Internal Revenue Service 2007 – Federal Register Recent Federal Regulation Documents

Nuclear Decommissioning Funds
Document Number: E7-25223
Type: Rule
Date: 2007-12-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations under section 468A of the Internal Revenue Code relating to deductions for contributions to trusts maintained for decommissioning nuclear power plants. The temporary regulations affect most taxpayers that own an interest in a nuclear power plant and reflect recent statutory changes. 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.
Nuclear Decommissioning Funds
Document Number: E7-25222
Type: Proposed Rule
Date: 2007-12-31
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 under section 468A of the Internal Revenue Code relating to deductions for contributions to trusts maintained for decommissioning nuclear power plants. The temporary regulations reflect changes to the law made by the Energy Policy Act of 2005, and affect most taxpayers that own an interest in a nuclear power plant. The text of the temporary regulations also serves as the text of these proposed regulations.
Employment Tax Adjustments
Document Number: E7-25134
Type: Proposed Rule
Date: 2007-12-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed amendments to regulations relating to employment tax adjustments and employment tax refund claims. These proposed amendments 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 proposed amendments also modify the process for filing claims for refund of overpayments of employment taxes under sections 6402 and 6414. These amendments are proposed in connection with the IRS's development of new forms to report adjustments to employment taxes which will replace the existing process of reporting adjustments of employment taxes on regularly filed employment tax returns. These proposed amendments affect taxpayers that file Form 941, ``Employer's QUARTERLY Federal Tax Return,'' Form 943, ``Employer's Annual Tax Return for Agricultural Employees,'' Form 944, ``Employer's ANNUAL Federal Tax Return,'' Form 945, ``Annual Return of Withheld Federal Income Tax,'' and Form CT-1, ``Employer's Annual Railroad Retirement Tax Return,'' and any related Spanish-language returns or returns for U.S. possessions. This document contains proposed amendments to 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 proposed amendments to the 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. This document also provides notice of a public hearing on these proposed amendments to the regulations.
Disclosure of Return Information to the Bureau of the Census
Document Number: E7-25129
Type: Rule
Date: 2007-12-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a temporary regulation that adds an additional item of return information that may be disclosed to the Bureau of the Census (Bureau). The regulation adds one item of return information for use in the Bureau's annual Survey of Industrial Research and Development. The temporary regulation provides guidance to IRS personnel responsible for disclosing the information. This regulation facilitates the assistance of the IRS to the Bureau in its statistics programs and requires no action by taxpayers and has no effect on their tax liabilities. The text of the temporary regulation also serves as the text of the proposed regulation (REG-147832-07) set forth in the Proposed Rules section in this issue of the Federal Register.
Disclosure of Return Information to the Bureau of the Census
Document Number: E7-25127
Type: Proposed Rule
Date: 2007-12-31
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 a regulation that would add an additional item of return information that may be disclosed to the Bureau of the Census (Bureau) for use in the Bureau's annual Survey of Industrial Research and Development. This proposed regulation provides guidance to IRS personnel responsible for disclosing the information. This regulation facilitates the assistance of the IRS to the Bureau in its statistics programs and requires no action by taxpayers and has no effect on their tax liabilities.
Measurement of Assets and Liabilities for Pension Funding Purposes
Document Number: E7-25125
Type: Proposed Rule
Date: 2007-12-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations providing guidance on the determination of plan assets and benefit liabilities for purposes of the funding requirements that apply to single employer defined benefit plans. These regulations affect sponsors, administrators, participants, and beneficiaries of single employer defined benefit plans.
Proposed Collection; Comment Request for Form 8609, 8609-A
Document Number: E7-25126
Type: Notice
Date: 2007-12-28
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 8609, Low-Income Housing Credit Allocation and Certification and 8609-A, Annual Statement of Low-Income Housing Credit.
Hybrid Retirement Plans
Document Number: E7-25025
Type: Proposed Rule
Date: 2007-12-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations providing guidance relating to sections 411(a)(13) and 411(b)(5) of the Internal Revenue Code (Code) concerning certain hybrid defined benefit plans. These regulations provide guidance on changes made by the Pension Protection Act of 2006. These regulations affect sponsors, administrators, participants, and beneficiaries of hybrid defined benefit plans.
Disclosure of Return Information to the Bureau of the Census
Document Number: E7-25014
Type: Rule
Date: 2007-12-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a final regulation relating to the list of items of return information disclosed to the Bureau of the Census (Bureau). The regulation adds two items of return information for use in producing demographic statistics programs, including the Bureau's Small Area Income and Poverty Estimates (SAIPE). The final regulation also removes four items that the Bureau has indicated are no longer necessary. This regulation facilitates the assistance of the IRS to the Bureau in its statistics programs and requires no action by taxpayers and has no effect on their tax liabilities.
Calculating and Apportioning the Section 11(b)(1) Additional Tax Under Section 1561 for Controlled Groups
Document Number: E7-24886
Type: Proposed Rule
Date: 2007-12-26
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 that affect component members of a controlled group of corporations and consolidated groups filing life-nonlife Federal income tax returns. These temporary regulations provide guidance for calculating and apportioning between component members any amount of additional tax and any reduction in the amount exempted from the alternative minimum tax. These temporary regulations also update and clarify the allocation of tax-benefit items in the case in which a component member has a short taxable year not including a December 31st date. Finally, these temporary regulations provide explanations of two concepts: A group's testing date and a member's testing period for use in determining which members of the group and which taxable years of those members are subject to the controlled group rules. The text of those regulations also serves as the text of these proposed regulations.
Calculating and Apportioning the Section 11(b)(1) Additional Tax under Section 1561 for Controlled Groups.
Document Number: E7-24874
Type: Rule
Date: 2007-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document removes the final regulation for Sec. 1.1561-2, amends Sec. Sec. 1.1561-2T and 1.1563-1T, and adds Sec. 1.1502-47T. These temporary regulations affect component members of a controlled group of corporations and consolidated groups filing life-nonlife Federal income tax returns. These temporary regulations provide guidance for calculating and apportioning between component members any amount of additional tax and any reduction in the amount exempted from the alternative minimum tax. These temporary regulations also update and clarify the allocation of tax-benefit items in the case in which a component member has a short taxable year not including a December 31st date. Finally, these temporary regulations provide explanations of two concepts: a group's testing date and a member's testing period for use in determining which members of the group and which taxable years of those members are subject to the controlled group 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.
Treatment of Overall Foreign and Domestic Losses
Document Number: E7-24896
Type: Proposed Rule
Date: 2007-12-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section in this issue of the Federal Register, the IRS is issuing temporary regulations that provide guidance relating to the recapture of overall foreign and domestic losses. Changes to the applicable law were made by the American Jobs Creation Act of 2004, as corrected by the Gulf Opportunity Zone Act of 2005. The temporary regulations provide guidance needed to comply with these changes, as well as updated guidance with respect to overall foreign losses and separate limitation losses, and affect individuals and corporations claiming foreign tax credits. The text of those temporary regulations published in this issue of the Federal Register also serves as the text of these proposed regulations. This document also provides a notice of public hearing on these proposed regulations.
Treatment of Overall Foreign and Domestic Losses
Document Number: E7-24877
Type: Rule
Date: 2007-12-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary regulations under section 904(g) of the Internal Revenue Code (Code) relating to the recapture of overall domestic losses. Section 402 of the American Jobs Creation Act of 2004 (AJCA) enacted new section 904(g) of the Code to provide for the recapture of overall domestic losses. These regulations provide guidance needed to comply with these changes, as well as updated guidance with respect to overall foreign losses and separate limitation losses, and affect individuals and corporations claiming foreign tax credits. The text of these temporary regulations also serves as the text of the proposed regulations (REG-141399-07) published in the Proposed Rules section in this issue of the Federal Register.
Reduction of Foreign Tax Credit Limitation Categories Under Section 904(d)
Document Number: E7-24783
Type: Proposed Rule
Date: 2007-12-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section in this issue of the Federal Register, the IRS is issuing temporary regulations that provide guidance relating to the reduction of the number of separate foreign tax credit limitation categories under section 904(d) of the Internal Revenue Code. Changes to the applicable law were made by the American Jobs Creation Act of 2004 (AJCA) reducing the number of section 904(d) separate categories from eight to two, effective for taxable years beginning after December 31, 2006. The temporary regulations provide guidance needed to comply with these changes and affect individuals and corporations claiming foreign tax credits. The text of those temporary regulations published in this issue of the Federal Register also serves as the text of these proposed regulations. This document also provides a notice of public hearing on these proposed regulations.
Reduction of Foreign Tax Credit Limitation Categories Under Section 904(d)
Document Number: E7-24782
Type: Rule
Date: 2007-12-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final and temporary Income Tax Regulations regarding the reduction of the number of separate foreign tax credit limitation categories under section 904(d) of the Internal Revenue Code (Code). Section 404 of the American Jobs Creation Act of 2004 (AJCA) reduced the number of section 904(d) separate categories from eight to two, effective for taxable years beginning after December 31, 2006. These temporary regulations affect taxpayers claiming foreign tax credits and provide guidance needed to comply with the statutory changes made by the AJCA. The text of these temporary regulations also serves as the text of the proposed regulations (REG-114126-07) set forth in the notice of proposed rulemaking on this subject published elsewhere in this issue of the Federal Register.
User Fees Relating to Enrollment To Perform Actuarial Services
Document Number: 07-6156
Type: Rule
Date: 2007-12-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to user fees for the initial and renewed enrollment to become an enrolled actuary. The charging of user fees is authorized by the Independent Offices Appropriations Act (IOAA) of 1952.
Foreign Tax Credit: Notification of Foreign Tax Redeterminations; Correction
Document Number: E7-24674
Type: Rule
Date: 2007-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to temporary regulations (TD 9362) that were published in the Federal Register on Wednesday, November 7, 2007 (72 FR 62771) relating to a United States taxpayer's obligation under section 905(c) of the Internal Revenue Code to notify the IRS of a foreign tax redetermination, which is a change in the taxpayer's foreign tax liability that may affect the taxpayer's foreign tax credit and also relating to the civil penalty under section 6689 for failure to notify the IRS of a foreign tax redetermination as required under section 905(c).
Foreign Tax Credit: Notification of Foreign Tax Redeterminations; Correction
Document Number: E7-24673
Type: Proposed Rule
Date: 2007-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a notice of proposed rulemaking by cross-reference to temporary regulations (REG-209020-86) that was published in the Federal Register on Wednesday, November 7, 2007 (72 FR 62805) relating to a taxpayer's obligation under section 905(c) of the Internal Revenue Code to notify IRS of a foreign tax redetermination and also relating to the civil penalty under section 6689 for failure to notify the IRS of a foreign tax redetermination as required under section 905(c).
Benefit Restrictions for Underfunded Pension Plans; Hearing
Document Number: E7-24670
Type: Proposed Rule
Date: 2007-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides a notice of public hearing on proposed rulemaking providing guidance regarding the use of certain funding balances maintained for defined benefit pension plans and regarding benefit restrictions for certain underfunded defined benefit pension plans.
Foreign Tax Credit: Notification of Foreign Tax Redeterminations; Correction
Document Number: E7-24669
Type: Rule
Date: 2007-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to temporary regulations (TD 9362) that were published in the Federal Register on Wednesday, November 7, 2007 (72 FR 62771) relating to a United States taxpayer's obligation under section 905(c) of the Internal Revenue Code to notify the IRS of a foreign tax redetermination, which is a change in the taxpayer's foreign tax liability that may affect the taxpayer's foreign tax credit and also relating to the civil penalty under section 6689 for failure to notify the IRS of a foreign tax redetermination as required under section 905(c).
Proposed Collection; Comment Request for Form 1065-B and Schedule K-1
Document Number: E7-24655
Type: Notice
Date: 2007-12-19
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 1065-B, U.S. Return of Income for Electing Large Partnerships, and Schedule K-1, Partner's Share of Income (Loss) From an Electing Large Partnership.
Proposed Collection: Comment Request for Regulation Project
Document Number: E7-24654
Type: Notice
Date: 2007-12-19
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 temporary regulation, REG-143453-05, Capital Costs Incurred to Comply With EPA Sulfur Regulations.
Proposed Collection; Comment Request for Regulation Project
Document Number: E7-24408
Type: Notice
Date: 2007-12-18
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-105344-01 (TD 9036) Disclosure of Returns and Return Information by Other Agencies (Sec. 301.6103(p)(2)(B)-1).
Proposed Collection; Comment Request for Regulation Project
Document Number: E7-24406
Type: Notice
Date: 2007-12-18
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, PS-262-82 (TD 8600), Definition of an S Corporation (Sec. 1.1361-3).
Proposed Collection; Comment Request for Regulation Project
Document Number: E7-24405
Type: Notice
Date: 2007-12-18
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, Notice of Significant Reduction in the Rate of Future Benefit Accrual.
Proposed Collection; Comment Request for Regulation Project
Document Number: E7-24398
Type: Notice
Date: 2007-12-18
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, PS-54-94 (TD 8668), Environmental Settlement Funds-Classification (Section 301.7701-4).
Notification Requirement for Tax-Exempt Entities Not Currently Required To File; Correction
Document Number: E7-24114
Type: Rule
Date: 2007-12-14
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to temporary regulations (TD 9366) that were published in the Federal Register on Thursday, November 15, 2007 (72 FR 64147) describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F).
Notification Requirement for Tax-Exempt Entities Not Currently Required To File; Correction
Document Number: 07-6044
Type: Rule
Date: 2007-12-14
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to temporary regulations (TD 9366) that were published in the Federal Register on Thursday, November 15, 2007 (72 FR 64147) describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F).
Returns Required on Magnetic Media; Correction
Document Number: E7-24117
Type: Rule
Date: 2007-12-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations (TD 9363) that were published in the Federal Register on Tuesday, November 13, 2007 (72 FR 63807) relating to the requirements for filing corporate income tax returns and returns of organizations required to file returns under section 6033 on magnetic media pursuant to section 6011(e) of the Internal Revenue Code.
Proposed Collection; Comment Request for Revenue Procedure 2003-45 and Revenue Procedure 2004-48
Document Number: E7-24109
Type: Notice
Date: 2007-12-13
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 2003-45, Late Election Relief for S Corporations, and Revenue Procedure 2004-48, Deemed Corporate Election for Late Electing S Corporations.
Proposed Collection; Comment Request for Form 1099-Q
Document Number: E7-24108
Type: Notice
Date: 2007-12-13
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 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530).
Proposed Collection; Comment Request for Form 2553
Document Number: E7-24107
Type: Notice
Date: 2007-12-13
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 2553, Election by a Small Business Corporation.
Publication of the Tier 2 Tax Rates
Document Number: 07-5955
Type: Notice
Date: 2007-12-06
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Publication of the tier 2 tax rates for calendar year 2008 as required by section 3241(d) of the Internal Revenue Code (26 U.S.C. section 3241). Tier 2 taxes on railroad employees, employers, and employee representatives are one source of funding for benefits under the Railroad Retirement Act.
Proposed Collection; Comment Request for Form 8893
Document Number: E7-23278
Type: Notice
Date: 2007-12-03
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 8893, Election of Partnership Level Tax Treatment.
Update and Revision of Sections 1.381(c)(4)-1 and 1.381(c)(5)-1; Correction
Document Number: E7-23277
Type: Proposed Rule
Date: 2007-12-03
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a notice of proposed rulemaking (REG-151884-03) that was published in the Federal Register on Friday, November 16, 2007, (72 FR 64545) providing guidance under sections 381(c)(4) and (c)(5) of the Internal Revenue Code relating to the accounting method or combination of methods, including the inventory method, to use after certain corporate reorganizations and tax-free liquidations. These proposed regulations clarify and simplify the existing regulations under sections 381(c)(4) and (c)(5). The regulations affect corporations that acquire the assets of other corporations in transactions described in section 381(a).
Proposed Collection; Comment Request for Form 8838
Document Number: E7-23276
Type: Notice
Date: 2007-12-03
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 8838, Consent To Extend the Time To Assess Tax Under Section 367 Gain Recognition Agreement.
Partner's Distributive Share; Hearing
Document Number: E7-23192
Type: Proposed Rule
Date: 2007-11-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations providing rules concerning the application of sections 704(c)(1)(B) and 737 to distributions of property after two partnerships engage in an assets-over merger. The proposed regulations affect partnerships and their partners.
Information Reporting for Lump-Sum Timber Sales
Document Number: E7-23098
Type: Proposed Rule
Date: 2007-11-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that provide guidance regarding the information reporting requirements contained in section 6045(e) of the Internal Revenue Code (Code) on sales or exchanges of standing timber for lump-sum (outright) payments. The proposed regulations amend Sec. 1.6045-4 of the Income Tax Regulations to require real estate reporting persons, as defined in section 6045(e)(2) of the Code, to report lump-sum payments received by sellers (landowners) for sales or exchanges of standing timber. This action is being taken to make the reporting requirements for lump-sum sales of standing timber consistent with the reporting requirements applicable to pay-as- cut timber sales. The proposed regulations do not change the information reporting requirements that currently apply to sales or exchanges of standing timber for pay-as-cut (contingent) payments under section 6050N of the Code.
User Fees Relating to Enrollment To Perform Actuarial Services; Hearing
Document Number: E7-22893
Type: Proposed Rule
Date: 2007-11-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations relating to user fees for the initial and renewed enrollment to become an enrolled actuary.
Notification Requirement for Tax-Exempt Entities Not Currently Required to File; Correction
Document Number: E7-22892
Type: Rule
Date: 2007-11-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to temporary regulations (TD 9366) that was published in the Federal Register on Thursday, November 15, 2007 (72 FR 64147) describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F).
Proposed Collection; Comment Request for Notice 2005-04
Document Number: E7-22579
Type: Notice
Date: 2007-11-19
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 2005-04, Fuel Tax Guidance, and Request for comments.
Payments Made by Reason of a Salary Reduction Agreement
Document Number: 07-5730
Type: Rule
Date: 2007-11-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document promulgates a final regulation that defines the term salary reduction agreement for purposes of section 3121(a)(5)(D) of the Internal Revenue Code (Code). The final regulation provides guidance to employers (public educational institutions and section 501(c)(3) organizations) purchasing annuity contracts described in section 403(b) on behalf of their employees.
Graco Children's Products, Inc., Receipt of Petition for Decision of Inconsequential Noncompliance
Document Number: Z7-21903
Type: Notice
Date: 2007-11-16
Agency: Internal Revenue Service, Department of Treasury, National Highway Traffic Safety Administration, Department of Transportation, Department of the Treasury
Update and Revision of Sections 1.381(c)(4)-1 and 1.381(c)(5)-1
Document Number: E7-22411
Type: Proposed Rule
Date: 2007-11-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that provide guidance under sections 381(c)(4) and (c)(5) of the Internal Revenue Code (Code) relating to the accounting method or combination of methods, including the inventory method, to use after certain corporate reorganizations and tax-free liquidations. These proposed regulations clarify and simplify the existing regulations under sections 381(c)(4) and (c)(5). The regulations affect corporations that acquire the assets of other corporations in transactions described in section 381(a).
Benefit Restrictions for Underfunded Pension Plans
Document Number: C7-4262
Type: Proposed Rule
Date: 2007-11-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Revision of Annual Information Return/Reports
Document Number: 07-5521
Type: Notice
Date: 2007-11-16
Agency: Employee Benefits Security Administration, Department of Labor, Internal Revenue Service, Department of Treasury, Pension Benefit Guaranty Corporation, Agencies and Commissions, Department of the Treasury
This document contains revisions to the Form 5500 Annual Return/Report forms, including the Form 5500 Annual Return/Report of Employee Benefit Plan and a new Form 5500-SF, Short Form Annual Return/ Report of Small Employee Benefit Plan (Short Form 5500 or Form 5500- SF), filed for employee pension and welfare benefit plans under the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (Code). The Form 5500 Annual Return/Report forms, including the schedules and attachments, are an important source of financial, funding, and other information about employee benefit plans for the Department of Labor, the Pension Benefit Guaranty Corporation, and the Internal Revenue Service (the Agencies), as well as for plan sponsors, participants and beneficiaries, and the general public. The revisions to the Form 5500 Annual Return/Report forms contained in this document, including the new Short Form 5500, are intended to streamline the annual reporting process, reduce annual reporting burdens, especially for small businesses, update the annual reporting forms to reflect current issues and agency priorities, incorporate new reporting requirements contained in the Pension Protection Act of 2006, and facilitate electronic filing. Some of the forms revisions will apply on a transitional basis for the 2008 reporting year before all of the forms revisions are fully implemented for the 2009 reporting year as part of the switch under the ERISA Filing Acceptance System (EFAST) to a wholly electronic filing system (EFAST2). The forms revisions affect employee pension and welfare benefit plans, plan sponsors, administrators, and service providers to plans subject to annual reporting requirements under ERISA and the Code.
Notification Requirement for Tax-Exempt Entities Not Currently Required to File
Document Number: E7-22299
Type: Rule
Date: 2007-11-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F). 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.
Notification Requirement for Tax-Exempt Entities Not Currently Required To File
Document Number: E7-22280
Type: Proposed Rule
Date: 2007-11-15
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 describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F). The text of those regulations also serves as the text of these proposed regulations.
Proposed Collection; Comment Request for Revenue Procedure 2001-56
Document Number: E7-22135
Type: Notice
Date: 2007-11-14
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 2001-56, Demonstration Automobile Use.
Proposed Collection; Comment Request for Form 8849
Document Number: E7-22134
Type: Notice
Date: 2007-11-14
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 8849, Claim for Refund of Excise Taxes.