e-News for Tax Professionals Issue 2017-37

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e-News for Tax Professionals September 15, 2017

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Issue Number:  2017-37

Inside This Issue


  1. Tax Relief Available to Hurricane Harvey and Irma Victims
  2. e-Services Update
  3. Don't Take the Bait: Act Quickly after a Data Incident
  4. Sept. 20 Webinar: The ITIN Process 
  5. Follow us on Twitter
  6. Technical Guidance

 


1.  Tax Relief Available to Hurricane Harvey and Irma Victims

Extension of time to file and other forms of tax relief are available to victims of hurricanes Harvey and Irma. Check www.irs.gov/hurricaneharvey and www.irs.gov/hurricaneirma for the latest updates.

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2.  e-Services Update

The transition of e-Services to a new platform is taking longer than originally anticipated. As a result, the ability to submit new applications or the ability to change existing applications to access e-Services tools will remain offline for several more days.

Registration Services, the Transcript Delivery System and TIN Matching are online and available.

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3.  Don't Take the Bait: Act Quickly after a Data Incident

If you experience a data breach or theft of client data, it is in your interest and the interest of your clients to contact the IRS immediately. Fast action is critical because criminals can quickly convert the stolen data into fraudulent tax returns to claim refunds.

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4.  Sept. 20 Webinar: The ITIN Process

IRS will host an Individual Taxpayer Identification Number (ITIN) Process webinar on Wednesday, Sept. 20 from 1- 2:30 p.m. EDT. Those interested in attending the ITIN Process Webinar can register via the ITIN Process Webinar Registration Page.

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5.  Follow us on Twitter

Did you know IRS has a Twitter account just for tax professionals?

Follow us at https://twitter.com/irstaxpros.

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6.  Technical Guidance

Announcement 2017-13 provides relief to victims of Hurricane Irma, which caused damage to Florida and other areas. It permits easier access to victims' funds held in workplace retirement plans and in IRAs, for the period beginning Sept. 4, 2017, and ending Jan. 31, 2018. The relief provided in the announcement is in addition to the relief already provided by the IRS pursuant to News Release IR-2017-150.

Notice 2017-47 initially provided penalty relief to certain partnerships that filed untimely returns or requests for extensions of time to file those returns. This updated notice now applies to both partnerships and real estate mortgage investment conduits (REMICs), which are treated as partnerships for purposes of subtitle F of the Internal Revenue Code (dealing with procedure and administration). 

Notice 2017-50 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates and the 24-month average segment rates. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities and the 30-year Treasury weighted average rate.

Notice 2017-51 publishes Treasury's estimate of the annual average wellhead price per 1000 cubic feet for all domestic natural gas. This estimate is the "reference price" for purposes of the credit in section 45I. 

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