Issue Number: 2014-44
Inside This Issue
- Affordable Care Act: IRS Commissioner Explains What to Expect at Tax Time
- PTIN Renewal Period Underway for Tax Professionals
- Various Tax Benefits Increase in 2015 Due to Inflation Adjustments
- Information Reporting Program Advisory Committee Issues Annual Report
- IRS Unveils New Video to Warn Taxpayers of Phone Call Scams
- IRS Provides Tax Guidance Related to Ebola Outbreak in Guinea, Liberia and Sierra Leone
- Information about the Affordable Care Act Is Available in Spanish
- Tax Relief for California Earthquake Victims
- IDES Frequently Asked Questions
- Technical Guidance
1. Affordable Care Act: IRS Commissioner Explains What to Expect at Tax Time
IRS Commissioner John Koskinen explains in this new video how the Affordable Care Act will affect you and your clients.
Watch this and other videos on the IRS YouTube Channel.
2. PTIN Renewal Period Underway for Tax Professionals
Tax return preparers must renew their Preparer Tax Identification Numbers (PTINs) for 2015. All current PTINs will expire Dec. 31, 2014.
3. Various Tax Benefits Increase in 2015 Due to Inflation Adjustments
For tax year 2015, the Internal Revenue Service announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes.
4. Information Reporting Program Advisory Committee Issues Annual Report
The Information Reporting Program Advisory Committee (IRPAC) this week issued its annual report for 2014, including numerous recommendations to the Internal Revenue Service on new and continuing tax administration issues.
5. IRS Unveils New Video to Warn Taxpayers of Phone Call Scams
As incidents of an aggressive telephone scam continue across the country, the Internal Revenue Service unveiled a new YouTube video with a renewed warning to taxpayers not to be fooled by imposters posing as tax agency representatives.
6. IRS Provides Tax Guidance Related to Ebola Outbreak in Guinea, Liberia and Sierra Leone
The Internal Revenue Service issued two items of guidance in response to the need for charitable and other relief due to the Ebola outbreak in Guinea, Liberia and Sierra Leone. One provides special relief intended to support leave-based donation programs to aid victims who have suffered from the Ebola outbreak in those countries. The other designates the Ebola outbreak in those countries as a qualified disaster for federal tax purposes.
7. Information about the Affordable Care Act Is Available in Spanish
There are several ways Spanish speakers can get information about the tax provisions of the Affordable Care Act.
8. Tax Relief for California Earthquake Victims
Victims of the earthquake that occurred Aug. 24, 2014 in parts of California may qualify for tax relief from the Internal Revenue Service.
9. IDES Frequently Asked Questions
Several new frequently asked questions (FAQs) regarding the FATCA International Data Exchange Service (IDES) have been posted on IRS.gov. The FAQs are focused on IDES general and technical issues. You may also submit a technical question if your question is not found in the FAQ.
10. Technical Guidance
Revenue Procedure 2014-59 prescribes the loss payment patterns and discount factors for the 2014 accident year.
Revenue Procedure 2014-60 prescribes the salvage discount factors for the 2014 accident year.
Revenue Procedure 2014-61 sets forth inflation-adjusted items for 2015.
