Internal Revenue Service July 2008 – Federal Register Recent Federal Regulation Documents

Amendments to the Section 7216 Regulations-Disclosure or Use of Information by Preparers of Returns; Correction
Document Number: E8-16304
Type: Proposed Rule
Date: 2008-07-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to a notice of proposed rulemaking by cross-reference to temporary regulations (REG-121698-08) that was published in the Federal Register on Wednesday, July 2, 2008 (73 FR 37910) providing updated guidance affecting tax return preparers regarding the disclosure of a taxpayer's social security number to a tax return preparer located outside of the United States in order to provide an exception allowing such disclosure with the taxpayer's consent in limited circumstances.
Change to Office to Which Notices of Nonjudicial Sale and Requests for Return of Wrongfully Levied Property Must Be Sent; Correction
Document Number: E8-16289
Type: Rule
Date: 2008-07-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final regulations (TD 9410) that were published in the Federal Register on Tuesday, July 8, 2008 (73 FR 38915) relating to the discharge of liens under section 7425 and return of wrongfully levied upon property under section 6343 of the Internal Revenue Code of 1986. These regulations revise regulations currently published under sections 7425 and 6343. These regulations clarify that such notices and claims should be sent to the IRS official and office specified in the relevant IRS publications. The regulations will affect parties seeking to provide the IRS with notice of a nonjudicial foreclosure sale and parties making administrative requests for return of wrongfully levied property.
Amendments to the Section 7216 Regulations-Disclosure or Use of Information by Preparers of Returns; Correction
Document Number: E8-16288
Type: Rule
Date: 2008-07-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final and temporary regulations (TD 9409) that was published in the Federal Register on Wednesday, July 2, 2008 (73 FR 37804) providing rules relating to the disclosure and use of tax return information by tax return preparers. These regulations provide updated guidance regarding the disclosure of a taxpayer's social security number to a tax return preparer located outside of the United States.
Guidance Under Sections 642 and 643 (Income Ordering Rules); Correction
Document Number: E8-16178
Type: Proposed Rule
Date: 2008-07-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a notice of proposed rulemaking (REG-101258-08) that was published in the Federal Register on Wednesday, June 18, 2008 (73 FR 34670) providing guidance under Internal Revenue Code section 642(c) with regard to the Federal tax consequences of an ordering provision in a trust, a will, or a provision of local law that attempts to determine the tax character of the amounts paid to a charitable beneficiary of the trust or estate. The proposed regulations also make conforming amendments to the regulations under section 643(a)(5). The proposed regulations affect estates, charitable lead trusts (CLTs) and other trusts making payments or permanently setting aside amounts for a charitable purpose.
Employer Comparable Contributions to Health Savings Accounts Under Section 4980G, and Requirement of Return for Filing of the Excise Tax Under Section 4980B, 4980D, 4980E or 4980G
Document Number: E8-16175
Type: Proposed Rule
Date: 2008-07-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations providing guidance on employer comparable contributions to Health Savings Accounts (HSAs) under section 4980G of the Internal Revenue Code (Code) as amended by sections 302, 305 and 306 of the Tax Relief and Health Care Act of 2006 (the Act). The proposed regulations also provide guidance relating to the requirement of a return to accompany payment of the excise tax under section 4980B, 4980D, 4980E, or 4980G of the Code and the time for filing that return. These proposed regulations would affect employers that contribute to employees' HSAs and Archer MSAs, employers or employee organizations that sponsor a group health plan, and certain third parties such as insurance companies or HMOs or third-party administrators who are responsible for providing benefits under the plan. This document also provides notice of a public hearing on these proposed regulations.
Postponement of Certain Tax-Related Deadlines by Reason of Presidentially Declared Disaster or Terroristic or Military Actions
Document Number: E8-15939
Type: Proposed Rule
Date: 2008-07-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a proposed regulation that proposes to amend existing regulations issued under section 7508A of the Internal Revenue Code (Code). The purpose of the proposed regulation is to clarify rules relating to the postponement of certain tax-related acts by reason of a Presidentially declared disaster or terroristic or military action. The proposed regulation clarifies the scope of relief under section 7508A and specifies that interest may be suspended during the postponement period. These changes are necessary to reflect changes in the law made by the Victims of Terrorism Tax Relief Act and current IRS practice. The proposed regulation will affect taxpayers determined by the Secretary to be affected by a Presidentially declared disaster or terroristic or military action.
Grantor Retained Interest Trusts-Application of Sections 2036 and 2039
Document Number: E8-15941
Type: Rule
Date: 2008-07-14
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations providing guidance on the portion of property transferred to a trust or otherwise, that is properly includible in a grantor's gross estate under Internal Revenue Code (Code) sections 2036 and 2039 if the grantor has retained the use of the property or the right to an annuity, unitrust, or other payment from such property for life, for any period not ascertainable without reference to the grantor's death, or for a period that does not in fact end before the grantor's death. The final regulations affect estates that are required to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.
REMIC Residual Interests-Accounting for REMIC Net Income (Including Any Excess Inclusions) (Foreign Holders)
Document Number: E8-15940
Type: Rule
Date: 2008-07-14
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to income that is associated with a residual interest in a Real Estate Mortgage Investment Conduit (REMIC) and that is allocated through certain entities to foreign persons who have invested in those entities. The foreign persons covered by these regulations include partners in domestic partnerships, shareholders of real estate investment trusts, shareholders of regulated investment companies, participants in common trust funds, and patrons of subchapter T cooperatives. These regulations are necessary to prevent inappropriate avoidance of current income tax liability by foreign persons to whom income from REMIC residual interests is allocated.
Reasonable Good Faith Interpretation of Required Minimum Distribution Rules by Governmental Plans
Document Number: E8-15740
Type: Proposed Rule
Date: 2008-07-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations under sections 401(a)(9) and 403(b) of the Internal Revenue Code (Code) to permit a governmental plan to comply with the required minimum distribution rules by using a reasonable and good faith interpretation of the statute. These proposed regulations will affect administrators of, employers maintaining, participants in, and beneficiaries of governmental plans.
Escrow Accounts, Trusts, and Other Funds Used During Deferred Exchanges of Like-Kind Property
Document Number: E8-15739
Type: Rule
Date: 2008-07-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under section 468B of the Internal Revenue Code (Code). The regulations provide rules regarding the taxation of income earned on escrow accounts, trusts, and other funds used during deferred like-kind exchanges of property, and final regulations under section 7872 regarding below-market loans to facilitators of these exchanges. The regulations affect taxpayers that engage in deferred like-kind exchanges and escrow holders, trustees, qualified intermediaries, and others that hold funds during deferred like-kind exchanges.
Election to Expense Certain Refineries
Document Number: 08-1424
Type: Proposed Rule
Date: 2008-07-09
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to the election to expense qualified refinery property under section 179C of the Internal Revenue Code (Code) and affects taxpayers who own refineries located in the United States. The temporary regulations reflect changes to the law by the Energy Policy Act of 2005. The text of those regulations also serves as the text of these proposed regulations. This document also provides notice of a public hearing.
Election To Expense Certain Refineries
Document Number: 08-1423
Type: Rule
Date: 2008-07-09
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations relating to the election to expense qualified refinery property under section 179C of the Internal Revenue Code, and affects taxpayers who own refineries located in the United States. These temporary regulations reflect changes to the law made by the Energy Policy Act of 2005. The text of these temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.
Proposed Collection; Comment Request for Form 990-EZ
Document Number: E8-15462
Type: Notice
Date: 2008-07-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 990-EZ, Short Form Return of Organization Exempt From Income Tax.
Change to Office to Which Notices of Nonjudicial Sale and Requests for Return of Wrongfully Levied Property Must Be Sent
Document Number: E8-15460
Type: Rule
Date: 2008-07-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to the discharge of liens under section 7425 and return of wrongfully levied upon property under section 6343 of the Internal Revenue Code (Code) of 1986. These regulations revise regulations currently published under sections 7425 and 6343. These regulations clarify that such notices and claims should be sent to the IRS official and office specified in the relevant IRS publications. The regulations will affect parties seeking to provide the IRS with notice of a nonjudicial foreclosure sale and parties making administrative requests for return of wrongfully levied property.
Elections Regarding Start-up Expenditures, Corporation Organizational Expenditures, and Partnership Organizational Expenses
Document Number: E8-15459
Type: Rule
Date: 2008-07-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations relating to elections to deduct start-up expenditures under section 195 of the Internal Revenue Code (Code), organizational expenditures of corporations under section 248, and organizational expenses of partnerships under section 709. The American Jobs Creation Act of 2004 amended these three sections of the Code to provide similar rules for deducting these types of expenses that are paid or incurred after October 22, 2004. The regulations affect taxpayers that pay or incur these expenses and provide guidance on how to elect to deduct the expenses in accordance with the new rules. The text of these temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.
Elections Regarding Start-Up Expenditures, Corporation Organizational Expenditures, and Partnership Organizational Expenses
Document Number: E8-15457
Type: Proposed Rule
Date: 2008-07-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to the elections to deduct start-up expenditures under section 195 of the Internal Revenue Code (Code), organizational expenditures of corporations under section 248, and organizational expenses of partnerships under section 709. The American Jobs Creation Act of 2004 amended these three sections of the Code to provide similar rules for deducting these types of expenses that are paid or incurred after October 22, 2004. The regulations affect taxpayers that pay or incur these expenses and provide guidance on how to elect to deduct the expenses in accordance with the new rules. The text of those temporary regulations also serves as the text of these proposed regulations.
Modifications to Subpart F Treatment of Aircraft and Vessel Leasing Income
Document Number: E8-14919
Type: Rule
Date: 2008-07-03
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations addressing the treatment of certain income and assets related to the leasing of aircraft or vessels in foreign commerce under sections 367, 954, and 956 of the Internal Revenue Code (Code). The regulations reflect statutory changes made by section 415 of the American Jobs Creation Act of 2004 (AJCA). In general, the regulations will affect United States shareholders of controlled foreign corporations that derive income from the leasing of aircraft or vessels in foreign commerce and U.S. persons that transfer property subject to these leases to a foreign corporation. The text of these temporary regulations also serves as the text of the proposed regulations set forth in the Proposed Rules section in this issue of the Federal Register.
Modifications to Subpart F Treatment of Aircraft and Vessel Leasing Income
Document Number: E8-14918
Type: Proposed Rule
Date: 2008-07-03
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to the subpart F treatment of aircraft and vessel leasing income under sections 954 and 956 of the Internal Revenue Code (Code) and the transfer of tangible property incorporated in aircraft and vessels that are used predominantly outside the United States under section 367 of the Code. The regulations reflect statutory changes made by section 415 of the American Jobs Creation Act of 2004 (AJCA). In general, the regulations will affect United States shareholders of controlled foreign corporations that derive income from the leasing of aircraft or vessels in foreign commerce and that transfer property subject to these leases to a foreign corporation. The text of those temporary regulations also serves as the text of these proposed regulations.
Amendments to the Section 7216 Regulations-Disclosure or Use of Information by Preparers of Returns
Document Number: E8-15047
Type: Proposed Rule
Date: 2008-07-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Procedure and Administration section of this issue of the Federal Register, the IRS is issuing temporary regulations that provide updated guidance affecting tax return preparers regarding the disclosure of a taxpayer's social security number to a tax return preparer located outside of the United States in order to provide an exception allowing such disclosure with the taxpayer's consent in limited circumstances. The text of those temporary regulations also serves as the text of these proposed regulations. This document invites comments from the public on these regulations, and provides notice of a public hearing on these proposed regulations.
Amendments to the Section 7216 Regulations-Disclosure or Use of Information by Preparers of Returns
Document Number: E8-15046
Type: Rule
Date: 2008-07-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations that provide rules relating to the disclosure and use of tax return information by tax return preparers. These regulations provide updated guidance regarding the disclosure of a taxpayer's social security number to a tax return preparer located outside of the United States. The text of these regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.
Dependent Child of Divorced or Separated Parents or Parents Who Live Apart
Document Number: E8-15044
Type: Rule
Date: 2008-07-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to a claim that a child is a dependent by parents who are divorced, legally separated under a decree of separate maintenance, or separated under a written separation agreement, or who live apart at all times during the last 6 months of the calendar year. The regulations reflect amendments under the Working Families Tax Relief Act of 2004 (WFTRA) and the Gulf Opportunity Zone Act of 2005.
Multiemployer Plan Funding Guidance; Correction
Document Number: E8-15043
Type: Proposed Rule
Date: 2008-07-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to a notice of public hearing on a notice of proposed rulemaking that was published in the Federal Register on Friday, June 27, 2008 (73 FR 36476) providing additional rules for certain multiemployer defined benefit plans that are in effect on July 16, 2006. These proposed regulations affect sponsors and administrators of, and participants in multiemployer plans that are in either endangered or critical status. These regulations are necessary to implement the new rules set forth in section 432 that are effective for plan years beginning after 2007. The proposed regulations reflect changes made by the Pension Protection Act of 2006.
Employment Tax Adjustments
Document Number: E8-14947
Type: Rule
Date: 2008-07-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to employment tax adjustments and employment tax refund claims. The final regulations modify the process for making interest-free adjustments for both underpayments and overpayments of Federal Insurance Contributions Act (FICA) and Railroad Retirement Tax Act (RRTA) taxes and Federal income tax withholding (ITW) under sections 6205(a) and 6413(a), respectively, of the Internal Revenue Code (Code). These regulations also modify the process for filing claims for refund of overpayments of employment taxes under sections 6402 and 6414. This document contains final regulations relating to the return requirements under section 6011 to reflect the changes to the adjustment and refund processes, and to reflect additional statutory and process updates. This document also contains final regulations under section 6302 to clarify deposit obligations with respect to interest-free adjustments of underpayments and the effect of adjustments and refunds on the deposit schedule of a Form 943 filer.
Extension of Time for Filing Returns
Document Number: E8-14902
Type: Rule
Date: 2008-07-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations relating to the simplification of procedures for obtaining automatic extensions of time to file certain returns. For these returns, the final and temporary regulations also remove the requirements for a signature and an explanation of the need for an extension of time to file. The final and temporary regulations affect taxpayers who are required to file certain returns and need an extension of time to file. The text of the temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section of this issue of the Federal Register.
Extension of Time for Filing Returns
Document Number: E8-14901
Type: Proposed Rule
Date: 2008-07-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing final and temporary regulations relating to the simplification of procedures for automatic extensions of time to file certain returns. These simplified procedures are aimed at reducing overall taxpayer burden. The text of the temporary regulations also serves as the text of these proposed regulations.
Community Volunteer Income Tax Assistance (VITA) Matching Grant Program Availability of Application Packages
Document Number: E8-14231
Type: Notice
Date: 2008-07-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides notice of the availability of application packages for the 2009 Community Volunteer Income Tax Assistance (VITA) Matching Grant Program.