Tax Industry Updates

2.14.12		IRS FY 2013 Budget Proposal Summary
		The Administration’s fiscal year (FY) 2013 budget request for the Internal Revenue Service is approximately $12.8 billion, a $944.5 million increase (8%) over the FY 2012 enacted level, but only a $639.3 million increase (5.3%) from the level enacted for FY 2011.
2.13.12		IRS Issues Rules for Providing K-1s Electronically
		The IRS today issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients.
2.13.12		IRS and Treasury to Hold Town Hall and Consultation Listening Meetings on Possible Approaches to Governmental Plan Guidance
		The Internal Revenue Service and Department of Treasury have announced they will hold town hall and consultation listening meetings across the country to discuss proposed guidance on possible standards for determining if a retirement plan is a governmental plan under section 414(d) of the Internal Revenue Code.
2.13.12		IRS Extends Comment Period for Guidance on Indian Tribal Government Programs
		The IRS is extending the time limit for commenting on guidance the agency issued regarding the application of the general welfare exclusion to Indian tribal government programs. Comments may now be submitted through March 14, 2012.
2.10.12		IRS Reminds Preparers and Providers of New Continuing Education Requirements
		The Internal Revenue Service today reminded certain tax return preparers that they must complete 15 hours of continuing education (CE) annually beginning in 2012 and the programs must be taken from IRS-approved providers.
2.9.12		IRS Releases Guidance on How to Claim Expanded Veterans Tax Credit; Certification Requirements Streamlined
		The IRS today released the guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans.
2.8.12		IRS Unveils New Version of Smartphone App; IRS2Go 2.0 Offers Videos, Tax Help
		The Internal Revenue Service announced today the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information.
2.8.12		Treasury, IRS Issue Proposed Regulations for FATCA Implementation
		The Treasury Department and the Internal Revenue Service today issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA).
2.6.12		New IRS Online Tool Helps Low- and Moderate-Income Taxpayers Find Locations for Help
		As part of a continuing effort to improve service to taxpayers, the Internal Revenue Service announced today the availability of a new online tool to help people easily find a location for volunteer tax preparation assistance.
1.31.12		Identity Theft Crackdown Sweeps Across the Nation; More than 200 Actions Taken in Past Week in 23 States
		The Internal Revenue Service and the Justice Department today announced the results of a massive national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft.