IRS Seeking Applications for Volunteer Tax Assistance Program Grants
WASHINGTON –– The Internal Revenue Service is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years.
Applications will be accepted May 23, 2011, through June 30, 2011. Previous grant recipients will have the option to apply for up to three years of annual funding which would reduce the amount of paperwork they must complete over the three-year period. This annual funding will also help recipients with budget planning.
The 2012 application packages and guidelines are available on the IRS website. More information about the TCE and VITA grants is available in Publication 4680, TCE & VITA Grant Programs.
In 2011 the IRS awarded 31 TCE grantees $6.1 million and 179 VITA grantees $12 million. Through April 10, 2011, the two grant programs filed more than 2 million returns at almost 9,000 sites nationwide.
The TCE program was established in 1978 to provide tax counseling and return preparation to persons age 60 or older and to give training and technical assistance to the volunteers who provide free federal income tax assistance to seniors across the nation.
The VITA Grant program was established in 2007 to supplement the VITA program, which was created in 1969. VITA provides underserved communities with free federal income tax filing assistance. The grant program enables VITA to extend services to underserved populations in hard-to-reach urban and non-urban areas, to increase taxpayer’s ability to file returns electronically, to enhance training of volunteers and to improve the accuracy rate of returns prepared at VITA sites.
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IRS Marks Small Business Week by Showcasing Tools, Resources; Spotlights Tax Benefits Available in 2011
WASHINGTON ? During Small Business Week, May 16-20, the Internal Revenue Service encourages those who are self-employed or own a small business to take advantage of certain tax benefits and learn about IRS resources that can help them meet their federal tax obligations.
“When you’re running a business, you don’t need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive,” said Faris Fink, IRS Commissioner for the Small Business and Self-Employed Division. “There are many tax credits and deductions currently available. So now is a good time to learn about the tools and services the IRS offers.”
The Small Business Tax Center (www.irs.gov/smallbiz) has links to some of the most useful tools the IRS offers, including the Virtual Small Business Tax Workshop, a downloadable tax calendar, common forms and their instructions and help on everything from how to get an Employer Identification Number (EIN) online to how to engage with the IRS in the event of an audit.
Health Care Tax Credit, Accelerated Write-Offs
The IRS today also urged small businesses to take advantage of tax-saving opportunities available when they file their 2011 returns. Two key provisions that business owners should consider are the small business health care tax credit and faster write-offs on certain capital expenditures.
The small business health care tax credit aims to help small employers provide health insurance coverage to their employees. It is specifically intended for those who employ low- and moderate-income workers. The credit is designed to encourage both small businesses and small tax-exempt organizations to offer health insurance coverage for the first time or maintain coverage they already have. More information about the credit is available on the Affordable Care Act page on IRS.gov.
Many small businesses that invest in new property and equipment can deduct most or all of these purchases on their 2011 returns. Normally, businesses recover capital investments through annual depreciation deductions spread over several years. But many small businesses can get these deductions sooner during 2011. Claim these tax benefits on Form 4562. Special rules and limitations apply. Details can be found in the instructions to Form 4562, Publication 946 and Revenue Procedure 2011-26.
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IRS Free CPE Courses Coming up
Courtesy of IRS
The Examination Process for Employment Tax Returns
The June 22 IRS Live broadcast will cover the employment tax examination process, taxpayer rights, settlement agreements and payment options.
ewers will learn from IRS and industry experts what to expect from an employment tax examination including information about:
- Examination process
- Statute of limitations
- Examination results
- Taxpayer and appeal rights
- Settlement agreements and payment options
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Small Business Advantage: Put Our Knowledge to Work for You
Register now for the May 18th free webinar,
- Learn about the new IRS brand for small business resources
- Discover multiple resources to help small businesses thrive
- What are the benefits of using Small Business Advantage?
- Find out about opportunities available now for small businesses
Watch videos of prior seminars – no CPE provided
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IRS Seek Public Input on Certain Employer Provisions of the Affordable Care Act
Courtesy of IRS
WASHINGTON — The Treasury Department and Internal Revenue Service today requested public comment on issues relating to the shared responsibility provisions included in the Affordable Care Act that will apply to certain employers starting in 2014.
Under the Affordable Care Act, employers with 50 or more full-time employees that do not offer affordable health coverage to their full-time employees may be required to make a shared responsibility payment. The law specifically exempts small firms that have fewer than 50 full-time employees. This provision takes effect in 2014.
Notice 2011-36, posted today on IRS.gov, solicits public input and comment on several issues that will be the subject of future proposed guidance as Treasury and the IRS work to provide information to employers on how to comply with the shared responsibility provisions. In particular, the notice requests comment on possible approaches employers could use to determine who is a full-time employee.
Today’s request for comment is designed to ensure that Treasury and IRS continue to receive broad input from stakeholders on how best to implement the shared responsibility provisions in a way that is workable and administrable for employers, allowing them flexibility and minimizing burdens. Employers have asked for guidance on this provision, and a number of stakeholder groups have approached Treasury and IRS with information and initial suggestions, which have been taken into account in developing today’s notice. By soliciting comments and feedback now, Treasury and IRS are giving all interested parties the opportunity for input before proposed regulations are issued at a later date.
Consistent with the coordinated approach the Departments of Treasury, Labor, and Health and Human Services are taking in developing the regulations and other guidance under the Affordable Care Act, the notice also solicits input on how the three Departments should interpret and apply the Act’s provisions limiting the ability of plans and issuers to impose a waiting period for health coverage of longer than 90 days starting in 2014. In addition, the notice invites comment on how guidance under the 90-day provisions should be coordinated with the rules Treasury and IRS will propose regarding the shared responsibility provisions.
There are three ways to submit comments.
- E-mail to: Notice.Comments@irscounsel.treas.gov. Include “Notice 2011-36” in the subject line.
- Mail to: Internal Revenue Service, CC:PA:LPD:PR (Notice 2011-36), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
- Hand deliver to: CC:PA:LPD:PR (Notice 2011-36), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC, between 8 a.m. and 4 p.m., Monday through Friday.
The deadline for comments is June 17, 2011.
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IRS Begins Enforcement of New Return Preparer Rules
WASHINGTON — The Internal Revenue Service is taking steps to stop tax preparers with criminal tax convictions or permanent injunctions from preparing tax returns. This is just one of several recent moves to improve the quality and oversight of the tax preparation industry.
More than 700,000 tax preparers nationwide have registered with the IRS and obtained Preparer Tax Identification Numbers (PTINs). This nine-digit number must be used by paid tax return preparers on all returns or claims for refund. Paid preparers must renew their PTINs annually to legally prepare tax returns.
“We owe it to all taxpayers and the many honest tax return preparers to remove the relatively small number of bad actors from the tax preparation industry,” said Doug Shulman, IRS Commissioner. “Just one unscrupulous tax return preparer can cause a lot of financial damage to both taxpayers and the tax system.”
By comparing the new PTINs with a database managed by the IRS’ Office of Professional Responsibility, the IRS was able to identify 19 tax preparers who applied for PTINs and either failed to disclose a criminal tax conviction or have been permanently enjoined from preparing tax returns. A permanent injunction is a court order used by the Department of Justice to stop a preparer who repeatedly prepares erroneous or fraudulent federal tax returns.
The IRS has sent letters to all 19 individuals proposing revocation of their PTINs. Preparers facing revocation have 20 days to file a written response and provide supporting documentation as to why their PTIN should not be revoked.
With the end of the tax filing season, the IRS also will initiate a review of tax returns that were prepared by a preparer who used an identifying number other than a PTIN, did not use any identifying number, or did not sign tax returns they prepared. The agency will send notices to those preparers who used improper identifying numbers. The IRS is also piloting methods to help identify returns that appear to be professionally prepared but are unsigned by the preparer.
“Hundreds of thousands of tax return preparers, the vast majority, play by the rules every filing season. The IRS is committed to ensuring they have a level playing field,” Shulman said. “Compliance with regulations that require the signing of a tax return by a paid preparer and use of the PTIN is central to our enforcement effort.”
The IRS is still registering approximately 2,000 preparers a week. Anyone who prepares for compensation all or substantially all of any federal return or claim for refund must register for a PTIN and pay a $64.25 annual fee.
The PTIN registration is the first step in a multi-year effort by the IRS to provide standards for and oversight of the tax preparation industry. Starting this fall, certain paid preparers will be required to pass a new competency test. The IRS will also conduct background checks on certain paid preparers. Additionally, expected to start in 2012, certain paid preparers must have 15 hours of continuing education annually.
Certified public accountants, attorneys and enrolled agents are exempt from the competency testing and continuing education requirements because of similar professional standards already applicable to those groups. Supervised employees of these exempt groups also are generally exempt.
For more information see the PTIN registration page on this website.
Related Items:
- IRS statement regarding selection of vendors for return preparer testing and fingerprinting programs
- Return Preparer Compliance and Enforcement: Information Center
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IRS CPE Opportunities in April
Phone Forums – Employee Plans
Free phone forums featuring IRS employees discussing retirement plan topics.
Funding Standards and Relief for Single and Multiemployer Plans – April 28, 2011 – 2:00 p.m. EST
Funding standards applicable to single and multiemployer pension plans will be discussed in an hour-long update presented by Adrien LaBombarde and Tonya B. Manning, actuaries in Employee Plans Rulings & Agreement – Technical. The presentation will focus on the rules under the Pension Protection Act, funding relief and relevant agency guidance, and key practical issues. If you have a specific issue that you would like the speakers to address, please let us know via email at ep.phoneforum@irs.gov on or before April 22, 2011.
Conference Access Code 135482
Register at https://www.attevent.com/rsvpreg.asp?PPass=135482
You will be assigned a Personal Identification Number (PIN) that must be used to join the conference.
If you have never registered with AT&T phone forum, you will need to click on “create a profile” first.
<!-more->
NATIONAL WEBINARS
Meeting: Accessing IRS Records (Webinar)
Date(s): April 27, 2011
Time: 2:00 p.m. (ET); 1:00 p.m. (CT); 12:00 p.m. (MT); 11:00 a.m. (PT)
Location: Your Home or Office
Contact: IRS Webinar; E-mail: sbse.webinars@irs.gov
Event Information:
Learn the basics about:
- How the IRS provides access to agency records
- How to use established IRS procedures to properly access records
- How to access the IRS FOIA eReading Room and what records are housed there
- How to use the resources on the IRS Web site to file a FOIA
- How IRS Office of Disclosure processes FOIA requests
Earn Continuing Professional Education credit
- Enrolled agents receive one CPE credit for participating for a minimum of 50 minutes from the start of the webinar.
- Other tax professionals may receive credit if the webinar meets your organization’s or state’s CPE requirements.
- To receive credit, you must attend the presentation offered on April 27, 2011.
- Register for the webinar using your email address, and use the same email address to log in to attend. This will confirm your attendance and generate your Certificate of Completion.
- *Only April 27, 2011, participants will receive certificates. If you do not need a certificate to obtain CPE credit, you may choose to view the archived version of the webinar after April 27, 2011.
- Look for your Certificate of Completion by email approximately one week after the webinar. If you have met all requirements, you will receive your certificate automatically.
To register for this event, visit the Internal Revenue Service Webinar Registration Web site.
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What Happens after I File?
Courtesy of IRS
Now that the federal income tax filing deadline is in your rear-view mirror, what happens after you file? A lot of taxpayers have post tax-filing questions such as what records do I keep and more importantly, “Where’s my Refund?” The IRS has answers for you below.
Refund Information
You can go online to check the status of your 2010 refund 72 hours after IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after you mail a paper return. Be sure to have a copy of your 2010 tax return available because you will need to know your filing status, the first Social Security number shown on the return, and the exact whole-dollar amount of the refund. You have three options for checking on your refund:
- Go to http://irs.gov and click on “Where’s My Refund”
- Call 800-829-4477~24 hours a day, seven days a week, for automated refund information
- Call 800-829-1954 during the hours shown in your tax form instructions
- Use IRS2Go. If you have an Apple iPhone or iTouch or an Android device you can download an application to check the status of your refund.
What Records Should I Keep?
Normally, tax records should be kept for three years, but some documents — such as records relating to a home purchase or sale, stock transactions, IRAs and business or rental property — should be kept longer.
You should keep copies of tax returns you have filed and the tax forms package as part of your records. They may be helpful in amending already filed returns or preparing future returns.
Change of Address
If you move after you filed your return, send Form 8822, Change of Address, to the Internal Revenue Service. If you are expecting a paper refund check, you should also file a change of address with the U.S. Postal Service.
What If I Made a Mistake?
Errors may delay your refund or result in notices being sent to you. If you discover an error on your return, you can correct your return by filing an amended return using Form 1040X, Amended U.S. Individual Income Tax Return.
Visit the IRS website at http://www.irs.gov for more information on refunds, recordkeeping, address changes and amended returns.
Links:
- Where’s My Refund
- Publication 552, Recordkeeping for Individuals
- Form 8822, Change of Address
- Form 1040X, Amended U.S. Individual Income Tax Return
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Your Opinion Counts! Speak Up!
Public Comment Invited on Recommendations for 2011-2012 Guidance Priority List
IRS Notice 2011-39
The Department of Treasury and Internal Revenue Service invite public comment on recommendations for items that should be included on the 2011-2012 Guidance Priority List.
The Treasury Department’s Office of Tax Policy and the Service use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices,
and other published administrative guidance. The 2011-2012 Guidance Priority List will establish the guidance that the Treasury Department and the Service intend to issue from July 1, 2011, through June 30, 2012. The Treasury Department and the Service recognize the importance of public input to formulate a Guidance Priority List that focuses resources on guidance items that are most important to taxpayers and tax administration. Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law.
As is the case whenever significant legislation is enacted, the Treasury Department and the Service have continued to dedicate substantial resources during the current plan year to published guidance projects necessary to implement the
provisions of the multitude of tax Acts that have been enacted over the past several years including, but not limited to, the American Recovery and Reinvestment Tax Act of 2009, Pub. L. No. 111-5, 123 Stat. 115, which was enacted on February 17,
2009; the Hiring Incentives to Restore Employment Act, Pub. L. No. 111-147, 124 Stat. 71, which was enacted on March 18, 2010; the Patient Protection and Affordable Care Act, Pub. L. No. 111-148, 124 Stat. 119, which was enacted on
March 23, 2010; the Health Care and Education Reconciliation Act, Pub. L. 111-152, 124 Stat. 1029, which was enacted on March 30, 2010; and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. L.
No. 111-312, 124 Stat. 3296, which was enacted on December 17, 2010.
The Treasury Department and the Service will continue to evaluate the priority of each guidance project in light of the above-mentioned tax legislation and other developments occurring during the 2011-2012 plan year. In reviewing recommendations and selecting projects for inclusion on the 2011- 2012 Guidance Priority List, the Treasury Department and the Service will consider the following:
1. Whether the recommended guidance resolves significant issues relevant to many taxpayers;
2. Whether the recommended guidance promotes sound tax administration;
3. Whether the recommended guidance can be drafted in a manner that will enable taxpayers to easily understand and apply the guidance;
4. Whether the recommended guidance involves regulations that are outmoded, ineffective, insufficient, or excessively burdensome and that should be modified, streamlined, expanded, or repealed;
5. Whether the Service can administer the recommended guidance on a uniform basis; and
6. Whether the recommended guidance reduces controversy and lessens the burden on taxpayers or the Service.
Taxpayers may submit recommendations for guidance at any time during the year. Please submit recommendations by June 1, 2011, for possible inclusion on the original 2011-2012 Guidance Priority List. The Treasury Department and the
Service may update the 2011-2012 Guidance Priority List periodically to reflect additional guidance that the Treasury Department and the Service intend to publish during the plan year. The periodic updates allow the Treasury Department and the Service to respond to the need for additional guidance that may arise during the plan year.
Recommendations for guidance received after June 1, 2011, will be reviewed for inclusion in the next periodic update.
Taxpayers are not required to submit recommendations for guidance in any particular format. Taxpayers should, however, briefly describe the recommended guidance and explain the need for the guidance. In addition, taxpayers may include
an analysis of how the issue should be resolved.
It would be helpful if taxpayers suggesting more than one guidance project prioritize the projects by order of importance. If a large number of projects are being suggested, it also would be helpful if the projects were grouped in terms of high, medium or low priority.
Taxpayers should send written comments to:
Internal Revenue Service
Attn: CC:PA:LPD:PR (Notice 2011-39)
Room 5203
P.O. Box 7604
Ben Franklin Station
Washington, D.C. 20044
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California conforms to the exclusion of nondependent health care benefits
California conforms to the exclusion of nondependent health care benefits (04-07-2011)The Governor has signed AB 36 (Perea), which excludes employer-provided health insurance for nondependent adults under the age of 27 from California income tax. The bill brings California into conformity with the federal exclusion enacted under the Health Care Act in 2010. (Act §1004; IRC §105(b))
Prior to the enactment of this law, California included these benefits in taxable income. This created a wage difference for California taxpayers whose employers provided health insurance for their nondependent adult children.The law is effective immediately, and applies to the same periods as the federal law. This means you may amend 2010 returns for clients who paid California income tax on these benefits.
For the full text of the bill, go to: http://leginfo.ca.gov/pub/11-12/bill/asm/ab_0001-0050/ab_36_bill_20110324_enrolled.pdf.
For more information on this bill, and other California law changes, attend Spidell’s 2011 Summer Seminar. Click here to register.
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Ask TaxMama Issue 601 – Happy Memorial Day Weekend
May 28, 2011 by Tax Blog
Filed under Questions & Answers
Dear Family,
This weekend is the Memorial Day Weekend. Speaking with TomBuck earlier this week, he tells me his community goes out to the cemetery to honor all the local war veterans, alive or dead. In a close-knit community, this is just one of the many instances when people connect. One of the nice things about smaller towns.
What Tom said prompted me to see what’s going in the Los Angeles area. If you don’t already have plans, considering do a search to see what’s going on in your area. I found lots of interesting, fun, or somber activities within less than a 5-mile radius. And even more within 10 miles.
Another thing I found is that the Queen Mary is offering free admission to veterans and active members of the armed forces. Excellent idea! I’ll bet there are many places offering free admission to current or former members of the armed forces all over the country. Considering how many returning servicemen and women are out of work, or under-employed, take advantage of these opportunities to take your families on a delightful outing.
You’ve heard enough about taxes already so far this year. So, go and give yourself a break. We all need it.
Lower taxes, achieved ethically = higher profits and increased joy
Small Business Taxes Made Easy
The new, award-winning Small Business Taxes Made Easy is getting lots of attention. Andrew collected some of the reviews and awards generated by this book. What a nice thing to do!
Today’s question for you – This week’s question for you – Are you better off with an office in home, or renting space for your business operations?
Read Chapter 7 of Small Business Taxes Made Easy for more details.
TaxMama’s EA Exam Review Class
Vanita, who has several advanced degrees, told her mother this is the best class she’s ever taken!
Do you want to know more about the IRS Special Enrollment Examination? Please replay Everything you Ever Wanted to Know about the EA Exam.
There is still time to sign up for TaxMama’s EA Exam Review Course. This is the liveliest, most enthusiastic group of students ever. You’re going to love your study buddies!
There is a Family Member discount of 10%.
IRS Practice Series Continues
The next session addresses the mysteries of IRS Penalties –
Computing Or Recalculating IRS Assessments For Interest And Penalties – Join us on June 7th.
Remember to sign up for the whole IRS Practice Series. The 5 classes this summer will run from May through July. There’s a discount if you sign up for the whole series at once.
Incidentally, if there is anything else you’d like to learn more about, please let me know. We’ll develop the classes for you.
TaxMama Interviews
Adrienne Mitchell – MarketWatch radio
Nasty Surprise Awaits 401k Borrowers
Radio with Jim Blasingame, the Small Business Advocate
- How is an enrolled agent different from a CPA? What is the roll of an enrolled agent? Eva Rosenberg joins Jim Blasingame to define “enrolled agent” and reveal how they serve clients with tax and financial services.
- The career of an enrolled agent (EA) How can you make a career of being an enrolled agent? Eva Rosenberg joins Jim Blasingame to discuss how to become a professional enrolled agent (EA), what an EA does for his or her clients, plus the earnings potential of an EA.
- Two tax deductions to not overlook What are some tax deductions and credits you can still get? Eva Rosenberg joins Jim Blasingame to report on the health care tax credit and the SEP IRA that you can still fund and deduct through the extension period.
TaxMama Writing:
AccountingWeb.com blog – Face-to-Face vs Electronic Meetings
This week’s MarketWatch article – Nasty Surprise on 401K Loans
This week’s Equifax article is – Skip the allowance and hire your child
This week’s Suze Orman article is – Helplessness Can Be Overcome
You can find daily TaxQuips into YouTube videos
http://www.youtube.com/taxmama1#p/u
A Week of TaxMama’s TaxQuips
We start the week with Bruce, whose business has failed. Should he file bankruptcy? Jack is proud of his son’s accomplishments. And now it’s time to face paying of those massive student loans. Jack wants tips on how to help, while tapping into his son’s investment acumen. Doug and his buddies at work are getting two kinds of reimbursements for their business driving. How are they supposed to report that? We end the week with Susan who wants to know if the course she’s taking qualifies for the Lifetime Education Credit. Does it?
As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!
Please use the Comments link online.
http://taxmama.com/asktaxmama/ask-taxmama-issue-601
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Your TaxMama®
Your TaxMama® is watching…out for you.
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TAX CALENDAR
http://taxmama.com/tax-calendar-2011/
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06/15/2011 Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment
06/15/2011 Corporations – 2nd Quarter Estimate Tax payment Due
06/15/2011 Estates & Trusts 2nd Estimated Tax Payment
06/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month
06/15/2011 US Taxpayers Overseas Individual Personal Returns due
06/15/2011 US Taxpayers Overseas Claim Foreign Earned Income
06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year
06/15/2011 US Individuals Overseas Personal Return Extensions due
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SPECIAL DEALS
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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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Take TaxMama®’s 2011 EA Exam Review Class
Sign up now – and join the FUN!
http://irsexams.com/registration/
A flood of Tax Professionals are interested in taking the EA Exam. We still have a few handy dandy totes to hold all your books, notes and discs.
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Replay the session – Everything You Wanted to Know About the EA Exam
=== CPA Exam Review
Looking for a great course?
You can’t do any better than this!
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