e-News for Tax Professionals Issue 2015-43

e-News for Tax Professionals Issue 2015-43
  
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Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED Certification The Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners*630 North Sepulveda Boulevard, Suite 9A
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 CellWebSite: http://www.harriscompanyrec.com Resume: http://www.harriscompanyrec.com/rESUME2011.pdf Commercial Appraiser Blog: http://commercialappraiser.typepad.com/blog/ IT'S THE LAW-Designation Discrimination is Illegal [FIRREA, Sec. 564.6]: Professional Association Membership: "A State Certified General Appraiser may not be excluded from consideration for an assignment for a federally related transaction by virtue of membership or lack of membership in any particular appraisal organization," including the appraisal institute. http://www.ofi.state.la.us/re-otspart565.pdf CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal.
 
From: e-News for Tax Professionals [mailto:[email protected]]
Sent: Friday, October 30, 2015 1:34 PM
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Subject: e-News for Tax Professionals Issue 2015-43

  e-News for Tax ProfessionalsOctober 30, 2015Useful Links:IRS.govTax Professionals HomeAll Forms and PubsStakeholders Partners'
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Back to topIssue Number: 2015-43Inside This Issue 1. Limited Practice Changes Coming for Unenrolled Preparers; PTIN Fee Decreases2. Enrolled Agent Renewals Set to Begin3. IRPAC Issues Annual Report for 20154. Tax Preparedness Series: Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 315. YouTube: Audit by Mail–What to Do?6. Fall Edition of the SSA/IRS Reporter Online7. Technical Guidance 

1. Limited Practice Changes Coming for Unenrolled Preparers; PTIN Fee Decreases

The IRS reminds non-credentialed tax return preparers of major upcoming changes regarding which tax return preparers can represent clients in matters before the IRS beginning in 2016, and to take action by Dec. 31 to avoid being affected. The agency also announced a reduction in PTIN (preparer tax identification number) fees.Back to top

2. Enrolled Agent Renewals Set to Begin

You must renew your status as an enrolled agent every three years in order to remain eligible to practice before the IRS. If your Social Security number ends in 0, 1, 2 or 3, you must renew by Jan. 31, 2016. Renew your license using Form 8554, Application for Renewal of Enrollment to Practice Before the IRS, at www.pay.gov between Nov. 1 and Jan. 31.· Go to www.pay.gov and enter “8554” in the Search Public Forms box on the left-hand side.· Complete the online form and pay the $30 renewal fee.· Renewals may take up to 90 days to process. All enrolled agents must also have a Preparer Tax Identification Number (PTIN) and you must enter it on Form 8554. If you have questions about your enrolled agent renewal, please email your inquiry to [email protected] or call toll-free 855-472-5540 (Hours: 6:30 am to 4 pm CT). Back to top

3. IRPAC Issues Annual Report for 2015

The Information Reporting Program Advisory Committee (IRPAC) issued its annual report for 2015, including numerous recommendations to the IRS Commissioner on new and continuing issues in tax administration.Back to top

4. Tax Preparedness Series: Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

Taxpayers born before July 1, 1945, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.Back to top

5. YouTube: Audit by Mail–What to Do?

This new YouTube video explains what to do if your client is audited by mail. Watch this and other videos on the IRS YouTube Channel Back to top

6. Fall Edition of the SSA/IRS Reporter Online

The Fall edition of the SSA/IRS Reporter is now online with information on retirement plans, year-end reminders and more.Back to top

7. Technical Guidance

Revenue Procedure 2015-52 sets forth for purposes of section 846 of the Internal Revenue Code the loss payment patterns and discount factors for each property and casualty line of business for the 2015 accident year. These factors are to be used by property and casualty insurance companies in discounting unpaid losses.Revenue Procedure 2015-54 sets forth for purposes of section 832 of the Internal Revenue Code the salvage discount factors and payment patterns for each property and casualty line of business for the 2015 accident year. These factors are to be used by property and casualty insurance companies to discount estimated salvage recoverable.Notice 2015-76 requests comments about issues that should be addressed in guidance relating to the rules to exclude from the air transportation excise tax amounts attributable to mileage awards (sometimes referred to as frequent flyer miles) that are redeemed other than for taxable transportation, such as for the purchase by the consumer for hotel rooms, restaurant gift cards and items from the airline shopping catalog.Back to top

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