Source: https://www.irs.gov/irb/2015-47_IRB
Timestamp: 2020-07-15 12:36:25
Document Index: 423894926

Matched Legal Cases: ['§ 163', '§ 6721', '§ 6721', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10']

Internal Revenue Bulletin: 2015-47 | Internal Revenue Service
Internal Revenue Bulletin: 2015-47
Notice 201577
Announcement 201526
Announcement 2015–26 Announcement 2015–26
Notice 2015–77 Notice 2015–77
This notice amplifies Notice 2013–7, 2013–6 I.R.B. 477, with respect to the Treasury Department’s Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets (HFA Hardest Hit Fund) by extending through taxable year 2017 the safe harbor method for computing a homeowner’s deduction for payments made on a home mortgage and the relief for mortgage servicers and state housing finance agencies (State HFAs) from penalties relating to information reporting. In addition, this notice amplifies Rev. Proc. 2011–55, 2011–47 I.R.B. 793, by extending its scope and effective date through calendar year 2017 for the HFA Hardest Hit Fund.
Notice 2015–77
Extension of Guidance in Notice 2013–7 for Participants in the HFA Hardest Hit Fund
Notice 2013–7 provides guidance on the federal income tax consequences of, and information reporting obligations for, payments made to or on behalf of financially distressed homeowners under programs designed by State HFAs (State Programs) with funds allocated from the HFA Hardest Hit Fund. An updated list of State Programs for which the Treasury Department approves funding is available at www.treasury.gov/HHF. All of these programs are covered by Rev. Proc. 2011–55 and this notice.
Rev. Proc. 2011–55, as amplified by Notice 2013–7, specifies the IRS office to which State HFAs should send the statement required by Notice 2013–7, and provides that State HFAs may, at their option, use Form 1098–MA, Mortgage Assistance Payments, to provide the information required by that notice. Rev. Proc. 2011–55 applies to State HFAs that make payments to mortgage servicers under a State Program. Notice 2013–7 extends the effective date of Rev. Proc. 2011–55 through 2015.
Income Tax Consequences to Homeowners
For taxable years 2010 through 2017, a homeowner may deduct on his or her Federal income tax return the lesser of—
This safe harbor method of computing the homeowner’s deduction applies for a taxable year if (1) the homeowner meets the requirements of §§ 163 and 164 to deduct all of the mortgage interest on the loan and all of the real property taxes on the principal residence, and (2) the homeowner participates in a State Program in which the program payments could be used to pay interest on the home mortgage.
Information Reporting Obligations
The Service will not assert penalties under §§ 6721 and 6722 against a mortgage servicer that reports on Forms 1098 payments received under a State Program during calendar years 2011 through 2017 if the servicer notifies homeowners that the amounts reported on the Form 1098 are overstated because they include government subsidy payments.
The Service will not assert penalties under §§ 6721 and 6722 against any State HFA for failing to file and furnish Forms 1098 for calendar years 2011 through 2017 if the State HFA provides each homeowner and the IRS a statement setting forth (1) the homeowner’s name and taxpayer identification number (TIN), and (2) the amount of payments the State HFA made to the mortgage servicer under the State Program during that year (separately stating the amount the State HFA paid and the amount the homeowner paid). Except as provided in Rev. Proc. 2011–55 regarding use of Form 1098–MA, the statement the State HFA provides to the IRS must be a single statement that separately lists the names, TINs, and relevant payment amounts for each homeowner.
For calendar years 2011 through 2017, State HFAs may, at their option, use Form 1098–MA in accordance with Rev. Proc. 2011–55 to provide the information described in Notice 2013–7 instead of filing a single statement for the calendar year.
(1) Notice 2013–7 is amplified with respect to the HFA Hardest Hit Fund by extending the guidance relating to (a) the safe harbor method for computing a homeowner’s deduction for payments made on a home mortgage through taxable year 2017, and (b) information reporting for those payments through calendar year 2017.
(2) Rev. Proc. 2011–55 is amplified by extending its scope and effective date through calendar year 2017 for the HFA Hardest Hit Fund.
The principal author of this notice is Shareen S. Pflanz of the Office of Associate Chief Counsel (Income Tax & Accounting). For further information regarding this notice, contact Ms. Pflanz at (202) 317-4718 (not a toll-free number).
Announcement 2015–26
Ineligible for limited practice—An unenrolled/unlicensed return preparer who fails to comply with the requirements in Revenue Procedure 81–38 or to comply with Circular 230 as required by Revenue Procedure 2014–42 may be determined ineligible to engage in limited practice as a representative of any taxpayer.
Under the regulations, individuals subject to Circular 230 may not assist, or accept assistance from, individuals who are suspended or disbarred with respect to matters constituting practice (i.e., representation) before the IRS, and they may not aid or abet suspended or disbarred individuals to practice before the IRS.
Santa Rosa Jovel, Efrain Enrolled Agent Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b) Indefinite from July 30, 2015
Coral Gables Forman, Terry J. Attorney/CPA Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b) Indefinite from July 9, 2015
Gwynn Oak Agbaje, Taiwo A. Attorney Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b) Indefinite from July 30, 2015
Metuchen Frey, Thomas G. Attorney Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b) Indefinite from July 30, 2015
Ridgefield Griffin, Timothy G. Attorney Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b) Indefinite from August 27, 2015
Griffin, Timothy G., see New Jersey
Dayton Couchot, Larry E. CPA Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b) Indefinite from July 30, 2015
East Lake Zelenkofske, Andrew B. CPA Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b) Indefinite from August 18, 2015
Philadelphia Miller, Larry C. Attorney Reinstated to practice before the IRS August 8, 2015
Zelenkofske, Andres B., see Ohio
Bulletins 2015–27 through 2015–47
2015-18 2015-33 I.R.B. 2015-33 198
2015-19 2015-32 I.R.B. 2015-32 157
2015-20 2015-38 I.R.B. 2015-38 355
2015-21 2015-34 I.R.B. 2015-34 220
2015-22 2015-35 I.R.B. 2015-35 288
2015-23 2015-36 I.R.B. 2015-36 311
2015-24 2015-36 I.R.B. 2015-36 313
2015-25 2015-39 I.R.B. 2015-39 422
2015-26 2015-47 I.R.B. 2015-47 677
2015-28 2015-46 I.R.B. 2015-46 673
2015-29 2015-46 I.R.B. 2015-46 673
2015-30 2015-46 I.R.B. 2015-46 673
2015-51 2015-31 I.R.B. 2015-31 133
2015-52 2015-35 I.R.B. 2015-35 227
2015-53 2015-33 I.R.B. 2015-33 190
2015-54 2015-34 I.R.B. 2015-34 210
2015-55 2015-34 I.R.B. 2015-34 217
2015-56 2015-35 I.R.B. 2015-35 235
2015-57 2015-36 I.R.B. 2015-36 294
2015-58 2015-37 I.R.B. 2015-37 322
2015-59 2015-40 I.R.B. 2015-40 459
2015-60 2015-43 I.R.B. 2015-43 604
2015-61 2015-39 I.R.B. 2015-39 408
2015-62 2015-39 I.R.B. 2015-39 411
2015-63 2015-40 I.R.B. 2015-40 461
2015-64 2015-40 I.R.B. 2015-40 464
2015-65 2015-40 I.R.B. 2015-40 466
2015-66 2015-41 I.R.B. 2015-41 541
2015-67 2015-41 I.R.B. 2015-41 546
2015-68 2015-41 I.R.B. 2015-41 547
2015-69 2015-41 I.R.B. 2015-41 550
2015-70 2015-43 I.R.B. 2015-43 604
2015-71 2015-43 I.R.B. 2015-43 606
2015-72 2015-44 I.R.B. 2015-44 613
2015-73 2015-46 I.R.B. 2015-46 660
2015-74 2015-46 I.R.B. 2015-46 663
2015-75 2015-46 I.R.B. 2015-46 668
2015-76 2015-46 I.R.B. 2015-46 669
2015-77 2015-47 I.R.B. 2015-47 676
REG-140379-02 2015-45 I.R.B. 2015-45 653
REG-136459-09 2015-37 I.R.B. 2015-37 332
REG-155164-09 2015-41 I.R.B. 2015-41 560
REG-109370-10 2015-33 I.R.B. 2015-33 198
REG-112997-10 2015-39 I.R.B. 2015-39 422
REG-103033-11 2015-37 I.R.B. 2015-37 325
REG-109813-11 2015-37 I.R.B. 2015-37 330
REG-138344-13 2015-41 I.R.B. 2015-41 557
REG-139483-13 2015-40 I.R.B. 2015-40 475
REG-148998-13 2015-45 I.R.B. 2015-45 653
REG-115452-14 2015-32 I.R.B. 2015-32 158
REG-127895-14 2015-41 I.R.B. 2015-41 556
REG-132075-14 2015-35 I.R.B. 2015-35 288
REG-143800-14 2015-37 I.R.B. 2015-37 347
REG-102648-15 2015-31 I.R.B. 2015-31 134
REG-121496-15 2015-46 I.R.B. 2015-46 674
REG-123640-15 2015-37 I.R.B. 2015-37 350
2015-38 2015-36 I.R.B. 2015-36 295
2015-39 2015-33 I.R.B. 2015-33 195
2015-40 2015-35 I.R.B. 2015-35 236
2015-41 2015-35 I.R.B. 2015-35 263
2015-42 2015-36 I.R.B. 2015-36 310
2015-43 2015-40 I.R.B. 2015-40 467
2015-44 2015-38 I.R.B. 2015-38 354
2015-45 2015-39 I.R.B. 2015-39 412
2015-46 2015-39 I.R.B. 2015-39 414
2015-47 2015-39 I.R.B. 2015-39 419
2015-48 2015-40 I.R.B. 2015-40 469
2015-49 2015-41 I.R.B. 2015-41 555
2015-50 2015-42 I.R.B. 2015-42 583
2015-51 2015-42 I.R.B. 2015-42 583
2015-52 2015-45 I.R.B. 2015-45 638
2015-53 2015-44 I.R.B. 2015-44 615
2015-54 2015-45 I.R.B. 2015-45 648
2015-16 2015-31 I.R.B. 2015-31 130
2015-17 2015-39 I.R.B. 2015-39 358
2015-18 2015-34 I.R.B. 2015-34 209
2015-19 2015-36 I.R.B. 2015-36 291
2015-20 2015-38 I.R.B. 2015-38 353
2015-21 2015-40 I.R.B. 2015-40 447
2015-22 2015-44 I.R.B. 2015-44 610
9723 2015-31 I.R.B. 2015-31 84
9726 2015-31 I.R.B. 2015-31 98
9727 2015-32 I.R.B. 2015-32 154
9728 2015-33 I.R.B. 2015-33 169
9729 2015-35 I.R.B. 2015-35 221
9730 2015-35 I.R.B. 2015-35 223
9731 2015-37 I.R.B. 2015-37 314
9732 2015-39 I.R.B. 2015-39 371
9733 2015-41 I.R.B. 2015-41 494
9734 2015-41 I.R.B. 2015-41 500
9735 2015-37 I.R.B. 2015-37 316
9736 2015-39 I.R.B. 2015-39 402
9737 2015-40 I.R.B. 2015-40 449
9738 2015-40 I.R.B. 2015-40 453
9739 2015-41 I.R.B. 2015-41 528
9740 2015-42 I.R.B. 2015-42 573
9741 2015-45 I.R.B. 2015-45 628
9742 2015-46 I.R.B. 2015-46 657
2011-55 Amplified by Notice 2015-77 2015-47 I.R.B. 2014-47 676
2013-7 Amplified by Notice 2015-77 2015-47 I.R.B. 2014-47 676
2014-4 Modified by Notice 2015-51 2015-31 I.R.B. 2014-31 133
2014-17 Superseded by Notice 2015-67 2015-41 I.R.B. 2014-41 546
2009-57 Obsoleted by REG-112997-10 2015-39 I.R.B. 2015-39 422
2013-17 Obsoleted by REG-148998-13 2015-45 I.R.B. 2015-45 653
1992-75 Clarified by Rev. Proc. 2015-40 2015-35 I.R.B. 2015-35 236
2003-40 Modified by Rev. Proc. 2015-40 2015-35 I.R.B. 2015-35 236
2003-78 Modified by Rev. Proc. 2015-46 2015-39 I.R.B. 2015-39 414
2006-9 Modified by Rev. Proc. 2015-41 2015-35 I.R.B. 2015-35 263
2006-9 Superseded by Rev. Proc. 2015-41 2015-35 I.R.B. 2015-35 263
2006-54 Modified by Rev. Proc. 2015-40 2015-35 I.R.B. 2015-35 236
2006-54 Superseded by Rev. Proc. 2015-40 2015-35 I.R.B. 2015-35 236
2008-31 Modified by Rev. Proc. 2015-41 2015-35 I.R.B. 2015-35 263
2008-31 Superseded by Rev. Proc. 2015-41 2015-35 I.R.B. 2015-35 263
2015-14 Modified by Rev. Proc. 2015-39 2015-33 I.R.B. 2015-33 195
2015-40 Amplified by Rev. Proc. 2015-41 2015-35 I.R.B. 2015-35 263
2015-41 Amplified by Rev. Proc. 2015-40 2015-35 I.R.B. 2015-35 236
58-422 Obsoleted by T.D. 9739 2015-41 I.R.B. 2015-41 528
66-284 Obsoleted by T.D. 9739 2015-41 I.R.B. 2015-41 528
79-250 Obsoleted by T.D. 9739 2015-41 I.R.B. 2015-41 528
79-289 Obsoleted by T.D. 9739 2015-41 I.R.B. 2015-41 528
96-29 Obsoleted by T.D. 9739 2015-41 I.R.B. 2015-41 528