Issue Number: 2016-29
Inside This Issue
1. IRS Returns “Get an IP PIN” Tool to IRS.gov with a Stronger Authentication Process
2. Webinar for U.S. Taxpayers Overseas Now Available On Demand
3. Technical Guidance
1. IRS Returns “Get an IP PIN” Tool to IRS.gov with a Stronger Authentication Process
The IRS this week returned the “Get an IP PIN” tool to the IRS.gov website with a stronger authentication process. This level of secure access aligns with federal information security standards to protect taxpayer information.
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2. Webinar for U.S. Taxpayers Overseas Now Available On Demand
Practitioners who missed the recent IRS webinar, Foreign Earned Income for U.S. Overseas Taxpayers, can now view it online.
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3. Technical Guidance
Announcement 2016-25 provides guidance to residents living near the Southern California Gas Company’s Aliso Canyon storage field who were affected by a natural gas leak discovered at that storage field. As part of a relocation plan, Southern California Gas Company was required to pay on behalf of, or reimburse, affected residents for certain relocation and cleaning expenses. This announcement informs affected area residents that the IRS will not assert that these amounts are includable in gross income.
Notice 2016-46 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I).
Revenue Ruling 2016-18 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274. The rates are published monthly for purposes of sections 42, 382, 412, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.
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