Internal Revenue Bulletin: 2007-11
March 12, 2007
Table of Contents
Payroll taxes on deferred compensation. This ruling provides guidance on when a taxpayer using an accrual method of accounting incurs a liability under section 461 of the Code for payroll taxes on deferred compensation. Rev. Rul. 69-587 revoked. Rev. Rul. 96-51 amplified.
Investor control and general public; taxation of variable contracts; insurance and annuities. This ruling treats the grantor of a grantor trust as the owner of a life insurance contract that is owned by the trust for purposes of determining whether a transfer of a contract (a) is a transfer for valuable consideration, and (b) if so, is a transfer to the insured within the meaning of section 101(a)(2)(B) of the Code.
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 March 2007.
This notice provides interim rules, pending the issuance of regulations under sections 932(c) and 7654(e), concerning the statute of limitations on assessment with respect to taxpayers claiming to be bona fide residents of the U.S. Virgin Islands (USVI). The notice also provides a new annual information reporting requirement for U.S. citizens and resident aliens with $75,000 or more of gross income who claim bona fide residency status in the USVI. Taxpayers may rely on this notice until regulations are issued.
Low-income housing tax credit; private activity bonds. Resident populations of the 50 states, the District of Columbia, Puerto Rico, and the insular areas are provided for purposes of determining the 2007 calendar year (1) state housing credit ceiling under section 42(h) of the Code, (2) private activity bond volume cap under section 146, and (3) private activity bond volume limit under section 142(k).
Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer prepared and computer-generated tax forms and schedules. Rev. Proc. 2005-74 superseded.
This document provides notice of a public hearing on proposed regulations (REG-103043-05, 2006-49 I.R.B. 1063) relating to the obligation of material advisors to prepare and maintain lists with respect to reportable transactions under section 6112 of the Code.
This document provides notice of a public hearing on proposed regulations (REG-103038-05, 2006-49 I.R.B. 1049) relating to the disclosure of reportable transactions by taxpayers under section 6011 of the Code.
This document provides notice of a public hearing on proposed regulations (REG-103039-05, 2006-49 I.R.B. 1057) relating to the disclosure of reportable transactions by material advisors under section 6111 of the Code.
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