Daily Tax Update - March 28, 2014: IRS Warns of New Email Phishing Scheme

IRS WARNS OF NEW EMAIL PHISHING SCHEME:  The IRS warned consumers to be aware of a new email phishing scam. The IRS said that the emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number. According to the IRS, “The fake emails may include the following message: ‘Your reported 2013 income is flagged for review due to a document processing error. Your case has been forwarded to the Taxpayer Advocate Service for resolution assistance. To avoid delays processing your 2013 filing contact the Taxpayer Advocate Service for resolution assistance.’ Recipients are directed to click on links that supposedly provide information about the ‘advocate’ assigned to their case or that let them ‘review reported income.’  The links lead to web pages that solicit personal information.”  The IRS warned consumers not to open the links or respond to the email.

MISCELLANEOUS GUIDANCE RELEASED:
Notice 2014-24 provides a temporary safe harbor for an entity that reports expatriate health insurance plans on its Supplemental Health Care Exhibit (SHCE).  For the 2014 and 2015 fee years, it allows such an entity to exclude 50% of its direct premiums written for expatriate plans in reporting total direct premiums written to the IRS for purposes of determining its Affordable Care Act (ACA) § 9010 Health Insurance Providers Fee.

Notice 2014-22 modifies and supersedes the appendix to Notice 2013-1, which provides a list of tribes that have settled trust management litigation cases against the United States, because two new tribes had settled trust management litigation cases since the publication of Notice 2013-1.

TAX BILLS INTRODUCED MARCH 27TH 

1. [113rd] H.R.4326 : To amend the Internal Revenue Code of 1986 to provide a refundable credit against income tax to assist individuals with high residential energy costs. Sponsor: Rep Maloney, Sean Patrick [NY-18] (introduced 3/27/2014)      Cosponsors (None) Committees: House Ways and Means Latest Major Action: 3/27/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.4333 : To amend the Internal Revenue Code of 1986 to improve 529 plans. Sponsor: Rep Jenkins, Lynn [KS-2] (introduced 3/27/2014)      Cosponsors (2) Committees: House Ways and Means Latest Major Action: 3/27/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] S.2166 : A bill to amend the Internal Revenue Code of 1986 to modify provisions relating to determinations of full-time equivalent employees for purposes of the Patient Protection and Affordable Care Act. Sponsor: Sen Manchin, Joe, III [WV] (introduced 3/27/2014)      Cosponsors (5) Committees: Senate Finance Latest Major Action: 3/27/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


4. [113rd] S.2168 : A bill to amend the Internal Revenue Code of 1986 to modify the definition of large employer for purposes of applying the employer mandate. Sponsor: Sen Heitkamp, Heidi [ND] (introduced 3/27/2014)      Cosponsors (5) Committees: Senate Finance Latest Major Action: 3/27/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


5. [113rd] S.2169 : A bill to amend the Internal Revenue Code of 1986 to reduce the rate of tax regarding the taxation of distilled spirits. Sponsor: Sen Gillibrand, Kirsten E. [NY] (introduced 3/27/2014)      Cosponsors (None) Committees: Senate Finance Latest Major Action: 3/27/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


6. [113rd] S.2180 : A bill to amend the Internal Revenue Code of 1986 to extend tax incentives to certain live theatrical performances, and for other purposes. Sponsor: Sen Schumer, Charles E. [NY] (introduced 3/27/2014)      Cosponsors (1) Committees: Senate Finance Latest Major Action: 3/27/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.