Internal Revenue Bulletin: 2009-9
March 2, 2009
Final regulations under section 6103 of the Code relate to administrative review procedures for certain government agencies and other authorized recipients of returns or return information whose receipt of returns and return information may be suspended or terminated because they do not maintain proper safeguards.
Proposed regulations under section 6231 of the Code allow the IRS to convert partnership items to nonpartnership items when the application of the unified partnership audit and litigation procedures of sections 6221 through 6234 with respect to certain tax avoidance transactions interferes with the effective and efficient enforcement of the Internal Revenue laws. A public hearing is scheduled for June 4, 2009.
New section 6050W of the Code requires information reporting for payment card and third party payment network transactions, effective for returns for calendar years beginning after December 31, 2010. Entities required to report must perform backup withholding if the payee fails to furnish a correct Taxpayer Identification Number (“TIN”). This announcement will alert 6050W filers that they may now participate in the TIN matching program.
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