Internal Revenue Bulletin: 2007-9
February 26, 2007
This procedure provides guidance to persons against whom a penalty under section 6707 or 6707A of the Code is assessed, and who may request rescission of those penalties from the Commissioner if the violation is with respect to a reportable transaction other than a listed transaction. This procedure describes the procedures for requesting rescission, including the deadline by which a person must request rescission; the information the person must provide in the rescission request; the factors that weigh in favor and against granting rescission; where the person must submit the rescission request; and the rules governing requests for additional information from the person requesting rescission.
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.
This document contains corrections to final regulations (T.D. 9263, 2006-25 I.R.B. 1063) relating to the deductions for income attributable to domestic production activities under section 199 of the Code.
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