IRS Contacts for 2015 Tax Filing SeasonNeed to Call the IRS?
Here's a listing of useful IRS contacts to insure you "connect":
- PTIN Information Line 877-613-PTIN (7846)
- Disaster Hotline 866-562-5227
- Practitioner Priority Service 866-860-4259
- Business Specialty Tax Line 800-829-4933
- Forms and Publications 800-829-3676
- Refund Hotline 800-829-1954
- 100 Tax Topics 800-829-4477
- E-Help Desk 866-255-0654
- Tax Exempt Organizations 877-829-5500
- Health Coverage Tax Credit Contact Center 866-628-4282
- Report Tax Schemes 866-775-7474
- EFTPS Customer Service 800-555-4477
- Taxpayer Advocate 877-777-4778
- Automated Substitute for Return (ASFR) Call Site 866-681-4271
- Identity Protection Specialized Unit 800-908-4490
- Additional Telephone Assistance Numbers
Helpful IRS Forms and Instructions Updates
from the National Society of Accountants
Here is a synopsis of recent IRS informational releases for tax practitioners:
2015 Reporting Requirements for FATCA
The IRS has released updated versions of two forms needed for compliance under the Foreign Account Tax Compliance Act and a publication significant to fulfilling foreign withholding and reporting requirements. The IRS released:
- The 2015 version of Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding.
- A new version of Form 8938, Statement of Specified Foreign Financial Assets.
- The 2015 version of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, with information about responsibilities faced by withholding agents under FATCA. The law requires foreign financial institutions (FFIs) to report U.S.-owned accounts to the IRS or face, in some cases, a 30 percent withholding tax. The updated version of Publication 515 incorporates new requirements and definitions for both U.S. withholding agents doing withholding and FFIs making withholdable payments.
The instructions for the schedule that accompanies Form 1041, U.S. Income Tax Return for Estates and Trusts, were released on January 5.
Schedule D Instructions for Capital Gains
The IRS has released the 2014 instructions for Schedule D (Form 1041). The Schedule is used to report the overall capital gains and losses from transactions reported on Form 8949, Sales and Other Dispositions of Capital Assets, as well as certain transactions that an estate or trust doesn't have to report on that form.
Instructions For Form 8960, Net Investment Income Taxes
The IRS released a final version of 2014 instructions for Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts. The new instructions include revisions to Line 4a—Rental Real Estate, Royalties, Partnerships, S Corporations, and Trusts; Line 5a—Net Gain or Loss From Disposition of Property; and Line 21—Net Investment Income Tax for Estates and Trusts.
Instructions for Small-Employer Health Insurance Premium Credit Form
The IRS posted 2014 final instructions for Form 8941, Credit for Small Employer Health Insurance Premiums. The Affordable Care Act established the tax credit for small employers with no more than 25 full-time equivalent employees whose annual average wages are a maximum of $50,000, adjusted for inflation after 2013.
Changes reflected in the final instructions, posted earlier this week, include availability guidelines and an increase to the maximum credit to 35 percent of premiums paid for tax-exempt eligible small employers and 50 percent of premiums paid for all other eligible small employers. The final Form 8941 was released in December.
More Updated IRS Forms & Publications
In case you may have missed it, the IRS has released many new versions of the following Forms and Publications:
- Form W-9, Request for Taxpayer Identification Number and Certification
- Form 2159, Payroll Deduction Agreement
- Publication 51, Agricultural Employer's Tax Guide
- Publication 531, Reporting Tip Income
- Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities
More Tax Season Reminders
Here are some more helpful reminders as tax season begins:
- The IRS will begin accepting business tax returns on January 9.
- The IRS will begin accepting individual tax returns electronically on January 20. Paper tax returns will begin processing at the same time.
- Certain taxpayers who have been victims of identity theft should have received a notice in December containing an Identity Protection Personal Identification Number (IP PIN). The IP PIN must be reported on the Form 1040.
- Starting January 2015, the number of refunds electronically deposited into a single financial account or pre-paid debit card is limited to three.
- The IRS no longer provides a Refund Cycle Chart; however, Where's My Refund will still be updated.
- Use this to mail a tax return: Where to File a Paper Tax Return.
- Tax preparers who prepare returns with EITC are held to a high standard. If you have clients who claim EITC, be sure to review your IRS Due Diligence Requirements.
- Search for various per diem rates by city, state or zip code: Per Diem Rates.
- The Offer In Compromise Pre-Qualifier helps determine if your tax client is eligible to settle tax debt for less than the full amount owed.
- The Where’s My Amended Return tool provides the status of a Form 1040X, Amended Tax Return, for the current year and up to three prior years. Remember, it generally takes up to 12 weeks from the date received to process an amended return.