Internal Revenue Bulletin: 2007-27
July 2, 2007
Table of Contents
Final regulations under section 475 of the Code concern an elective safe harbor that permits dealers in securities and dealers in commodities to elect to use the values of positions reported on certain financial statements as the fair market values of those positions. This safe harbor is intended to reduce the compliance burden on taxpayers and to improve the administrability of the valuation requirement of section 475 for the IRS.
This notice provides guidance and transitional relief for the return preparer penalty provisions under section 6694 of the Code.
This notice alerts taxpayers and their representatives that the IRS intends to challenge claims under the relevant current statutory and regulatory provisions that certain distributions, described in the notice, from a real estate investment trust (REIT) or other qualified investment entity (QIE) to foreign governments are not subject to section 897(h)(1) of the Code or are exempt from taxation under section 892. The notice also announces that Treasury and the IRS intend to issue regulations that will clarify the correct interpretation of these provisions, and will apply to distributions occurring on or after June 13, 2007.
This notice changes the address to submit by mail applications for allocation of the available volume cap for clean renewable energy bonds (CREBs) under section 54 of the Code. Notice 2007-26 modified.
Specifications are set forth for the private printing of paper and laser-printed substitutes for the January 2007 revision of Form 941, Employer’s QUARTERLY Federal Tax Return, and January 2006 Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors. This procedure will be reproduced as the next revision of Publication 4436, General Rules and Specifications for Substitute Form 941 and Schedule B (Form 941). Rev. Proc. 2006-25 superseded.
Specifications are set forth for the private printing of paper and laser-printed substitutes for tax year 2007 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. This procedure will be reproduced as the next revision of Publication 1141, General Rules and Specifications for Substitute Forms W-2 and W-3. Rev. Proc. 2006-55 superseded.
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