Internal Revenue Bulletin:  2008-18 

May 5, 2008 

INCOME TAX


Rev. Rul. 2008-23 Rev. Rul. 2008-23

Employee leasing arrangements. This ruling addresses which party is subject to the Code section 274(n) limitation when a trucking company leases truck drivers from a leasing company and the leasing company reimburses the drivers for meal and incidental expenses they incur in the course of performing services.

Rev. Rul. 2008-24 Rev. Rul. 2008-24

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for May 2008.

REG-168745-03 REG-168745-03

Proposed regulations explain how section 263(a) of the Code applies to amounts paid to acquire, produce, or improve tangible property. The regulations clarify what amounts must be capitalized, rather than deducted currently, and how those capitalized amounts should be treated. The regulations withdraw and replace the proposed regulations issued in August 2006 under section 263(a). A public hearing is scheduled for June 24, 2008.

Notice 2008-46 Notice 2008-46

This notice provides guidance regarding implementation of the tax return preparer penalty provisions under section 6694 of the Code. Notice 2008-13 supplemented.

Notice 2008-47 Notice 2008-47

The Department of Treasury and the Service invite public comments on recommendations for items that should be included on the 2008-2009 Guidance Priority List. Taxpayers may submit recommendations for guidance at any time during the year. Recommendations submitted by May 31, 2008, will be reviewed for possible inclusion on the original 2008-2009 Guidance Priority List. Recommendations received after May 31, 2008, will be reviewed for inclusion in the next periodic update.


More Internal Revenue Bulletins