EO Update July 9, 2010
Issue Number: 2010-16
Inside This Issue:
- IRS Issues Prohibited Tax Shelter Final Regulations
- IRS Live: Free Webinar on Affordable Care Act
- Help Wanted: TE/GE Seeks Candidates for Senior Tax Law Specialist Positions
- IRS Invites Public Comment on New Reporting of Payments Made in a Trade or Business
- Nine Tax Tips on the Ten Percent Tax on Tanning Services
1. IRS Issues Prohibited Tax Shelter Final Regulations
The IRS has issued final regulations under IRC 4965 on excise taxes for prohibited tax shelter transactions involving tax-exempt entities and on related disclosure obligations and filing requirements.
2. IRS Live: Free Webinar on the Affordable Care Act
Register now to attend an IRS webinar for tax professionals on the Affordable Care Act on September 9, 2010. Learn about the new tax provisions of the recent health care legislation and IRS implementation efforts. Tax professionals will be able to e-mail questions during the free webinar.
3. Help Wanted: TE/GE Seeks Candidates for Senior Tax Law Specialist Positions
Do you have strong experience with Exempt Organizations and Employee Plans? Are you looking for a challenging new position? TE/GE is seeking highly qualified candidates for two Senior Tax Law Specialists in the Office of the Senior Technical Advisor.
If you are interested or know of someone who might be a good candidate for this position, please access the job announcement 10ME2-TEX0195-0987-15-CH, on www.USAJobs.gov. Don’t delay. The announcement closes July 14.
4. IRS Invites Public Comment on New Reporting of Payments Made in a Trade or Business
Notice 2010-51 invites public comments regarding guidance to be provided concerning new requirements with respect to the reporting of payments made in the course of the payor’s trade or business. Very generally, these new requirements imposed by Section 9006 of Affordable Care Act expand the existing information reporting requirements to apply to payments made to corporations and to include certain payments of gross proceeds and with respect to property.
5. Nine Tax Tips on the Ten Percent Tax on Tanning Services
Many businesses and tax-exempt organizations that offer tanning services must now collect a 10 percent excise tax. The IRS has issued tax tips on the new excise tax imposed under the Affordable Care Act.