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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: 2013-49Inside This Issue
1. 2014 Tax Season to Open Jan. 31; e-file and Free File Can Speed Refunds The Internal Revenue Service announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. 2. Starting Jan. 13 Business Tax Filers Can File 2013 Returns The IRS will begin accepting 2013 business tax returns on Monday, Jan. 13. This start date applies to both electronically-filed and paper-filed returns. 3. Multiple Tax Return Listing Process Changes Jan. 1 The Multiple Tax Return Listing process that allows fiduciaries to mass sign electronically filed Form 1041, U.S. Income Tax Return for Estates and Trusts, changes January 1. 4. Some IRS Assistance and Taxpayer Services Shift to Automated Resources Given available resources and shifting taxpayer demands, the IRS will be making a number of taxpayer service changes for the 2014 filing season. The changes, which were made following input from stakeholders in the tax community, reflect the need for increased use of automated self-service options. 5. New User Fees for Processing Installment Agreements and Offers in Compromise Effective Jan. 1, 2014, processing fees for standard installment agreements and doubt as to collectability offers will increase. Fees for direct debit installment agreements are unchanged. Low income fees and fee waivers are also unchanged. 6. IRS Issuing Penalty Notices to Tax Preparers for Missing Forms 8867 Tax preparers who do not send Form 8867 with EITC returns are subject to a $500 penalty per return. IRS sent warning Letter 4989 to preparers who did not comply for tax year 2011, and, starting this month, IRS will be sending nearly 800 of those preparers notices of proposed penalties for continued failure to attach the form for tax year 2012 returns. Get details on EITC Due Diligence at www.EITC.irs.gov. 7. IRS Offers Tips for Year-End Giving Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. 8. IRS Announces New ETAAC Members, Chairperson The Internal Revenue Service announced the selection of three new members and a chairperson for the Electronic Tax Administration Advisory Committee (ETAAC). 9. Technical Guidance Notice 2014-01 provides guidance on the application of the rules under section 125 of the Internal Revenue Code (Code) (relating to cafeteria plans, including health and dependent care flexible spending arrangements (FSAs)), and section 223 of the Code (relating to health savings accounts (HSAs)), as those two provisions relate to the participation by same-sex spouses in certain employee benefit plans following the Supreme Court decision in United States v. Windsor, 570 U.S. ___, 133 S. Ct. 2675 (2013), and the issuance of Rev. Rul. 2013-17, 2013-38 I.R.B. 201. Revenue Ruling 2014-02 explains the tax treatment of payments to homeowners pursuant to the National Mortgage Settlement due to the foreclosure of their principal residences. Rev. Rul. 2014-3 provides tables of covered compensation under § 401(l)(5)(E) of the Internal Revenue Code (the “Code”) and the Income Tax Regulations, thereunder, for the 2014 plan year. Notice 2014-06 provides guidance on section 45R of the Internal Revenue Code for certain small employers that cannot offer a qualified health plan through a Small Business Health Options Program (SHOP) Exchange because the employer’s principal business address is in a county in Washington or Wisconsin in which a QHP through a SHOP Exchange will not be available for 2014. Rev. Proc. 14-09 provides issuers of qualified mortgage bonds, as defined insection 143(a) of the Internal Revenue Code (the Code), and issuers of mortgage credit certificates, as defined in section 25(c), with a list of qualified census tracts for each state and the District of Columbia. 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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