IMRS Hot Issues
Use the IRS Data Retrieval Tool When Applying for Student Financial Aid
To apply for federal student aid, complete the Free Application for Federal Student Aid (FAFSA). Completing and submitting the FAFSA is free and it provides access to the largest source of financial aid to pay for college or career schools. Completing the FAFSA is easier than ever! Students and parents can now access IRS tax return information using the 2014-2015 IRS Data Retrieval Tool. The tool provides an easy and secure way to access and transfer the necessary tax return information directly into the FAFSA application. The 2014-2015 IRS Data Retrieval Tool is available on FAFSA.gov.
Automatic Extension of Time for Estates Without a Filing Requirement
Revenue Procedure 2014-18 provides an automatic extension of time for certain estates without a filing requirement to elect portability of the decedent’s unused exclusion amount for the benefit of the decedent’s surviving spouse. No user fee is required for submissions filed under this revenue procedure.
TDS No Longer Processing Transcript Requests for ID Theft Victims
To help better protect taxpayer information, the IRS will no longer process transcript requests through the Transcript Delivery System if an Identity Theft Indicator is on the taxpayer’s account. A taxpayer, instead, will receive a notice alerting him or her of any request for the transcript and instruct the taxpayer to contact the Identity Protection Specialized Unit at 1-800-908-4490. Once proper authentication has been performed, the IRS will issue a transcript directly to the taxpayer.
Practitioner Problem with EIN Online Application (IMRS Issue #2311)
A Practitioner was unable to obtain an EIN for one of his clients using the online application and asked for help. The stakeholder liaison found that the responsible party listed was an LLC that secured its own EIN using the online system. Applications cannot be processed online if the responsible party is an entity with an EIN previously obtained through the Internet. It must be faxed or mailed.
March 13 Phone Forum: An Overview of the 2013 Cumulative List of Changes in Plan Qualification
Sign up now for this Mar. 13 Phone Forum. Employee Plans Technical Guidance will discuss the list of changes plan sponsors and practitioners must make to a plan before submitting determination letter applications beginning Feb. 1, 2014 (Notice 2013-84). Cycle D filers (single employer individually designed defined contribution plans, single employer individually designed defined benefit plans and Internal Revenue Code Section 413 multiemployer plans) should use this list to determine if a plan has been updated for all current law.
Guide to Free Tax Services
Publication 910 is a guide to free tax services. The IRS provides tools, information and services to help taxpayers meet their tax obligations. Many of these resources are free. You can download all IRS forms and publications—including this one—from the IRS website, IRS.gov.