For Tax Professionals  

2006 Files of Interest to Tax Professionals

These are informational files of interest to tax professionals. All of the files here are from IRS's weekly Internal Revenue Bulletins (IRB). You will find the information informative, and helpful to you in your practice.

Some of the files below are available in HTML and some in PDF format.

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate.
Revenue Rulings: For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for each month of the year.
Code Section References
IRB Notices with References to Code Sections 1(h), 1033(e)(2), 1400N(a)(3), 1400N(c)(1)(B). 1400N(d), 142(a)(15), 142(k)(5), 146, 1503(d), 152(c)(4), 165(i), 168(k), 170(f)(12)(D), 179D(c)(1), 179D(d), 25C, 29, 30B(a)(4), 3406, 355(b)(3)(C), 367(b), 367, 401(k), 409A(b), 409A, 409A, 42(h), 42, 43(b), 45, 45D(e)(2), 45J, 45L(c)(1)(A), 45L(c)(1)(B), 45L(c)(2), 45L(c)(3), 470, 48A, 48B, 50(a)(1), 501(c)(15), 54(a), 6042, 6050S, 6050S, 613A, 664(d)(1)(B), 664(d)(2)(B), 671, 6721, 6722, 6724, 7508A, 7508A, 7508A, 751(b), 7874(a)(2)(b)(i), 856(d)(9), 883, 897(d), 897(e), 911(d)(8)(A), 937(b), 954, 956.
Corrections & Changes
IRB Announcements & Notices: Corrections to Form 3115, Notice 2006-26, Notice 2006-53, REG-135866-02, REG-135866-02, REG-158080-04, section 163(d) of the code, T.D. 9203, T.D. 9243, T.D. 9244, T.D. 9248, T.D. 9254, T.D. 9254, T.D. 9258, T.D. 9260, T.D. 9262, T.D. 9264, T.D. 9272.
IRB Announcements & Notices Related to Disasters such as Hurricanes Katrina, Rita, & Wilma.
IRS Forms
IRB Announcements & Notices Relating to IRS Forms, such as Forms 1042-S, 1098, 1099, 3115, 5498, 6765, 8027, 8609, 8802, 8830, 8830, 8886, 8898, 8898, 8898, 941, 944, Schedule B (Form 941), W-2, W-2c, W-2G, W-3c.
Frivolous Tax Returns
Several Revenue Rulings related to Filing Frivolous Tax Returns, such as: reliance on Paperwork Reduction Act, "Native American Treaty," use of sham trusts, only certain persons subject to federal income tax, "nunc pro tunc," et al.
Interest Rates; Underpayments & Overpayments
Revenue Rulings that announce the rate of interest determined under section 6621 of the Code for each calendar quarter.
IRS Procedures
IRB documents related to IRS Procedures, such as: 6020(b) returns, acceptance agents, advance pricing agreements, backup withholding, bankruptcy estates, Circular 230, determination letters, disclosure and use of tax return information by tax return preparers, estates, Fast Track Settlement (FTS), federal tax delinquency, installment agreements, IRA assets; bankruptcy estate, Joint and several liability; relief under section 6015, Levy on bank account, nonaccrual-experience method of accounting, offers in compromise, private collection agencies, reasonable cause standard for late filing, record retention standards, return information, Rulings and information letters, Sale of seized real property, Special Enrollment Examination, statute of limitations for collection, taxpayer reporting burdens, taxpayer reporting burdens, Technical advice, time for employers to file returns and make deposits, user fees, withholding, etc.
LIFO; Price Indexes, & Department Stores
Revenue Rulings: The Monthly 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories. Reports are issued monthly.
Tax Preparation
IRB documents related to tax preparation, such as: additional day to file, additional first year depreciation deduction, application of FICA to cash payments, automatic consent, Automobile owners and lessees, Casualty and theft losses, child and dependent care credit, definition of supplemental wages, Down payment assistance; home buyers, estimated tax payments, health flexible spending arrangements (FSAs), Health reimbursement arrangements, Health Savings Accounts (HSAs), hybrid motor vehicle credit, Joint and several liability; relief under section 6015, maximum vehicle values, nonaccrual-experience method of accounting, qualified dividend income, qualified education loans, qualified tuition, qualifying child, reasonable cause standard for late filings, Simplified service cost and simplified production method change procedures, time for employers to file returns and make deposits, tips, user fees to process Form 8802, Work opportunity tax credit; welfare-to-work (W-t-W) tax credit.
Guidance for Tax Professionals
IRB documents covering subjects such as: additional day to file, Advance Pricing Agreements, business electronic filing, child and dependent care credit, Circular 230, estimated tax payments, exclusion from gross income, Fast Track Settlement, FICA & cash payments, Form 3115, Form 8886, Guidance Priority List, Health Savings Accounts, offers in compromise, payments of gross proceeds to attorneys, post-petition income, private collection agencies, qualified dividend income, qualified education loans, qualified hybrid motor vehicle credit, qualified tuition, qualifying child, reasonable cause standard for late filings, record retention standards, Roth IRAs, Section 351, sections 6038 and 6038A, sickness or accident disability, tax book value method, tips, etc.
Weighted Averages Interest Rates Monthly Updates
IRB Notices: The weighted average interest rate for the months of January thru December 2006 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth for each month.


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