Internal Revenue Bulletin: 2007-49
December 3, 2007
This ruling provides that payments made by the U.S. Department of Veterans Affairs under the compensated work therapy program are exempt from federal income tax as veterans’ benefits. Rev. Rul. 65-18 revoked, Rev. Rul. 72-605 amplified.
This notice addresses regulations under section 901 of the Code relating to the foreign tax credit. It announces revised effective dates for regulations amending the “legal liability” or “technical taxpayer” rule and the noncompulsory payment rules.
Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer prepared and computer-generated tax forms and schedules. Rev. Proc. 2007-24 superseded.
This procedure informs small business refiners how to obtain the certification required under section 45H(f) of the Code.
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