internal Revenue Bulletin 2013-24 on June 10, 2013. Notice 2013-36 updates the appendix to Notice 2013-1, which lists the Indian tribes who have settled tribal trust cases against the United States. Notice 2012-60 originally was published in IRB 2012-41 (Oct. 9, 2012). Notice 2012-60 was superceded by Notice 2013-1 IRB 2013-3, and the appendix to Notice 2013-1 was superceded by Notice 2013-16 (IRB 2013-14). However, three additional tribes have settled cases against the United States since the publication of Notice 2013-16, so we are seeking to publish an updated appendix to Notice 2013-1. This notice would supercede Notice 2013-16. Notice 2013-36 will appear in IRB 2013-24 dated June 10, 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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