Internal Revenue Bulletin: 2010-52
December 27, 2010
This notice provides guidance on the application of section 3402(t) of the Code to payments made by credit, debit, stored value, and other payment cards.
This notice delays the effective date for compliance with Revenue Ruling 2006-57, 2006-2 C.B. 911, which provides guidance on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under section 132(f) of the Code, until January 1, 2012.
This document contains a correction to final regulations (T.D. 9340, 2007-2 C.B. 487) providing updated guidance on section 403(b) contracts of public schools and tax-exempt organizations described in section 501(c)((3). These regulations will affect sponsors of section 403(b) contracts, administrators, participants, and beneficiaries.
The Internal Revenue Service announces the release of Form 8944, Preparer e-file Hardship Waiver Request, which tax return preparers who meet the definition of a specified tax return preparer and who believe they may qualify for an undue hardship waiver may begin to use to voluntarily submit an undue hardship waiver request to the IRS now. Preparers must use Form 8944 to voluntarily request a waiver. This announcement also informs tax return preparers of the time limits for submitting waiver requests for 2011, and that approval of any waiver request is contingent upon and will not occur prior to the publication of final regulations and a final revenue procedure, which is expected in early 2011.
|More Internal Revenue Bulletins|