Internal Revenue Service Advisory Council Seeks New Members

The Internal Revenue Service is accepting applications for the Internal Revenue Service Advisory Council (IRSAC) through June 14.

Join tax professionals from across the country July 9 through 11 at the Hilton Orlando for the first of the 2013 IRS Nationwide Tax Forums. Three days of the latest tax law information, hands-on workshops, networking opportunities and exhibits of the newest products and services to improve your business are just around the corner.
 
But hurry. The deadline for reserving your hotel room in Orlando is June 10, and pre-registration ends just a short while later on June 25. Dont wait for the last moment. Register early and earn up to 18 CPE credits.
 
For more information or to register, please visit the IRS Nationwide Tax Forum website at www.irstaxforum.com.

Read the May Hot Issues report from the Issue Management Resolution System.

Earn continuing education credit in this May 23 Phone Forum. A discussion on Revenue Procedure 2013-12 will include guidance on correcting 403(b) plan failures and updates to the Employee Plans Compliance Resolution System. IRS experts will review issues found in recent 403(b) audits and correcting 403(b) plan failures. If you have a specific matter that you d like addressed, please email  ep.phoneforum@irs.gov by May 21.

Revenue Procedure 2013-24 resulted from an Industry Issue Resolution project undertaken to provide assistance to taxpayers that have a depreciable interest in steam or electric power generation property primarily used in the trade or business of generating or selling steam (or steam in the form of heat) or electricity. The revenue procedure provides definitions of units of property and major components taxpayers may use to determine whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under § 263(a) of the Internal Revenue Code.  The revenue procedure also provides procedures for obtaining automatic consent to change to a method of accounting that uses all, or some of, the unit of property definitions provided and also provides an extrapolation methodology an eligible taxpayer may use in connection with a change in method of accounting for determining the amount of a § 481(a) adjustment.