Internal Revenue Bulletin: 2006-45
November 6, 2006
Table of Contents
This document provides procedures under which a taxpayer may use the automatic consent procedures of Rev. Proc. 2002-9 to request a change in method of accounting to comply with regulations sections 1.168(k)-1 or 1.1400L(b)-1. Rev. Proc. 2002-9 modified and amplified.
This document provides the exclusive procedures for a corporation to obtain automatic approval from the Commissioner to change an annual accounting period under section 442 of the Code. Rev. Proc. 2002-37 clarified, modified, amplified, and superseded.
This document provides the exclusive procedures for a partnership, S corporation, electing S corporation, personal service corporation, or trust to obtain automatic approval from the Commissioner to adopt, change, or retain an annual accounting period under section 442 of the Code. Rev. Proc. 2002-38 clarified, modified, amplified, and superseded.
This document provides methods to determine the amount of “paragraph (e)(1) wages” for purposes of the limitation contained in section 199(b)(1) on the amount of the deduction provided by section 199(a)(1) for income attributable to domestic production activities. The procedure reflects changes in the definition of “W-2 wages” for purposes of section 199 made by the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA).
This document contains corrections to final and temporary regulations (T.D. 9281, 2006-39 I.R.B. 517) relating to the determination of the interest expense deduction of foreign corporations and applies to foreign corporations engaged in a trade or business within the United States.
This document contains corrections to final regulations (T.D. 9276, 2006-37 I.R.B. 423) concerning the definition of supplemental wages for income tax withholding purposes and income tax requirements for employers making payments of supplemental wages to employees.
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