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IMRS Hot Issues

November 2014

IRS Improves e-Services Registration Process

The IRS recently updated the e-Services Registration process with challenge questions for use in unlocking one’s account and certain other changes to the registration screen. More details are available on the e-Services information page on IRS.gov.

Online Seminars from the 2014 IRS Nationwide Tax Forums are Now Available

Tax professionals can earn continuing professional education credits online through seminars filmed at the 2014 IRS Nationwide Tax Forums. Visit the IRS Nationwide Tax Forums Online homepage for details.

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock

Farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales.

Details on this relief, including a list of NDMC(National Drought Mitigation Center)-designated counties, are available in Notice 2014-60 (PDF). Details on reporting drought sales and other farm-related tax issues are in Publication 225, Farmer’s Tax Guide (PDF). Both are available on IRS.gov.

IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements

The Internal Revenue Service made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment and took additional steps to simplify procedures for U.S. taxpayers with these plans.

As part of this, the IRS provided retroactive relief to eligible taxpayers who failed to properly choose this benefit in the past. In addition, the IRS is eliminating a special annual reporting requirement that has long applied to taxpayers with these retirement plans.

Further details on the changes are on IRS.gov in Revenue Procedure 2014-55 (PDF).

Renew Your 2015 PTIN before Dec. 31

Preparer tax identification number applications and renewals for 2015 are now being processed.
Anyone who preparers or assists in preparing federal tax returns for compensation must have a valid 2015 PTIN before preparing returns. All enrolled agents must also have a PTIN. For more information visit the IRS Tax Professional PTIN System homepage.

IRS Realigning Compliance Operations

The IRS is realigning its tax compliance organizations serving individual and small business taxpayers. Realigning core business operations in its Wage and Investment and Small Business/Self-Employed divisions is expected to make processes more efficient. For more information and updates search “Compliance Operations” on IRS.gov.


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Page Last Reviewed or Updated: 28-Oct-2014