INCOME TAX
T.D. 9228(HTML)
Final regulations under section 42 of the Code eliminate the requirement in regulations section 1.42-1(h) that a completed Form 8609, Low-Income Housing Credit Allocation and Certification, must be filed with an owner's Federal income tax return for each of the 15 taxable years of the compliance period when the owner claims the low-income housing credit.
REG-105847-05(HTML)
Proposed regulations under section 199 of the Code relate to the deduction for income attributable to domestic production activities. Section 199 was enacted as part of the American Jobs Creation Act of 2004, and allows a deduction equal to 3 percent (for 2005 and 2006) of the lesser of the qualified production activities income of the taxpayer for the taxable year, or the taxable income of the taxpayer for the taxable year, subject to certain limits. The applicable percentage rises to 6 percent for 2007, 2008, and 2009, and 9 percent for 2010 and subsequent years. A public hearing is scheduled for January 11, 2006.
Rev. Proc. 2005-70(HTML)
Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.
Rev. Proc. 2005-71(HTML)
This procedure modifies Rev. Proc. 2004-59, 2004-2 C.B. 678, to extend the sunset date for participation in the Voluntary Compliance Program from December 31, 2005, to March 31, 2006, and provides that no extensions will be granted beyond June 30, 2006. Rev. Proc. 2004-59 modified.
EMPLOYEE PLANS
Notice 2005-72(HTML)
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for November 2005 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.
ESTATE TAX
Rev. Proc. 2005-70(HTML)
Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.
GIFT TAX
Rev. Proc. 2005-70(HTML)
Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.
EXCISE TAX
Rev. Proc. 2005-70(HTML)
Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.
ADMINISTRATIVE
Notice 2005-81(HTML)
This notice supplements Notice 2005-66, 2005-40 I.R.B. 620, which postponed until January 3, 2006, deadlines for the IRS to perform certain acts under section 7508A of the Code with respect to certain taxpayers affected by Hurricane Katrina. This notice (1) expands the definition of “covered disaster area” to include additional counties and parishes that the Federal Emergency Management Agency (FEMA) determined were eligible for federal assistance after the IRS issued Notice 2005-66; (2) extends the deadlines for the IRS to perform certain acts to February 28, 2006, to match the deadlines for affected taxpayers to file, pay, and perform certain acts; (3) expands the definition of affected taxpayer to match the definition of affected taxpayers in Notice 2005-73, 2005-42 I.R.B. 723; and (4) grants the IRS a postponement of time to perform an act not previously identified in Notice 2005-66 - issuing a Notice of Final Partnership Administrative Adjustment (FPAA) under section 6223. Notice 2005-66 supplemented.
Notice 2005-82(HTML)
In Notice 2005-82, the IRS under section 7508A of the Code extends the period for the government to take certain actions until February 28, 2005, with respect to certain taxpayers affected by Hurricane Rita. In response to Hurricane Rita, in News Release IR-2005-110 of September 26, 2005, the IRS granted relief for taxpayers affected by Hurricane Rita. News Release IR-2005-110 provided that all counties and parishes in Texas and Louisiana constitute a “covered disaster area” within the meaning of regulations section 301.7508A-1(d)(2). Further, News Release IR-2005-110 provided that taxpayers affected by the disaster will have until February 28, 2006, to file tax returns and submit payments, including, but not limited to, the October 17, 2005, deadline for individuals who received a second extension for filing their individual income tax returns. In addition, News Release IR-2005-110 provided affected taxpayers until February 28, 2006, to perform the acts listed in section 301.7508A-1(c)(1) and Rev. Proc. 2005-27, 2005-20 I.R.B. 1050.
Rev. Proc. 2005-70(HTML)
Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.
Rev. Proc. 2005-71(HTML)
This procedure modifies Rev. Proc. 2004-59, 2004-2 C.B. 678, to extend the sunset date for participation in the Voluntary Compliance Program from December 31, 2005, to March 31, 2006, and provides that no extensions will be granted beyond June 30, 2006. Rev. Proc. 2004-59 modified.
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