Small Business Taxes & Management
IRS Pronouncements--2016


Small Business Taxes & ManagementTM--Copyright 2016, A/N Group, Inc.

Note. The list below contains a synopses of revenue rulings, revenue procedures, notices, announcements and regulations beginning with those issued January 1, 2016. Because the IRS is no longer indexing the contents of the bulletins as in the past, we have created two indicies--this one is a complete list of all pronouncements. For an abbreviated list that is limited to those items we believe to be of interest to small to mid-sized business owners, their advisors, CPAs, enrolled agents, etc, go to IRS Pronouncements--2016--Short List. For a abbreviated, similar listing for prior years, go to:

IRS Pronouncements--2015
IRS Pronouncements--2014
IRS Pronouncements--2013
IRS Pronouncements--2012
IRS Pronouncements--2011
IRS Pronouncements--2010
IRS Pronouncements--2009
IRS Pronouncements--2008
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 (CTRL-F) 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.

For Revenue Rulings-- www.irs.gov/pub/irs-drop/rr-16-xx.pdf
For Revenue Procedures-- www.irs.gov/pub/irs-drop/rp-16-xx.pdf
For Notices-- www.irs.gov/pub/irs-drop/n-16-xx.pdf

The xx must be at least two digits. Thus, Revenue Ruling 5 for 2016 would be: www.irs.gov/pub/irs-drop/RR-16-05.pdf   For prior years, change the 16 to the appropriate year (available years vary).

New Additions - Bulletin 6

Rev. Rul. 2016-4 (IRB 2016-6) Applicable federal rates; adjusted federal long-term rate; February 2016.

Notice 2016-12 (IRB 2016-6) Sec. 61; maximum vehicle value for use with special valuation rule; cents-per-mile rule; 2016 amount.
Notice 2016-11 (IRB 2016-6) Sec. 45 credit; credit for Indian Coal Production; Inflation Adjustment Factor for 2015.
Notice 2016-10 (IRB 2016-6) Sec. 853, 905; alternative methods of compliance; regulated investment company; RIC; refund of foreign tax.
Notice 2016-9 (IRB 2016-6) Social welfare organizations; intent to operate under Sec. 501(c)(4); process for requesting determination.
Notice 2016-8 (IRB 2016-6) Secs. 1441-1464; Secs. 1471-1474; plan to amend regulations thereunder; FFI; foreign financial institution.
Notice 2016-5 (IRB 2016-6) One-time claims for retroactively extended 2015 biodiesel mixture and alternative fuel excise tax credit.

Announcement 2015-4 (IRB 2015-6) Sec. 501(c)(3); revocation of organizations for failure to meet code requirements; contributions no longer deductible.

For the full text of these rulings, go to Internal Revenue Bulletin 2016-06

 

Cumulative Listings - 2016

Revenue Rulings

Rev. Rul. 2016-4 (IRB 2016-6) Applicable federal rates; adjusted federal long-term rate; February 2016.
Rev. Rul. 2016-2 (IRB 2016-4) Sec. 807; insurance companies; interest rate tables; prevailing state assumed interest rates; determination of reserves; Rev. Rul. 92-19 supplemented in part.
Rev. Rul. 2016-3 (IRB 2016-3) Sec. 4371; 1-percent excise tax on reinsurance premiums; Validus Reinsurance; foreign insurer; Rev. Rul. 2008-15 revoked.
Rev. Rul. 2016-1 (IRB 2016-2) Applicable federal rates; adjusted federal long-term rate; January 2016.

 

Revenue Procedures

Rev. Proc. 2016-13 (IRB 2016-4) Disclosure on income tax return of item or position; adequate for reducing understatement of income tax under Sec. 6662(d); substantial understatement aspect of accuracy-related penalty; tax return preparer penalty; unreasonable position; Rev. Proc. 2015-16 updated.
Rev. Proc. 2016-11 (IRB 2016-2) Civil penalties; inflation-adjusted items; returns and statements required to be filed after December 31, 2015; failure to file correct information returns; Rev. Proc. 2015-53 modified.
Rev. Proc. 2016-10 (IRB 2016-2) Determination letters; private foundation status; Sec. 509(a); operating status; Sec. 4942(j)(3); exempt operating foundation status; Sec. 4940(d)(2); foundation status under Sec. 509(a)(3) of nonexempt charitable trusts; Rev. Proc. 2015-10 superseded.
Rev. Proc. 2016-8 (IRB 2016-1) Guidance for user fee program for requests for letter rulings, determination letters, advisory letters and Volumntary Correction Program (VCP); exempt organizations; Rev. Proc. 2015-8 superseded.
Rev. Proc. 2016-7 (IRB 2016-1) Areas in which rulings will not be issued, Associate Chief Counsel International.
Rev. Proc. 2016-6 (IRB 2016-1) Revised procedures for determination letters for qualified status of employee plans under Sections 401(a), 403(a), 409, and 4975; Rev. Proc. 2015-6 superseded.
Rev. Proc. 2016-5 (IRB 2016-1) Updates and merges Rev. Proc. 2015-5 and 2015-9 into one annual procedure; procedures for issuing determination letters on exempt status of organizations under Sec. 501 and 521.
Rev. Proc. 2016-4 (IRB 2016-1) Revised procedures; guidance on issues under the jurisdiction of the Commissioner, Tax Exempt and Government Entities.
Rev. Proc. 2016-3 (IRB 2016-1) Revised list of areas where IRS will not issue letter rulings or determination letters; Corporate; Financial Institutions and Products; Income Tax and Accounting; International; Passthroughs and Special Industries; Procedure and Administration; Tax Exempt and Government Entities; Associate Chief Counsel; Rev. Proc. 2015-3 superseded.
Rev. Proc. 2016-2 (IRB 2016-1) Procedures for Technical advice memoranda; TAMS; taxpayer rights when field office requests TAMS; Corporate; Financial Institutions and Products; Income Tax and Accounting; International; Passthroughs and Special Industries; Procedure and Administration; Tax Exempt and Government Entities; Associate Chief Counsel; Rev. Proc. 2015-2 superseded.
Rev. Proc. 2016-1 (IRB 2016-1) Procedures for letter rulings and information letters; Associate Chief Counsel; Corporate; Financial Institutions and Products; Income Tax and Accounting; International; Passthroughs and Special Industries; Procedure and Administration; Tax Exempt and Government Entities; Rev. Proc. 2015-1 superseded.

 

Regulations

T.D. 9745 (IRB 2016-2) Sec. 36B; health insurance premium tax credit; rules for determining amount of credit, wellness programs; employer-sponsored health coverage; REG-125398-12 finalized.

 

Proposed Regulations

REG-138344-13 (IRB 2016-4) Regulations withdrawn; charitable contributions; contemporaneous written acknowledgment; contributions of $250 or more.

 

Notices

Notice 2016-12 (IRB 2016-6) Sec. 61; maximum vehicle value for use with special valuation rule; cents-per-mile rule; 2016 amount.
Notice 2016-11 (IRB 2016-6) Sec. 45 credit; credit for Indian Coal Production; Inflation Adjustment Factor for 2015.
Notice 2016-10 (IRB 2016-6) Sec. 853, 905; alternative methods of compliance; regulated investment company; RIC; refund of foreign tax.
Notice 2016-9 (IRB 2016-6) Social welfare organizations; intent to operate under Sec. 501(c)(4); process for requesting determination.
Notice 2016-8 (IRB 2016-6) Secs. 1441-1464; Secs. 1471-1474; plan to amend regulations thereunder; FFI; foreign financial institution.
Notice 2016-5 (IRB 2016-6) One-time claims for retroactively extended 2015 biodiesel mixture and alternative fuel excise tax credit.
Notice 2016-7 (IRB 2016-5) Corporate bond monthly yield curve January 2016; Sec. 417; 430; interest rate on 30-year Treasury securities.
Notice 2016-6 (IRB 2016-4) Transit benefits in 2015; amounts in excess of $130 per month; administrative procedure to make necessary corrections on fourth quarter Form 941.
Notice 2016-4 (IRB 2016-3) Sec. 6055; 6056; extension of due dates for certain information reporting requirements; minimum essential coverage; insurers; self-insuring employers.
Notice 2016-3 (IRB 2016-3) Guidance to be issued; Cycle A elections; expiration on determination letters issued prior to January 4, 2016; extension of deadlines defined contribution pre-approved plans.
Notice 2016-2 (IRB 2016-2) Health coverage tax credit; HCTC; Sec. 35; taxpayers enrolled in qualified health plan through Health Insurance Marketplace; Sec. 36B.
Notice 2016-1 (IRB 2016-2) Standard mileage rate automobiles; 2016; business, charitable, medical and moving; depreciation to be taken for computing basis; fixed and variable rate; FAVR.

 

Announcements

Announcement 2015-4 (IRB 2015-6) Sec. 501(c)(3); revocation of organizations for failure to meet code requirements; contributions no longer deductible.
Announcement 2015-3 (IRB 2015-4) Sec. 6721, 6722 penalties not imposed on educational institutions; failure to include correction taxpayer identification number on Forms 1098-T for 2015.
Announcement 2015-2 (IRB 2015-3) Gross income; value of identity protection services provided to employees or other individuals before a data breach occurs; employer providing services; not included in income; Announcement 2015-22 extended.
Announcement 2015-1 (IRB 2016-3) Rev. Proc. 2007-21; mailing address for written request for rescission of a penalty under Sec. 6707 or 6707A.
 

       Links to Individual Bulletins

Internal Revenue Bulletin 2016-1
Internal Revenue Bulletin 2016-2
Internal Revenue Bulletin 2016-3
Internal Revenue Bulletin 2016-4
Internal Revenue Bulletin 2016-5
Internal Revenue Bulletin 2016-6

 


Copyright 2016 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. Copyright is not claimed on material from U.S. Government sources--ISSN 1089-1536


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--Last Update 02/06/16