Small Business Taxes & Management
IRS Pronouncements--2017


Small Business Taxes & ManagementTM--Copyright 2017, 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, 2017. 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--2017--Short List. For a abbreviated, similar listing for prior years, go to:

IRS Pronouncements--2016
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-17-xx.pdf
For Revenue Procedures-- www.irs.gov/pub/irs-drop/rp-17-xx.pdf
For Notices-- www.irs.gov/pub/irs-drop/n-17-xx.pdf

The xx must be at least two digits. Thus, Revenue Ruling 5 for 2017 would be: www.irs.gov/pub/irs-drop/RR-17-05.pdf   For prior years, change the 17 to the appropriate year (available years vary).

New Additions - Bulletin 3

Rev. Rul. 2017-1 (IRB 2017-03) Base period T-bill rate; interest charge domestic international sales corporation; IC-DISC.

Rev. Proc. 2017-16 (IRB 2017-3) Participating foreign financial institution; FFI; Sec. 1471; FFI agreement.
Rev. Proc. 2017-15 (IRB 2017-3) Final qualified intermediary withholding agreement; QI; foreign persons; withholding agents; qualified derivatives dealers; QDDs; withholding foreign partnership; withholding foreign trust.
Rev. Proc. 2017-14 (IRB 2017-3) Certified professional employer organizations; CFEO; employee leasing; voluntary certification.
Rev. Proc. 2017-12 (IRB 2017-3) Internal total loss absorbing capacity instruments as indebtedness; (TLAC).

T.D. 9804 (IRB 2017-3) Sec. 36B; health insurance premium credit; amendment to computation of credit; pediatric dental benefits; information reporting by Exchanges.
T.D. 9803 (IRB 2017-3) Sec. 367; certain transfers of property from U.S. persons to foreign corporations in nonrecognition transactions; certain temporary regulations withdrawn.
T.D. 9796 (IRB 2017-3) Sec. 6038A; domestic disregarded entity wholly owned by a foreign person as a domestic corporation separate from its owner; for limited purposes of reporting, record maintenance, and compliance requirements.

Notice 2017-8 (IRB 2017-3) Extension of time for filing participant and material advisor disclosure statements until May 1, 2017; Notice 2016-66 modified.
Notice 2017-7 (IRB 2017-3) Effective date of Reg. Sec. 1.987-12T deferral rule; outbound loss events; entity classification election; Sec. 301.7701-3.
Notice 2017-6 (IRB 2017-3) Secs. 162; 263; Automatic changes to utilize final tangible property regulations; waiver of eligibility rule for one more year taxable year beginning before January 1, 2017; automatic changes to comply with final depreciation and disposition regulations; five taxable year period of accounting method change for same item.

For the full text of these rulings, go to Internal Revenue Bulletin 2017-3

 

Cumulative Listings - 2017

Revenue Rulings

Rev. Rul. 2017-1 (IRB 2017-03) Base period T-bill rate; interest charge domestic international sales corporation; IC-DISC.
Rev. Rul. 2017-2 (IRB 2017-02) Applicable federal rates; adjusted federal long-term rate; January 2017.

 

Revenue Procedures

Rev. Proc. 2017-16 (IRB 2017-3) Participating foreign financial institution; FFI; Sec. 1471; FFI agreement.
Rev. Proc. 2017-15 (IRB 2017-3) Final qualified intermediary withholding agreement; QI; foreign persons; withholding agents; qualified derivatives dealers; QDDs; withholding foreign partnership; withholding foreign trust.
Rev. Proc. 2017-14 (IRB 2017-3) Certified professional employer organizations; CFEO; employee leasing; voluntary certification.
Rev. Proc. 2017-12 (IRB 2017-3) Internal total loss absorbing capacity instruments as indebtedness; (TLAC).
Rev. Proc. 2017-11 (IRB 2017-2) 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. 2016-5 (IRB 2016-1) Revised procedures for issuing determination letters on on issues under jurisdicition of Director, Exempt Organizations Rulings and Agreements.
Rev. Proc. 2017-4 (IRB 2017-1) Revised procedures; guidance on issues under the jurisdiction of the Commissioner, Tax Exempt and Government Entities; Rev. Procs. 2016-4, 2016-6 and 2016-8 superseded.
Rev. Proc. 2017-3 (IRB 2017-1) 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. 2016-3 superseded.
Rev. Proc. 2017-2 (IRB 2017-1) 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. 2016-2 superseded.
Rev. Proc. 2017-1 (IRB 2017-1) 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. 2016-1 superseded.

 

Regulations

T.D. 9804 (IRB 2017-3) Sec. 36B; health insurance premium credit; amendment to computation of credit; pediatric dental benefits; information reporting by Exchanges.
T.D. 9803 (IRB 2017-3) Sec. 367; certain transfers of property from U.S. persons to foreign corporations in nonrecognition transactions; certain temporary regulations withdrawn.
T.D. 9796 (IRB 2017-3) Sec. 6038A; domestic disregarded entity wholly owned by a foreign person as a domestic corporation separate from its owner; for limited purposes of reporting, record maintenance, and compliance requirements.
T.D. 9802 (IRB 2017-2) Sec. 6103; disclosure of certain items of return information; Bureau of Census.
T.D. 9801 (IRB 2017-2) Sec. 148; 103; 54A; 6431; revised definition of issue price for arbitrage restrictions; tax exempt bonds; tax credit bonds; direct pay bonds.
T.D. 9795 (IRB 2017-2) Sec. 987; recognition and deferral of foreign currency gain or loss; qualified business unit; QBU; annual deemed termination election.
T.D. 9794 (IRB 2017-2) Sec. 987; determination of taxable income or loss; qualified business unit; QBU; timing, amount, character and source of gain or loss.

 

Proposed Regulations

REG-133353-16 (IRB 2017-2) Sec. 6103; disclosure of certain return information to the Bureau of Census.
REG-134438-15 (IRB 2017-2) Modify current definition of "net premiums written" for fee imposed under Affordable Care Act.
REG-128276-12 (IRB 2017-2) Sec. 987; 988; recognition and deferral of foreign currency gain or loss; qualified business unit; QBU; QBU termination; annual deemed termination election.

 

Notices

Notice 2017-8 (IRB 2017-3) Extension of time for filing participant and material advisor disclosure statements until May 1, 2017; Notice 2016-66 modified.
Notice 2017-7 (IRB 2017-3) Effective date of Reg. Sec. 1.987-12T deferral rule; outbound loss events; entity classification election; Sec. 301.7701-3.
Notice 2017-6 (IRB 2017-3) Secs. 162; 263; Automatic changes to utilize final tangible property regulations; waiver of eligibility rule for one more year taxable year beginning before January 1, 2017; automatic changes to comply with final depreciation and disposition regulations; five taxable year period of accounting method change for same item.
Notice 2017-3 (IRB 2017-2) Maximum vehicle values for use with special valuation rule; cents per mile valuation rule; inflation adjustment.
Notice 2017-1 (IRB 2017-2) Sec. 7528; exemption from user fee; requests for determination letters; qualified status of pension, profit-sharing, stock bonus, annuity, and employee stock ownership plans maintained by small employers; Rev. Proc. 2016-37.

 

Announcements

None

 

Action On Decision

None

 

       Links to Individual Bulletins

Internal Revenue Bulletin 2017-1
Internal Revenue Bulletin 2017-2
Internal Revenue Bulletin 2017-3

 


Copyright 2017 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 01/14/17