Issue Number: 2016-32
Inside This Issue
1. Tax Pros Are Target of New Phishing Scam
2. Aug. 17 Webinar: Protect Your Clients, Protect Yourself from Data Theft
3. Security Awareness Tax Tip: Monitor Your PTIN for Suspicious Activity
4. For Most, Highway Use Tax Returns Are Due Aug. 31
5. Technical Guidance
1. Tax Pros Are Target of New Phishing Scam
Tax professionals: Be aware of a new phishing scam that uses email purporting to be from tax software providers to trick unwitting practitioners into downloading malware to their systems and revealing passwords and other sensitive information.
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2. Aug. 17 Webinar: Protect Your Clients, Protect Yourself from Data Theft
Cybercriminals have their eyes on tax professionals. Next Wednesday, Aug. 17 at 1 p.m. ET, join IRS and industry experts for a free audio webinar on data theft. The “Protect Your Clients, Protect Yourself from Data Theft” webinar will provide an in-depth discussion on topics tax pros need to know about. Participants earn a free, one-hour CPE credit. Register today.
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3. Security Awareness Tax Tip: Monitor Your PTIN for Suspicious Activity
Tax preparers and practitioners can protect their clients and their businesses from identity theft by checking their PTIN accounts to ensure the number of returns filed using their identification numbers match IRS records.
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4. For Most, Highway Use Tax Returns Are Due Aug. 31
For truckers or owners of heavy highway vehicles, most federal highway use tax returns are due Aug. 31.
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5. Technical Guidance
Revenue Procedure 2016-42 states a charitable remainder annuity trust (CRAT) containing the sample provision found in Rev. Proc. 2016-41 will not be subject to the probability of exhaustion test set forth in Rev. Rul. 70-452, 1970-2 C.B. 199, and applied in Rev. Rul. 77-374, 1977-2 C.B. 329.
Notice 2016-47 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).
Notice 2016-49 provides interim guidance on certain requirements for persons seeking certification as Certified Professional Employer Organizations (CPEOs), as defined in section 301.7705-1T(b)(1).
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