Internal Revenue Bulletin: 2011-42
October 17, 2011
Table of Contents
Optional special per diem rates. This notice provides the 2011-2012 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home, specifically (1) the special transportation industry rates, (2) the rate for the incidental expenses only deduction, and (3) the rates and list of high-cost localities for the high-low substantiation method.
This notice provides guidance under section 2010 of the Code on electing portability of a deceased spousal unused exclusion amount on a Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return). This notice also announces that the Treasury Department and the Service intend to issue regulations to implement the provisions of section 2010(c) and invites public comments.
Nonaccrual-experience method book safe harbor. This procedure provides a safe harbor method of accounting for taxpayers using the nonaccrual-experience method of accounting under section 448(d)(5) of the Code and regulations section 1.448-2. This procedure also provides procedures for obtaining automatic consent to change to this safe harbor method and to make certain changes within this method. Rev. Proc. 2006-56 modified and amplified.
Per diem allowances. This procedure provides optional rules for deeming substantiated the amount of certain business expenses of traveling away from home reimbursed to an employee, partner, or volunteer, or deductible by an employee or self-employed individual. Rev. Proc. 2010-39 amplified, modified, and superseded.
This procedure instructs taxpayers how to file a protective claim for refund when the estate has a claim or expense not yet deductible under section 2053 of the Code and the corresponding regulations. In addition, this procedure details the procedures the Service will follow in processing these protective claims for refund. Finally, this procedure instructs taxpayers how to notify the Service that a section 2053 protective claim for refund is ready for consideration.
|More Internal Revenue Bulletins|