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Issue Number: 2012-5
Inside This Issue
1. Identity Theft Crackdown Sweeps Nation with More than 200 Actions Taken in Past Week
2. YouTube: Tips to Protect You and Your Clients Against Identity Theft
3. Phone Forum: 401(k) Questionnaire Interim Report
4. New Information on Form 1099-K
5. IMRS reports on February hot issues
6. Due Diligence Webinar to Air in Spanish
7. Tax Relief for Victims of Natural Disasters in Alabama
8. Counties in Virginia Added to FEMA Disaster Areas
9. Technical Guidance
1. Identity Theft Crackdown Sweeps Nation with More than 200 Actions Taken in Past Week
The Internal Revenue Service and the Justice Department announced the results of a massive national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft.
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2. YouTube: Tips to Protect You and Your Clients Against Identity Theft
The IRS offers tips on how to protect against ID theft in this new YouTube video.
Watch this and other videos on the IRS YouTube Channel.
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3. Phone Forum: 401(k) Questionnaire Interim Report
Sign up now for the 401(k) Questionnaire Interim Report phone forum on March 6. The forum will cover the next steps and current issues found in 401(k) audits. The Director of Employee Plans Examinations and other IRS staff members will participate. You may e-mail specific issues to ep.phoneforum@irs.gov by Feb. 17.
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4. New Information on Form 1099-K
The latest addition to the FAQs on the Third Party Reporting Information Center addresses the treatment of independent contractors.
And two new pages Understanding Your 1099-K and New 1099-K Reporting Requirements are available.
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5. IMRS reports on February hot issues
This month's Hot Issues report from the Issue Management Resolution System includes tips on avoiding math error notices when preparing tax returns for workers under H-2A visas.
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6. Due Diligence Webinar to Air in Spanish
The free “Meeting Your EITC Due Diligence” webinar airs in Spanish at 2 p.m. EST, Feb 21. Register now. Learn about new requirements and how to avoid common pitfalls. Protect yourself from higher penalties and discover free online tools to help you comply.
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7. Tax Relief for Victims of Natural Disasters in Alabama
Victims of the severe storms, tornadoes, straight-line winds and flooding that took place on Jan. 22, 2012 in parts of Alabama may qualify for tax relief from the Internal Revenue Service.
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8. Counties in Virginia Added to FEMA Disaster Areas
FEMA has added counties to the recently declared Virginia disaster area.
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9. Technical Guidance
Revenue Ruling 2012-3 describes how the qualified joint and survivor annuity (“QJSA”) and the qualified preretirement survivor annuity (“QPSA”) rules, described in §§ 401(a)(11) and 417 of the Internal Revenue Code, apply when a deferred annuity contract is purchased under a profit-sharing plan. (It will appear in IRB 2012-8 dated Feb. 21, 2012.)
Revenue Ruling 2012-4 describes whether a qualified defined benefit pension plan that accepts a direct rollover of an eligible rollover distribution from a qualified defined contribution plan maintained by the same employer satisfies §§ 411 and 415 of the Internal Revenue Code in a case in which the defined benefit plan provides an annuity resulting from the direct rollover. (It will appear in IRB 2012-8 dated Feb. 21, 2012.)
Notice 2012-14 addresses whether individuals who are eligible for services at an Indian Health Services facility are also eligible individuals for purposes of contributing to a Health Savings Account under section 223 of the Code.
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