Internal Revenue Bulletins  

May 24, 1999

Internal Revenue Bulletin No. 1999-21

Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.

INCOME TAX

Notice 99-26(PDF, 11K)
Electricity produced from certain renewable resources; calendar year 1999 inflation adjustment factor and reference prices. This notice announces the calendar year 1999 inflation adjustment factor and reference prices for the renewable electricity production credit under section 45 of the Code.

Rev. Proc. 99-24(PDF, 337K)
General rules and specifications for private printing of substitute Forms W-2 and W-3. Specifications are set forth for the private printing of paper substitutes for tax year 1999 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Proc. 98-33 superseded.

EMPLOYEE PLANS

Notice 99-28(PDF, 10K)
Weighted average interest rate update. The weighted average interest rate for May 1999 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth.

EXEMPT ORGANIZATIONS

Announcement 99-54(PDF, 19K)
A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

Notice 99-27(PDF, 34K)
Comments are requested on the interpretation of section 1203 of the Internal Revenue Service Restructuring and Reform Act of 1998. Section 1203 provides generally that IRS employees must be terminated from federal employment if they violate certain rules in connection with the performance of their official duties, absent mitigation by the Commissioner. Comments should be submitted by June 30, 1999.

Notice 99-29(PDF, 9K)
Innocent spouse equitable relief. The date for providing comments on Notice 98-61, 1998-51 I.R.B. 13, is extended to June 30, 1999. Notice 98-61 provides interim guidance for taxpayers seeking equitable relief from federal tax liability under section 6015(f) or 66(c) of the Code.

Rev. Proc. 99-25(PDF, 44K)
Magnetic Media/Electronic Filing Program; Form 1040NR. Participants in the Magnetic Media/Electronic Filing Program for Form 1040NR, U.S. Nonresident Alien Income Tax Return, are informed of their obligations to the Service, taxpayers, and other participants. Rev. Proc. 98-36 superseded.

Rev. Rul. 99-24(PDF, 11K)
Low-income housing credit; satisfactory bond; "bond factor" amounts for the period April through June 1999. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period April through June 1999.

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