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

Guidance Regarding Foreign Base Company Sales Income
Document Number: E8-30729
Type: Proposed Rule
Date: 2008-12-29
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 and Treasury Department are issuing temporary regulations relating to foreign base company sales income, in cases in which personal property sold by a controlled foreign corporation (CFC) is manufactured, produced, or constructed pursuant to a contract manufacturing arrangement or by one or more branches of the CFC. The temporary regulations modify the foreign base company sales income regulations to address current business structures and practices, particularly the growing importance of contract manufacturing and other manufacturing arrangements. The temporary regulations, in general, will affect CFCs and their United States shareholders. The text of the temporary regulations also serves as the text of the proposed regulations. This document also provides notice of a public hearing.
Guidance Regarding Foreign Base Company Sales Income
Document Number: E8-30727
Type: Rule
Date: 2008-12-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations that provide guidance relating to foreign base company sales income in cases in which personal property sold by a controlled foreign corporation is manufactured, produced, or constructed pursuant to a contract manufacturing arrangement or by one or more branches of the controlled foreign corporation. These regulations modify the foreign base company sales income regulations to address current business structures and practices, particularly the growing importance of contract manufacturing and other manufacturing arrangements. These regulations, in general, will affect controlled foreign corporations and their United States shareholders. 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 in this issue of the Federal Register.
Consolidated Returns; Intercompany Obligations
Document Number: E8-30718
Type: Rule
Date: 2008-12-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under section 1502 of the Internal Revenue Code (Code). The regulations provide guidance regarding the treatment of transactions involving obligations between members of a consolidated group. These final regulations will affect affiliated groups of corporations filing consolidated returns.
Disclosure of Return Information to the Bureau of Economic Analysis
Document Number: E8-30599
Type: Rule
Date: 2008-12-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to disclosures of corporate tax return information to the Bureau of Economic Analysis (Bureau). The final regulations authorize the IRS to disclose certain items of corporate tax return information to the Secretary of Commerce for purposes of structuring United States national economic accounts and conducting related statistical activities authorized by law. The final regulations facilitate the assistance of the IRS to the Bureau in its statistics programs, require no action by taxpayers, and have no effect on their tax liabilities.
Employer's Annual Federal Tax Return and Modifications to the Deposit Rules
Document Number: E8-30592
Type: Proposed Rule
Date: 2008-12-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document revises the notice of proposed rulemaking published in the Federal Register on January 3, 2006. In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to the annual filing of Federal employment tax returns and requirements for employment tax deposits under sections 6011 and 6302 of the Internal Revenue Code (Code). Those temporary regulations generally allow certain employers to file a Form 944, ``Employer's ANNUAL Federal Tax Return,'' rather than Form 941, ``Employer's QUARTERLY Federal Tax Return.'' In addition to rules related to Form 944, those temporary regulations provide an additional method for employers who file Form 941 to determine whether the amount of accumulated employment taxes is considered de minimis. The temporary and proposed regulations affect taxpayers that file Form 941, ``Employer's QUARTERLY Federal Tax Return,'' Form 944, ``Employer's ANNUAL Federal Tax Return,'' and any related Spanish-language returns or returns for U.S. possessions. The text of those regulations also serves as the text of these proposed regulations.
Employer's Annual Federal Tax Return and Modifications to the Deposit Rules
Document Number: E8-30582
Type: Rule
Date: 2008-12-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations relating to the annual filing of Federal employment tax returns and requirements for employment tax deposits. These temporary regulations relate to sections 6011 and 6302 of the Internal Revenue Code (Code) concerning reporting and paying income taxes withheld from wages and reporting and paying taxes under the Federal Insurance Contributions Act (FICA) (collectively, ``employment taxes''). These temporary regulations generally allow certain employers to file a Form 944, ``Employer's ANNUAL Federal Tax Return,'' rather than Form 941, ``Employer's QUARTERLY Federal Tax Return.'' In addition to rules related to Form 944, the temporary regulations provide an additional method for employers who file Form 941 to determine whether the amount of accumulated employment taxes is considered de minimis. The portions of this document that are final regulations provide necessary cross-references to the temporary regulations. 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.
Creditor Continuity of Interest; Correction
Document Number: E8-30717
Type: Rule
Date: 2008-12-24
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final regulations (TD 9434) that were published in the Federal Register on Friday, December 12, 2008 (73 FR 75566) providing guidance regarding when and to what extent creditors of a corporation will be treated as proprietors of the corporation in determining whether continuity of interest (''COI'') is preserved in a potential reorganization. These final regulations are necessary to provide clarity to parties engaging in reorganizations of insolvent corporations, both inside and outside of bankruptcy. These final regulations affect corporations, their creditors, and their shareholders.
Creditor Continuity of Interest; Correction
Document Number: E8-30716
Type: Rule
Date: 2008-12-24
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final regulations (TD 9434) that were published in the Federal Register on Friday, December 12, 2008 (73 FR75566) providing guidance regarding when and to what extent creditors of a corporation will be treated as proprietors of the corporation in determining whether continuity of interest (``COI'') is preserved in a potential reorganization. These final regulations are necessary to provide clarity to parties engaging in reorganizations of insolvent corporations, both inside and outside of bankruptcy. These final regulations affect corporations, their creditors, and their shareholders.
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-30307
Type: Notice
Date: 2008-12-22
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 an existing final regulation, REG-209709-94 (TD 8865), Amortization of Intangible Property (Sec. 1.197-2).
Proposed Collection; Comment Request for Revenue Procedure 97-15
Document Number: E8-30305
Type: Notice
Date: 2008-12-22
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 Revenue Procedure 97-15, section 103-Remedial Payment Closing Agreement Program.
Section 6707 and the Failure To Furnish Information Regarding Reportable Transactions
Document Number: E8-30303
Type: Proposed Rule
Date: 2008-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations under section 6707 of the Internal Revenue Code (Code), which provide the rules relating to the assessment of penalties against material advisors who fail to timely file a true and complete return required under section 6111(a). The regulations implement the amendments to section 6707 by the American Jobs Creation Act and promote material advisors' compliance with the regulations under section 6111. These regulations affect material advisors responsible for disclosing reportable transactions under section 6111.
Conduit Financing Arrangements
Document Number: E8-30301
Type: Proposed Rule
Date: 2008-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations relating to conduit financing arrangements issued under the authority granted by section 7701(l) of the Internal Revenue Code (Code). The proposed regulations apply to multiple-party financing arrangements that are effected through disregarded entities, and are necessary in order to determine which of those arrangements should be recharacterized under section 7701(l) and Treas. Reg. Sec. 1.881-3.
Proposed Collection; Comment Request for Notice 2005-64
Document Number: E8-30285
Type: Notice
Date: 2008-12-22
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 Notice 2005-64, Foreign Tax Credit and Other Guidance under Section 965.
Tax Return Preparer Penalties Under Sections 6694 and 6695
Document Number: E8-29750
Type: Rule
Date: 2008-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations implementing amendments to the tax return preparer penalties under sections 6694 and 6695 of the Internal Revenue Code (Code) and related provisions under sections 6060, 6107, 6109, 6696, and 7701(a)(36) reflecting amendments to the Code made by section 8246 of the Small Business and Work Opportunity Tax Act of 2007 and section 506 of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The final regulations affect tax return preparers and provide guidance regarding the amended provisions.
Amendments to the Section 7216 Regulations-Disclosure or Use of Information by Preparers of Returns
Document Number: E8-29770
Type: Rule
Date: 2008-12-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide rules relating to the disclosure and use of tax return information by tax return preparers. These regulations affect tax return preparers and 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 Regarding the Treatment of Stock of a Controlled Corporation Under Section 355(a)(3)(B)
Document Number: E8-29545
Type: Proposed Rule
Date: 2008-12-15
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 giving guidance regarding the distribution of stock of a controlled corporation acquired in a transaction described in section 355(a)(3)(B) of the Internal Revenue Code. This action is necessary in light of amendments to section 355(b). The text of those regulations also serves as the text of these proposed regulations. These regulations will affect corporations and their shareholders.
Guidance Regarding the Treatment of Stock of a Controlled Corporation Under Section 355(a)(3)(B)
Document Number: E8-29544
Type: Rule
Date: 2008-12-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations that provide guidance regarding the distribution of stock of a controlled corporation acquired in a transaction described in section 355(a)(3)(B) of the Internal Revenue Code (Code). This action is necessary in light of amendments to section 355(b). These temporary regulations will affect corporations and their shareholders. 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.
Creditor Continuity of Interest
Document Number: E8-29271
Type: Rule
Date: 2008-12-12
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations providing guidance regarding when and to what extent creditors of a corporation will be treated as proprietors of the corporation in determining whether continuity of interest (``COI'') is preserved in a potential reorganization. These final regulations are necessary to provide clarity to parties engaging in reorganizations of insolvent corporations, both inside and outside of bankruptcy. These final regulations affect corporations, their creditors, and their shareholders.
Information Reporting for Discharges of Indebtedness; Correction
Document Number: E8-29276
Type: Rule
Date: 2008-12-11
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final and temporary regulations (TD 9430) that were published in the Federal Register on Monday, November 10, 2008 (73 FR 66539) relating to information returns for cancellation of indebtedness by certain entities. The temporary regulations will avoid premature information reporting from certain businesses that are currently required to report and will reduce the number of information returns required to be filed. The temporary regulations will impact certain lenders who are currently required to file information returns under the existing regulations.
Information Reporting for Discharges of Indebtedness; Correction
Document Number: E8-29273
Type: Rule
Date: 2008-12-11
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final and temporary regulations (TD 9430) that were published in the Federal Register on Monday, November 10, 2008 (73 FR 66539) relating to information returns for cancellation of indebtedness by certain entities. The temporary regulations will avoid premature information reporting from certain businesses that are currently required to report and will reduce the number of information returns required to be filed. The temporary regulations will impact certain lenders who are currently required to file information returns under the existing regulations.
Further Guidance on the Application of Section 409A to Nonqualified Deferred Compensation Plans
Document Number: E8-28894
Type: Proposed Rule
Date: 2008-12-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations on the calculation of amounts includible in income under section 409A(a) and the additional taxes imposed by such section with respect to service providers participating in certain nonqualified deferred compensation plans. The regulations would affect such service providers and the service recipients for whom the service providers provide services. This document also provides a notice of public hearing on these proposed regulations.
Withholding Under Internal Revenue Code Section 3402(t)
Document Number: E8-28789
Type: Proposed Rule
Date: 2008-12-05
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations relating to withholding under section 3402(t) of the Internal Revenue Code (Code). The proposed regulations reflect changes in the law made by the Tax Increase Prevention and Reconciliation Act of 2005 that require Federal, State, and local government entities to withhold income tax when making payments to persons providing property or services. These proposed regulations provide guidance to assist the government entities in complying with section 3402(t). The regulations also provide certain guidance to persons receiving payments for property or services from government entities. This document also contains proposed amendments to regulations under sections 3406, 6011, 6051, 6071, and 6302 of the Code.
Procedure and Administration; Tax Shelter Registration; Correction
Document Number: E8-28525
Type: Rule
Date: 2008-12-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to temporary regulations (TD 7964) that were published in the Federal Register on Wednesday, August 15, 1984 (49 FR 32712) relating to tax shelter registration. In addition, the text of the temporary regulations set forth in this document also serves as the text of the proposed regulations cross- referenced in the Notice of Proposed Rulemaking in the Proposed Rules section of this issue of the Federal Register. Changes to the applicable tax law were made by the Tax Reform Act of 1984. The regulations affect organizers, sellers, investors and certain other persons associated with investments that are considered tax shelters.
Proposed Collection; Comment Request for REG-106486-98 (TD 9157-Final)
Document Number: E8-28524
Type: Notice
Date: 2008-12-02
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 REG-106486-98 (TD 9157- Final), Guidance Regarding the Treatment of Certain Contingent Payment Debt Instructions with one or more Payments that are Denominated in, or Determined by Reference to, a Nonfunctional Currency.
Internal Revenue Service
Document Number: E8-28523
Type: Notice
Date: 2008-12-02
Agency: Department of the Treasury, Internal Revenue Service, Department of 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 the TE/GE Compliance Check Questionnaires.
Determining the Amount of Taxes Paid for Purposes of Section 901; Hearing Cancellation
Document Number: E8-28522
Type: Proposed Rule
Date: 2008-12-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed rulemaking by cross-reference to temporary regulations that provide guidance relating to the determination of the purposes of the foreign tax credits. The text of those temporary regulations also serves as the text of these proposed regulations.
Proposed Collection; Comment Request for Revenue Procedure 2008-60
Document Number: E8-28515
Type: Notice
Date: 2008-12-02
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 Revenue Procedure 2008-60, Election Involving the Repeal of the Bonding Requirement under Sec. 42(j)(6).
Proposed Collection; Comment Request for Rev. Proc 2005-51
Document Number: E8-28514
Type: Notice
Date: 2008-12-02
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 Rev. Proc 2005-51, Revenue Procedures regarding I.R.C. 6707A(e) and Disclosure with the SEC.
Internal Revenue Service
Document Number: E8-28513
Type: Notice
Date: 2008-12-02
Agency: Department of the Treasury, Internal Revenue Service, Department of 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 4029, Application for Exemption from Social Security and Medicare Taxes and Waiver of Benefits.
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-28512
Type: Notice
Date: 2008-12-02
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 an existing proposed regulations, REG-105847-05, Income Attributable to Domestic Production Activities.
Proposed Collection; Comment Request for Form 4419
Document Number: E8-28511
Type: Notice
Date: 2008-12-02
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 4419, Application for Filing Information Returns Magnetically/ Electronically.