Overview
IRS Extends Due Dates for Certain ACA Information-Reporting Requirements: Today, the IRS issued Notice 2016-70, which extends the due date for certain 2016 information-reporting requirements for insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 and for applicable large employers under section 6056. (Sections 6055 and 6056 were added to the Internal Revenue Code by the Patient Protection and Affordable Care Act (ACA).) Under the notice, Treasury and the IRS are extending by 30 days the due date for furnishing the 2016 Form 1095-B and the 2016 Form 1095-C, from January 31, 2017 to March 2, 2017. In addition, this notice extends good-faith transition relief from section 6721 and section 6722 penalties to the 2016 information-reporting requirements under sections 6055 and 6056.
IRS Launches ‘Fast Track Mediation—Collection’ Program: Today, the IRS issued Revenue Procedure 2016-57, which replaces Fast Track Mediation (as outlined in Revenue Procedure 2003-41) with Fast Track Mediation—Collection (FTMC). FTMC is directed at resolving certain collection cases and issues. The program allows taxpayers an opportunity to resolve certain offer-in-compromise and trust fund recovery penalty disputes on an expedited basis with an Office of Appeals mediator serving as a neutral party.
Treasury Awards $7 Billion in New Markets Tax Credits: Today, the US Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that 120 organizations will receive a total of $7 billion in New Markets Tax Credits awards. According to a press release, the 2015-2016 award round is the largest single award round since the New Markets Tax Credit program was created in 2001. The New Markets Tax Credit program permits individual and corporate taxpayers to receive a tax credit for making equity investments in vehicles known as community development entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities.
Miscellaneous Guidance: Notice 2016-65 provides an updated appendix that reflects additional settlement agreements between the United States and members of Indian tribes involving certain tribal trust cases.