Daily Tax Update - May 4, 2016: IRS Updates Pre-Filing Agreement Procedures

IRS Updates Pre-Filing Agreement Procedures:  Revenue Procedure 2016-30 (which modifies and supercedes Rev. Proc. 2009-14) provides an updated framework for taxpayers under the jurisdiction of the Large Business and International Division (LB&I) to request that the IRS examine specific issues relating to tax returns before those returns are filed and to enter into pre-filing agreements.  Under the revised procedures, the user fee for participating taxpayers will increase from $50,000 to $134,300 for requests submitted on or after June 3, 2016 and then will increase again to $218,600 for requests submitted on or after January 1, 2017.

Miscellaneous Guidance Released:
Treasury and the IRS have published final, temporary, and proposed regulations containing the requirements an organization must satisfy in order to become and remain a certified professional employer organization.

Treasury and the IRS have published the list of individuals losing US citizenship with respect to whom the Secretary of Treasury received information in the first quarter of 2016.