Issue Number:  2016-27

Inside This Issue

1.     Protect Your Clients, Protect Yourself against Identity Theft

2.     National Taxpayer Advocate Reviews Filing Season and Identifies Priorities in Mid-Year Report to Congress

3.     Tax Relief for Victims of Severe Storms, Flooding, Landslides and Mudslides in West Virginia

4.     Technical Guidance

 

1.  Protect Your Clients, Protect Yourself against Identity Theft

Leaders from the IRS, state tax agencies and the tax preparation community this week urged tax professionals to be proactive in the fight against identity theft and launched an expanded awareness campaign, Protect Your Clients; Protect Yourself, that will provide computer security tips and other information leading into the 2017 tax filing season.

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2.  National Taxpayer Advocate Reviews Filing Season and Identifies Priorities in Mid-Year Report to Congress

The National Taxpayer Advocate this week released a mid-year report to Congress that contains extended excerpts from her ongoing Public Forums on Taxpayer Needs and Preferences, presents a review of the 2016 filing season, and identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year.

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3.  Tax Relief for Victims of Severe Storms, Flooding, Landslides and Mudslides in West Virginia

Victims of the severe storms, flooding, landslides and mudslides that took place beginning on June 22 in parts of West Virginia may qualify for tax relief.

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4.  Technical Guidance

Revenue Procedure 2016-39 provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change to or from the net asset value method of accounting provided in section 1.446-7 of the Income Tax Regulations for gain or loss on shares in a money market fund. This revenue procedure modifies Rev. Proc. 2016-29, 2016-21 I.R.B. 1.

TD 9774 is titled “Method of Accounting for Gains and Losses on Shares in Money Market Funds; Broker Returns with Respect to Sales of Shares in Money Market Funds.”

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