INCOME TAX
Rev. Rul. 2006-36(HTML)
Health reimbursement arrangements. This ruling holds that amounts that may be paid as
medical benefits to a designated beneficiary (other than an employee's spouse or an
employee's dependent) are not excludable from the employee's gross income under
section 105(b) of the Code. Notice 2002-45 and Rev. Ruls. 2002-41 and 2005-24
amplified.
Rev. Rul. 2006-44(HTML)
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 September 2006.
T.D. 9279(HTML)
REG-125071-06(HTML)
Final, temporary, and proposed regulations under section 671 of the Code amend
regulations section 1.671-5, reporting rules for widely held fixed investment trusts
(WHFITs), to clarify and simplify the application of those rules to non-mortgage
widely held fixed investment trusts (NMWHFITs). The proposed regulations also include
a requirement that trustees of WHFITs file an information return with the IRS and
provide for the IRS to create a directory of NMWHFITs and trustees of widely held
mortgage trusts (WHMTs). The proposed regulations clarify the market discount
reporting rules under the NMWHFIT safe harbor and solicit comments on the WHMT safe
harbor.
REG-124152-06(HTML)
Proposed regulations provide guidance relating to the determination of who is
considered to pay a foreign tax for purposes of sections 901 and 903 of the Code. A
public hearing is scheduled for October 13, 2006.
Notice 2006-72(HTML)
This notice contains questions and answers that provide guidance on the information
reporting requirements for qualified tuition and related expenses under section 6050S
of the Code.
Announcement 2006-61(HTML)
This announcement provides an opportunity for small business/ self employed taxpayers
to use Fast Track Settlement (FTS) to expedite case resolution within the IRS's Small
Business/ Self Employed (SB/SE) organization. The SB/SE FTS will enable SB/SE
taxpayers that currently have unagreed issues in at least one open year under
examination to work together with SB/SE and the Office of Appeals to resolve
outstanding disputed issues while the case is still in SB/SE jurisdiction.
EMPLOYEE PLANS
Notice 2006-75(HTML)
Weighted average interest rate modifications; corporate bond weighted average. This
notice extends the use of the corporate bond weighted average interest rate for
sections 412(c)(7)(E) and 412(l) of the Code and sections 302(c)(7)(E) and 302(d) of
the Employee Retirement Income Security Act of 1974 as provided in section 301 of the
Pension Protection Act of 2006.
EXEMPT ORGANIZATIONS
Announcement 2006-60(HTML)
Aylesi M. Bobo Charitable Foundation of Independence, MO, no longer qualifies as an
organization to which contributions are deductible under section 170 of the Code.
ADMINISTRATIVE
Notice 2006-72(HTML)
This notice contains questions and answers that provide guidance on the information
reporting requirements for qualified tuition and related expenses under section 6050S
of the Code.
Announcement 2006-58(HTML)
This document provides changes of date and location for a public hearing on proposed
regulations (REG-118775-06, 2006-28 I.R.B. 73) under sections 871 and 881 of the Code
relating to the exclusion from gross income of portfolio interest paid to a
nonresident alien individual or foreign corporation. The public hearing is rescheduled
for October 6, 2006.
Announcement 2006-59(HTML)
Bonds issued by or on behalf of Indian tribal governments are excluded from gross
income only if the proceeds of such bonds are used for an "essential governmental
function." This announcement of advanced notice of proposed rulemaking provides that
an activity performed by an Indian tribal government will be treated as an essential
governmental function if (1) many state and local governments conduct such activity
and finance it with tax-exempt bonds, (2) state and local governments have been
financing such activity for many years, and (3) such activity is not a commercial or
industrial activity.
Announcement 2006-61(HTML)
This announcement provides an opportunity for small business/ self employed taxpayers
to use Fast Track Settlement (FTS) to expedite case resolution within the IRS's Small
Business/ Self Employed (SB/SE) organization. The SB/SE FTS will enable SB/SE
taxpayers that currently have unagreed issues in at least one open year under
examination to work together with SB/SE and the Office of Appeals to resolve
outstanding disputed issues while the case is still in SB/SE jurisdiction.
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