Internal Revenue Bulletin:  2008-29 

July 21, 2008 

ADMINISTRATIVE


T.D. 9409 T.D. 9409

Final, temporary, and proposed regulations under section 7216 of the Code update the rules regarding disclosures of tax return information by tax return preparers, providing an exception allowing a U.S. tax return preparer to obtain consent from a taxpayer to disclose a taxpayer's social security number (SSN) to a non-U.S. tax return preparer when the U.S. preparer makes the disclosure through the use of an “adequate data protection safeguard,” the non-U.S. preparer receives the SSN via an “adequate data protection safeguard,” and the U.S. preparer verifies the maintenance of the adequate data protection safeguards in the request for the taxpayer's consent. The regulations also provide clarification that the general SSN masking rule and the exception thereto apply only to consents related to returns in the Form 1040 series, and clarification regarding U.S. preparers on temporary travel status. The regulations are applicable to disclosures of tax return information occurring on or after January 1, 2009. A public hearing on the proposed regulations is scheduled for October 6, 2008.

REG-121698-08 REG-121698-08

Final, temporary, and proposed regulations under section 7216 of the Code update the rules regarding disclosures of tax return information by tax return preparers, providing an exception allowing a U.S. tax return preparer to obtain consent from a taxpayer to disclose a taxpayer's social security number (SSN) to a non-U.S. tax return preparer when the U.S. preparer makes the disclosure through the use of an “adequate data protection safeguard,” the non-U.S. preparer receives the SSN via an “adequate data protection safeguard,” and the U.S. preparer verifies the maintenance of the adequate data protection safeguards in the request for the taxpayer's consent. The regulations also provide clarification that the general SSN masking rule and the exception thereto apply only to consents related to returns in the Form 1040 series, and clarification regarding U.S. preparers on temporary travel status. The regulations are applicable to disclosures of tax return information occurring on or after January 1, 2009. A public hearing on the proposed regulations is scheduled for October 6, 2008.

Rev. Proc. 2008-38 Rev. Proc. 2008-38

Life insurance contracts; qualified additional benefits; closing agreement. This document provides a procedure by which an issuer of a life insurance contract may remedy a failure to account for charges for qualified additional benefits (QABs) under the expense charge rule of section 7702(c)(3)(B)(ii) of the Code. Rev. Rul. 2005-6 amplified.

Rev. Proc. 2008-39 Rev. Proc. 2008-39

Life insurance contracts, modified endowment contracts (MECs); closing agreement. This document provides a procedure by which an issuer of a life insurance contract may remedy an inadvertent non-egregious failure to comply with the modified endowment contract rules under section 7702A of the Code. Rev. Procs. 2001-42 and 2007-19 superseded.

Rev. Proc. 2008-40 Rev. Proc. 2008-40

Life insurance contracts; closing agreement. This document provides a procedure by which an issuer of a life insurance contract may remedy the failure of one or more contracts to meet the definition of a life insurance contract under section 7702(a) or to satisfy the requirements of section 101(f) of the Code. Rev. Rul. 91-17 superseded in part. Notice 99-48 superseded.

Rev. Proc. 2008-41 Rev. Proc. 2008-41

Life insurance; variable contracts, closing agreement. This document provides a procedure by which an issuer of a variable contract may remedy an inadvertent failure of a variable contract to satisfy the diversification requirements of section 817(h) of the Code. Rev. Rul. 91-17 amplified. Rev. Proc. 92-25 superseded. Notice 2000-9 obsoleted.

Rev. Proc. 2008-42 Rev. Proc. 2008-42

Life insurance contracts; automatic waiver. This document provides a procedure by which an issuer of a life insurance contract may automatically obtain a waiver, under section 7702(f)(8) or section 101(f)(3)(H) of the Code, for certain reasonable errors that caused the contract to fail to satisfy the requirements of section 7702 or section 101(f), as applicable. Rev. Rul. 91-17 amplified.


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