Issue Number: 2010-11
Inside This Issue
- IRS Provides Interim Phone Numbers for Austin Area Taxpayers
- IRS Wins 48-Month Suspension of a Lawyer for Failing to File His Own Tax Return and Late Filing
- IRS and SEC Agree to Work More Closely Regarding Municipal Bond Enforcement
- IRS To Honor Medical Resident FICA Refund Claims
- IRS Has $1.3 Billion for People Who Have Not Filed a 2006 Tax Return
- IRS Issues Winter 2010 Statistics Of Income Bulletin
- IRS SSA Reporter Spring 2010 Issue Available On Line#
- IRS Updates the Allowable Living Expense Standards for 2010
- Technical Guidance
1. IRS Provides Interim Phone Numbers for Austin Area Taxpayers
The Internal Revenue Service is providing guidance on how Austin area taxpayers can reach the agency regarding urgent tax issues in the aftermath of the plane crash at the Echelon 1 Building, located at 9430 Research Boulevard in Austin. Taxpayers with questions or concerns related to open cases at the Echelon 1 building may call the following numbers for assistance:
• Audit (Examination) cases: 210-...
• Collection cases: 210-... or 2447
• Offers in Compromise: 405-...
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2. IRS Wins 48-Month Suspension of a Lawyer for Failing to File His Own Tax Return and Late Filing
The IRS has announced that a Massachusetts Tax Attorney Kevin Kilduff has been barred from practicing before the Internal Revenue Service for 48 months for failing to file one federal tax return and for filing another five returns late.
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3. IRS and SEC Agree to Work More Closely Regarding Municipal Bond Enforcement
The Internal Revenue Service and the Securities and Exchange Commission announced that the two agencies agreed to work more closely to monitor and regulate the municipal bond market and industry.
IRS Commissioner Doug Shulman and SEC Chairman Mary Schapiro today signed a Memorandum of Understanding designed to improve compliance with IRS and SEC rules and regulations related to municipal securities.
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4. IRS To Honor Medical Resident FICA Refund Claims
The Internal Revenue Service has made an administrative determination to accept the position that medical residents are excepted from FICA taxes based on the student exception for tax periods ending before April 1, 2005, when new IRS regulations went into effect.
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5. IRS Has $1.3 Billion for People Who Have Not Filed a 2006 Tax Return
Unclaimed refunds totaling more than $1.3 billion are awaiting nearly 1.4 million people who did not file a federal income tax return for 2006, the Internal Revenue Service announced. However, to collect the money, a return for 2006 must be filed with the IRS no later than Thursday, April 15, 2010.
The IRS estimates that the median unclaimed refund for tax-year 2006 is $604.
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6. IRS Issues Winter 2010 Statistics Of Income Bulletin
The Internal Revenue Service has announced the release of the winter 2010 issue of the Statistics of Income Bulletin, featuring data on: preliminary 2008 individual income taxes, 2007 marginal income tax rates and 2007 sales of capital assets.
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7. IRS SSA Reporter Spring 2010 Issue Available On Line
The Spring 2010 issue of the IRS SSA Reporter is now available on line. The issue includes articles ranging from the IRS Employment Tax Research Study to Improvement to the IRS Virtual Small Business Tax Workshops.
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8. IRS Updates the Allowable Living Expense Standards for 2010
The Internal Revenue Service has released the 2010 update to the Allowable Living Expense Standards on March 1. The ALE standards are used to reduce subjectivity in determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard allowances provide consistency and fairness in collection determinations by incorporating average expenditures for basic necessities for citizens in similar geographic areas.
More information on the ALE standards is available at the Collection Financial Standards Web page.
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9. Technical Guidance
Notice 2010-24 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007.
Revenue Procedure 2010-14 provides a safe harbor method of reporting gain or loss for certain taxpayers who initiate deferred like-kind exchanges under § 1031 of the Internal Revenue Code but fail to complete the exchange because a qualified intermediary (QI) defaults on its obligation to acquire and transfer replacement property to the taxpayer. If a taxpayer meets the requirements of the revenue procedure, the Internal Revenue Service will not treat the taxpayer as being in actual or constructive receipt of exchange proceeds if the taxpayer does not complete an exchange because of a default of a QI that becomes subject to a bankruptcy or receivership proceeding. A taxpayer reports gain under the revenue procedure on the disposition of relinquished property as the taxpayer receives payments.
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