Small Business Taxes & Management

IRS Pronouncements--2008

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The list below contains a synopses of selected revenue rulings, revenue procedures, notices, announcements and regulations beginning with those issued January 1, 2008. The list is limited to those items we believe to be of interest to small to mid-sized businesses, their advisors, CPAs, etc. Rulings, etc. dealing with banks, insurance companies, foreign operations, nonprofits, exotic transactions, etc. are generally excluded. For a similar listing for prior years, go to:

IRS Pronouncements--2007
IRS Pronouncements--2006
IRS Pronouncements--2005
IRS Pronouncements--2004
IRS Pronouncements--2003
IRS Pronouncements--2002
IRS Pronouncements--2001
IRS Pronouncements--2000

We've included the IRB (Internal Revenue Bulletin) reference so you can find the full text on the IRS web site. We've tried to make the list as searchable as possible while keeping the descriptions short. Use the "find-in-page" or "find" feature of your browser to search this list. Be sure to try variations of keywords such as "activities" as well as "activity"; "depreciation" as well as "depreciate". You can download any Bulletin at the IRS website. The Applicable Federal Rate and interest rates on over- and underpayments are updated on our IRS Interest Rates page or, for more details go to the IRS AFR page

Notes.

The list below includes pronouncements for the first 18 bulletins of 2007.
Entries for each section are in the order they appear in the bulletins.
Go to our Abbreviations page for details on any abbreviations.
Quick link to Individual Bulletins for 2008

New Additions - Bulletin 18

Notice 2008-46 (IRB 2008-18) Sec. 6694; guidance regarding implementation of tax return preparer penalty provisions; Notice 2008-13 supplemented.

For the full text of these rulings, go to Internal Revenue Bulletin 2008-18.

Cumulative Listings - 2008

Revenue Rulings

Rev. Rul. 2008-23 (IRB 2008-18) Employee leasing arrangements; Sec. 274; who incurs limitation on deduction for meal expenses when trucking company leases drivers; leasing company reimburses drivers for meal and incidental expenses.
Rev. Rul. 2008-22 (IRB 2008-16) Substitution power; corpus of inter vivos trust includible in grantor's gross estate; Sec. 2036; 2038; grantor retention of power to substitute other property of equivalent value.
Rev. Rul. 2008-21 (IRB 2008-15) Low-income housing credit; satisfactory bond; bond factor; January through June 2008.
Rev. Rul. 2008-18 (IRB 2008-13) S corporation; qualified subchapter S subsidiary; QSub; reorganization pursuant to Sec. 368(a)(1)(F); newly formed holding company; no new S election; new EIN; Rev. Rul. 64-250 amplified.
Rev. Rul. 2008-10 (IRB 2008-13) Interest rates; underpayments and overpayments; quarter beginning April 1, 2008; 6 percent on noncorporate.
Rev. Rul. 2008-16 (IRB 2008-11) S corporations; charitable contributions of appreciated property; deduction not to exceed shareholder's share pro rata share of FMV over share of contributed property's adjusted tax basis.
Rev. Rul. 2008-14 (IRB 2008-11) Fringe benefits aircraft valuation formula; SIFL; Standard Industry Fare Level.
Rev. Rul. 2008-13 (IRB 2008-10) qualified performance-based compensation; termination without cause or for good reason; voluntary retirement.
Rev. Rul. 2008-12 (IRB 2008-10) Applicaion of Section 163(d) to limited partners in a trader partnership; noncorporated limited partners; material participation.
Rev. Rul. 2008-7 (IRB 2008-7) Accrued benefits; cash balance defined benefit pension plans; Sec. 411; lump sum-based benefit.
Rev. Rul. 2008-8 (IRB 2008-5) Risk shifting; risk distribution; insurance; cell captive guidance.
Rev. Rul. 2008-6 (IRB 2008-3) Indian Housing Block GrantProgram; IHBG; rental assistance payments made to a building owner; not grants made with respect to a building.
Rev. Rul. 2008-5 (IRB 2008-3) Loss from wash sales of stock or securities; stock or securities held in individual name vs. held in IRA or Roth IRA; loss disallowed; basis in IRA not increased.
Rev. Rul. 2008-3 (IRB 2008-2) Inflation adjusted numbers for 2008; Sec. 1274A; qualified debt instrument; cash method debt instrument; debt instruments issued for property; Rev. Rul. 2007-4 supplemented and superseded.
Rev. Rul. 2008-1 (IRB 2008-2) Foreign currency exchange traded notes; treated as debt for U.S. federal tax purposes even when initial investment and repayment made in U.S. dollars.

Revenue Procedures

Rev. Proc. 2008-25 (IRB 2008-13) Payroll tax liabilities for compensation including bonuses and vacation pay; accrual method taxpayers; safe harbor method; rules for obtaining automatic consent; Rev. Proc. 2002-9 modified and amplified.
Rev. Proc. 2008-24 (IRB 2008-13) Sec. 1035; 72; partial exchange of annuity contracts; waiting period; transactions not covered; Notice 2003-51 superseded.
Rev. Proc. 2008-23 (IRB 2008-12) Last-in, first out; LIFO; Vehicle-Pool Method; resellers of cars and light-duty trucks; automatic consent to change; permissible method of pooling for crossover vehicles; alternative dollar value.
Rev. Proc. 2008-22 (IRB 2008-12) Automobile owners and lessees; trucks and vans; depreciation limits for 2008; lease inclusion amount.
Rev. Proc. 2008-21 (IRB 2008-12) Returns filed with $1 in adjusted gross income; AGI; sole purpose of effectuating electronic filing of 2007 return; Notice 2008-28.
Rev. Proc. 2008-16 (IRB 2008-9) Like-kind exchanges of rental property that is used for personal purposes; safe harbor; property rented to others; occasionally used by owners for personal purposes.
Rev. Proc. 2008-14 (IRB 2008-7) Adequate disclosure; guidance concerning; Sec. 6662(d) and 6694(a).
Rev. Proc. 2008-13 (IRB 2008-6) Maximum value for use with vehicle special valuation rules; cents-per-mile.
Rev. Proc. 2008-12 (IRB 2008-5) Guidance to tax return preparers; format and content of consents to disclose and consents to use tax return information; electronic signatures for electronic consent.
Rev. Proc. 2008-9 (IRB 2008-2) Determination letters and rulings; exempt status of organizations under Sec. 501 and 521; revocation and modification; administrative remedies; Rev. Proc. 2007-52 superseded.
Rev. Proc. 2008-8 (IRB 2008-1) User fees for employee plans and exempt organizations; letter rulings; determination letters; Rev. Proc. 2007-8 superseded.
Rev. Proc. 2008-7 (IRB 2008-1) Areas in which rulings will not be issued; Associate Chief Counsel (International); Rev. Proc. 2007-7 superseded.
Rev. Proc. 2008-6 (IRB 2008-1) Employee plans; determination letters; status of employee plans; Rev. Proc. 2007-6 superseded.
Rev. Proc. 2008-5 (IRB 2008-1) Technical advice; revised procedures; employee plans; actuarial matters; exempt organizations; Rev. Proc. 2007-5 superseded.
Rev. Proc. 2008-4 (IRB 2008-1) Rulings and information letters; issuance procedures; revised procedures; Tax Exempt and Government Entitiess; Rev. Proc. 2007-4 superseded.
Rev. Proc. 2008-3 (IRB 2008-1) Areas in which rulings will not be issued; domestic areas; Rev. Procs. 2007-3 and 2007-39 superseded.
Rev. Proc. 2008-2 (IRB 2008-1) Technical advice; TAM; technical advice memoranda; taxpayer rights; Rev. Proc. 2007-2 superseded.
Rev. Proc. 2008-1 (IRB 2008-1) Letter rulings, information letters, determination letters; revised procedures; Rev. Proc. 2007-1 superseded.

Regulations

T.D. 9390 (IRB 2008-18) Sec. 501(c)(3); 4958; relationship between requirements for tax exemption and excise taxes on excess benefit transactions between public charities and their insiders; non-exhaustive list of factors considered; examples.
T.D. 9389 (IRB 2008-18) Sec. 6103; REG-114942-07; disclosure of return information by employees of Treasury Department; whistleblowers; violations of internal revenue laws.
T.D. 9388 (IRB 2008-17) Sec. 7701; REG-143468-07; list of foreign business entities that are always classified as corporations.
T.D. 9387 (IRB 2008-16) Sec. 168; public utility property; normalization accounting; excess deferred income taxes.
T.D. 9386 (IRB 2008-16) Sec. 165; availability and character of a deduction for a loss from abandoned stock or other securities.
T.D. 9384 (IRB 2008-16) Sec. 199; revision of certain rules and examples; definition of qualified film; expanded affiliated group.
T.D. 9383 (IRB 2008-15) Sec. 1502; REG-137573-07; final, temporary and proposed; 1.1502-13(c)(6)(ii)(C); redetermination of intercompany gain as excluded from gross income.
T.D. 9381 (IRB 2008-14) Sec. 199; amendments made by Tax Increase Prevention and Reconciliation Act of 2005; deduction for income; domestic production activities.
T.D. 9380 (IRB 2008-14) Sec. 6020; returns prepared or signed by the Commissioner or IRS employee; substitute return; failure to file required return.
T.D. 9379 (IRB 2008-14) Sec. 1221; REG-153589-06; election to treat sale or exchange of musical compositions or copyrights in musical works as sale or exchange of a capital asset; time and manner.
T.D. 9378 (IRB 2008-14) Sec. 6325; procedures for obtaining release or discharge of federal lien.
T.D. 9376 (IRB 2008-11) Sec. 1502; items of a liquidating corporation are succeeded to and taken into account; multiple members; complete liquidation under Section 332.
T.D. 9373 (IRB 2008-8) Sec. 6103; additional return item to be disclosed; REG-147832-07.
T.D. 9372 (IRB 2008-8) Sec. 6103; disclosure of tax return information to Department of Commerce for census purposes.
T.D. 9371 (IRB 2008-8) Sec. 904; treatment of overall foreign and domestic losses; separate limitation losses; REG-141399-07.
T.D. 9370 (IRB 2008-7) User fees for enrolled actuary.
T.D. 9368 (IRB 2008-6) Sec. 904; separate foreign tax credit limitation categories; REG-114126-07.
T.D. 9375 (IRB 2008-5) Sec. 7216; update rules regarding disclosure and use of tax return information by tax preparers; consent to disclosure.

Proposed Regulations

REG-168745-03 (IRB 2008-18) Sec. 263; application to amounts paid to acquire, produce, or improve tangible property; capitalization; current deduction; expense; treatment of capitalized amounts; regulations withdraw and replace proposed regulations issued in August 2006.
REG-119518-07 (IRB 2008-17) Sec. 162; deemed living expenses while away from home for state legislator.
REG-110136-07 (IRB 2008-17) Sec. 4980F; permitted plan amendment effective before plan amendment's applicable amendment date; certain amendments made by Pension Protection Act of 2006.
REG-151135-07 (IRB 2008-16) Sec. 432; multiemployer defined benefit plans.
REG-124590-07 (IRB 2008-16) Sec. 954 personal property sold by controlled foreign corporation; contract manufacturing agreement; constructed by one or more branches of the controlled foreign corporation.
REG-127391-07 (IRB 2008-13) Sec. 664; charitable remainder trusts; unrelated business taxable income; UBTI; 100-percent excise tax; paid from corpus.
REG-136701-07 (IRB 2008-11) Sec. 401; diversification requirements for certain defined contribution plans; publicly traded employer securities.
REG-104946-07 (IRB 2008-11) Sec. 411; added by Pension Protection Act of 2006; vesting and payment benefits for hybrid defined benefit plans; age discrimination rule.
REG-139236-07 (IRB 2008-9) Sec. 430; valuation of plan assets; determination of benefit liabilities for funding requirements; single employer defined benefit plans; changes made by Pension Protection Act of 2006.
REG-111583-07 (IRB 2008-4) Sec. 6205; amend process of making interest-free adjustments of underpayments and overpayments of employment taxes; Sec. 6205, 6413; refund of overpayments of employment taxes under Sec. 6402, 6414.

Notices

Notice 2008-46 (IRB 2008-18) Sec. 6694; guidance regarding implementation of tax return preparer penalty provisions; Notice 2008-13 supplemented.
Notice 2008-44 (IRB 2008-16) Sec. 45K; inflation adjustment factor and phaseout amount; nonconventional source fuel credit; 2007 calendar year.
Notice 2008-43 (IRB 2008-15) Circular 230; contingent fee; clarification; examination of tax return; whistleblower claims; interim rules.
Notice 2008-42 (IRB 2008-15) Split-dollar life insurance; modification that does not include a change to the life insurance contract; material change.
Notice 2008-40 (IRB 2008-14) Decuction for energy efficient commercial buildings; Sec. 179D; interim lighting rule; unconditioned garage space; Notice 2006-52 clarified and amplified.
Notice 2008-39 (IRB 2008-13) Sec. 41; research credit; filing rules for certain claims; Notice 2002-44 superseded.
Notice 2008-36 (IRB 2008-12) Energy credit; equivalent rating network; equivalent calculation procedure; eligible contractor; approved software; Notice 2006-28 clarified and superseded; Announcement 2006-88 clarified and superseded.
Notice 2008-35 (IRB 2008-12) Energy credit; equivalent rating network; equivalent calculation procedure; eligible contractor; approved software; Notice 2006-27 clarified and superseded; Announcement 2006-88 clarified and superseded.
Notice 2008-34 (IRB 2008-12) Distressed assets with high basis and low fair market value; acquisition of interest in trust or series of trusts; shifting a built-in loss; economic loss.
Notice 2008-32 (IRB 2008-11) Sec. 67; interim guidance; investment advisory costs and other costs sjuject to 2-percent floor; amounts bundled as part of one commission or fee paid to trustee or executor; other than grantor trust or estate.
Notice 2008-30 (IRB 2008-12) Distributions; various issues; Pension Protection Act of 2006; PPA 2006.
Notice 2008-29 (IRB 2008-12) Alternative mortality tables; disabled invididuals; defined benefit plans; determination of present values.
Notice 2008-28 (IRB 2008-10) How to request economic stimulus payment if not filing an income tax return.
Notice 2008-26 (IRB 2008-9) Sec. 48A; advanced cola project program; integrated gasification combined cycle projects; bituminous coal as primary feedstock.
Notice 2008-25 (IRB 2008-9) GO Zone bonus depreciation recapture provisions; GO Zone property transferred in like-kind exchange or involuntary conversion; Notice 2006-77 clarified and amplified.
Notice 2008-23 (IRB 2008-7) Safe harbor under which supplemental health insurance excepted from HIPAA requirements.
Notice 2008-21 (IRB 2008-7) Funding; effective date; proposed regulations under Sec. 430 and 436; transitional guidance for small plans.
Notice 2008-20 (IRB 2008-6) Components of Intermediary Transaction Tax Shelter; Notice 2001-16; definition of participants; Notice 2001-16 modified.
Notice 2008-19 (IRB 2008-5) Risk shifting; risk distribution; insurance; cell captive guidance.
Notice 2008-16 (IRB 2008-4) Sec. 170; substantiating lump-sum charitable contributions made through Combined Federal Campaign or similar program.
Notice 2008-15 (IRB 2008-4) Allocation of prepaid qualified mortgage insurance premiums for 2007; information reporting of prepaid qualified mortgage insurance premiums.
Notice 2008-14 (IRB 2008-4) List of positions identified as frivolous for Sec. 6702; Notice 2007-30 modified and superseded.
Notice 2008-13 (IRB 2008-3) Guidance regarding implementation of tax return preparer penalty provisions; Sec. 6694; definitional provisions Sec. 7701.
Notice 2008-12 (IRB 2008-3) Guidance regarding implementation of tax return preparer signature requirement; Sec. 6695.
Notice 2008-11 (IRB 2008-3) Tax return preparer penalty provisions; transitional relief; Notice 2007-54 clarified.
Notice 2008-10 (IRB 2008-3) Intention to issue regulations under Sec. 357; outbound reorganizations that repatriate earnings; subject to gain under Sec. 367.
Notice 2008-9 (IRB 2008-3) Final regulations under 1.1502-36 not to apply to a transfer to an unrelated person if binding agreement before publication of regulations.
Notice 2008-8 (IRB 2008-3) Information reporting requirements; Sec. 6039; stock transfers occurring on or after January 1, 2007; IRS waiving obligation to make an information return for 2007 stock transfers; furnishing of information required by Sec. 1.6039-1.
Notice 2008-7 (IRB 2008-3) Diversification; transition rules; extension; certain defined contribution plans; Notice 2006-107 modified.
Notice 2008-6 (IRB 2008-3) Transition relief for certain trusts that have become private foundations through failure to meet responsiveness test for Type III supporting organizations.
Notice 2008-5 (IRB 2008-2) Individual as qualifying relative for dependency exemption; definition; Sec. 152; 151.
Notice 2008-4 (IRB 2008-2) Claims with IRS Whistleblower Office; payment of awards; report of underpayments of tax.
Notice 2008-3 (IRB 2008-2) Impuesto empresarial a tasa unica; IETU; single rate business tax; tax eligible for credit against U.S. tax.
Notice 2008-1 (IRB 2008-2) Accident and health insurance premiums; medical; 2-percent shareholder in S corporation; deduction; reimbursed by S corporation; inclusion in gross income.

Announcements

Announcement 2008-38 (IRB 2008-17) Correction to final regulations; T.D. 8697; classification of certain business organizations under an elective regime.
Announcement 2008-35 (IRB 2008-17) Correction to final regulations; T.D. 9386; availability and character of loss deduction under Section 165; abandoned stock or other securities.
Announcement 2008-33 (IRB 2008-16) Corrections to regulations; T.D. 9273; carryover of certain tax attributes; earnings and profits; foreign income tax accounts; combination of two corporations; liquidation.
Announcement 2008-30 (IRB 2008-16) Corrections to regulations; T.D. 9368; separate foreign tax credit limitation categories; foreign tax credit.
Announcement 2008-29 (IRB 2008-15) Corrections to regulations; T.D. 9368; separate foreign tax credit limitation categories; foreign tax credit.
Announcement 2008-27 (IRB 2008-15) Advance Pricing Agreements; APAs; annual report on structure and activities.
Announcement 2008-25 (IRB 2008-14) Proposed regulations REG-107592-00 consolidated return regulations withdrawn in part; insurance between members of a consolidated group.
Announcement 2008-23 (IRB 2008-14) Pre-approved defined contribution master and prototype and volume submitter plans; inssuance of EGTRRA opinion and advisory letters.
Announcement 2008-21 (IRB 2008-13) Requestion from IRS inspection and copying of Sec. 501(c)(3) organization's annual returnreporting Sec. 511 unrelated business income; Form 990-T.

Announcement 2008-19 (IRB 2008-11) Changes to Publication 1187; filing procedures for Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding.
Announcement 2008-16 (IRB 2008-9) Corrections to final regulations; T.D. 9375; disclosure and use of tax return information by tax return preparers.
Announcement 2008-15 (IRB 2008-9) Corrections to Rev. Pro.c 2008-13; maximum vehicle values for use with the special valuation rules; Reg. 1.61-21(d) and (e).
Announcement 2008-12 (IRB 2008-7) Corrections to temporary regulations (T.D. 9362) and proposed regulations (REG-209020-86) U.S. taxpayer's obligaton to notify IRS of a foreign tax redetermination; civil penalty; Sec. 905.
Announcement 2008-11 (IRB 2008-7) Corrections to temporary regulations (T.D. 9362) and proposed regulations (REG-209020-86) U.S. taxpayer's obligaton to notify IRS of a foreign tax redetermination; civil penalty; Sec. 905.
Announcement 2008-10 (IRB 2008-7) Corrections to final regulations (T.D. 9363); requirements for filing corporate income tax returns and returns of organizations; magnetic media.
Announcement 2008-9 (IRB 2008-7) Corrections to temporary regulations (T.D. 9362) and proposed regulations (REG-209020-86) U.S. taxpayer's obligaton to notify IRS of a foreign tax redetermination; civil penalty; Sec. 905.
Announcement 2008-8 (IRB 2008-6) Tax treaty; Belgium; Denmark; Finland; Germany; tax rates for various types of income.
Announcement 2008-7 (IRB 2008-5) IRS considering issuing rules regarding disclosure and use of tax return information by tax return preparers; REG-136596-07; refund anticipation loans; RALs.
Announcement 2008-6 (IRB 2008-5) Filing procedures for Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding; electronic or magnetic filing.

Links to Individual Bulletins

Copyright 2008 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject.--ISSN 1089-1536

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--Last Update 05/02/08