Internal Revenue Bulletin: 2015-35
August 31, 2015
The proposed regulations would remove the automatic extension of time to file certain information returns (Form W–2G, 1042–S, 1094–C, 1095–B, 1095–C, 1097 series, 1098 series, 1099 series, 3921, 3922, 5498 series, and 8027) and remove the opportunity to seek a second 30 day extension of time to file.
Announcement 2015–22 informs that the IRS will not assert that an individual whose personal information may have been compromised in a data breach must include in gross income the value of the identity protection services provided by the organization that experienced the data breach. Additionally, the IRS will not assert that an employer providing identity protection services to employees whose personal information may have been compromised in a data breach of the employer’s (or employer’s agent or service provider’s) recordkeeping system must include the value of the identity protection services in the employees’ gross income and wages.
Notice 2015–56 informs claimants about the federal income tax treatment of credits under § 6426(c) and (d) that are paid in cash under the one-time claim submission process of section 160(e) of the Tax Increase Prevention Act of 2014 and implemented by Notice 2015–3. Specifically, a claimant must reduce its income tax deduction for (or cost of goods sold deduction attributable to) § 4081 excise taxes (or, if applicable, § 4041 excise taxes) for each calendar quarter during 2014 by the amount of the § 6426(c) credit (or, if applicable, § 6426(d) credit) for fuel mixtures sold or used during that calendar quarter.
This treasury decision (T.D.) provides rules for determining a taxable beneficiary’s basis in a term interest in a charitable remainder trust upon a sale or other disposition of all interests in the trust to the extent that basis consists of a share of adjusted uniform basis. The T.D. provides that a taxable beneficiary’s assignable share of uniform basis upon the sale or exchange of the taxable beneficiary’s term interest does not include the charitable remainder trust’s undistributed net capital gains or net ordinary income.
These temporary regulations remove the automatic extension of time to file information returns on forms in the W–2 series (except form W–2G) and remove the opportunity to seek a second 30-day extension of time to file.
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