Internal Revenue Bulletin: 2007-8
February 20, 2007
Table of Contents
This notice provides for the waiver of additions to tax under section 6654(a) of the Code for underpayment of estimated taxes by certain citizens or residents of the United States living abroad. The notice explains the changes in the law as enacted by the passage of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) in May 2006 and who is eligible for the penalty waiver and to what extent.
This announcement contains changes in filing procedures for Form 8851, Summary of Archer MSAs. Rev. Proc. 2001-31, 2001-1 C.B. 1170, will be revised at a future date but will not be available by the due date of the return, March 20, 2007.
This announcement informs the public that the due date for filing returns and paying taxes has been extended to April 17, 2007, as a result of the Emancipation Day Holiday in the District of Columbia.
This document contains corrections to proposed regulations (REG-121509-00, 2006-40 I.R.B. 602) that provide guidance relating to the exclusion from gross income of previously taxed earnings and profits under section 959 of the Code and related basis adjustments under section 961.
This document contains corrections to final regulations (T.D. 9276, 2006-37 I.R.B. 423) that provide for determining the amount of income tax withholding on supplemental wages. The regulations apply to all employers and others making supplemental wage payments to employees.
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