Mandatory FBAR e-filing Coming July
1. Mandatory FBAR e-filing Coming July 1
Effective July 1, 2013, TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), must be filed electronically.If you are experiencing difficulty in submitting a timely electronic FBAR, please see FinCEN guidance. If there is reasonable cause for the failure, and the balance in the account is properly reported, no penalty will be imposed.
2. National Taxpayer Advocate Identifies Priority Issues for Upcoming Year
National Taxpayer Advocate Nina E. Olson released her mid-year report to Congress that identifies the priority issues the Taxpayer Advocate Service will address during the upcoming fiscal year. Olson also released a special report examining the IRSs use of questionable criteria to screen applicants for tax-exempt status (under section 501(c)(4) of the tax code).
Read the full news release on the Taxpayer Advocate website.
3. Tax Relief for Victims of Flooding in Alaska
Victims of flooding that began on May 17 in parts of Alaska may qualify for tax relief from the Internal Revenue Service.
4. Help with Federal Tax Liens a Click Away
Is your client selling or refinancing property while they have a Federal Tax Lien? Do you need information on how to get their lien notice withdrawn? Find help on the IRS.gov Understanding a Federal Tax Lien page. For more information on preparing and submitting the paper work, check out these IRS Lien Videos.
5. Technical Guidance
Revenue Procedure 2013-32 changes IRS letter ruling policy concerning spin-offs, reorganizations and other corporate nonrecognition transactions. The IRS will no longer rule on whether such transactions generally qualify for tax-free treatment, but will instead rule only on significant issues presented therein.