Daily Tax Update - August 21, 2015: TIGTA Report Estimates More Than $39 Million in Penalties Incorrectly Abated in 2013

TIGTA Report Estimates More Than $39 Million in Penalties Incorrectly Abated in 2013:  According to a TIGTA report released today, TIGTA found that 59 of 140 sampled penalty appeal cases were not abated in accordance with IRS Office of Appeals criteria, and estimated that more than $39 million in penalty abatements were incorrectly abated in 2013.  Approximately $127 million in penalties were abated in 2013.  The IRS plans to provide additional training to Appeals Technical Employees who deal with penalty abatement cases and to review existing delegated settlement authority and evaluate any risk associated with the current delegation.  


Miscellaneous Guidance:
Revenue Procedure 2015-42 provides the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under section 842(b) of the Internal Revenue Code for taxable years beginning after December 31, 2013.  

Notice 2015-57 delays the due date for statements required under sections 6035(a)(1) and (a)(2) to be filed with the IRS or furnished to a beneficiary before February 29, 2016 to February 29, 2016.