Internal Revenue Bulletins  

February 20, 2001

Internal Revenue Bulletin No. 2001-08

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.


Rev. Rul. 2001-9(PDF, 14K)
LIFO; price indexes; department stores. The December 2000 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 for tax years ended on, or with reference to, December 31, 2000.

T.D. 8914(PDF, 16K)
Final regulations under section 988 of the Code relate to when a currency will be considered hyperinflationary. These final regulations are intended to prevent distortions associated with the computation of income and expense arising from section 988 transactions denominated in hyperinflationary currencies.


REG-209461-79(PDF, 11K)
Partial withdrawal of, and amendments to, the notices of proposed rulemaking that relate to the tax treatment of cafeteria plans under section 125 of the Code.

T.D. 8928(PDF, 93K)
Final regulations provide guidance on various issues arising under the COBRA continuation coverage requirements for group health plans. The issues include those related to business reorganizations, employer withdrawals from multiemployer plans, health flexible spending arrangements, and counting employees for purposes of the exception under the COBRA continuation coverage provisions for plans of small employers.


Announcement 2001-20(PDF, 12K)
A list is provided of organizations that no longer qualify as organizations to which contributions are deductible under section 170 of the Code.

T.D. 8920(PDF, 158K)
REG-246256-96(PDF, 20K)
Temporary and proposed regulations under section 4958 of the Code add details to the definitions and rules of section 4958. Section 4958 imposes excise taxes on excess benefit transactions between a section 501(c)(3) or 501(c)(4) organization (except a private foundation) and a person with substantial influence over the affairs of the organization.


Announcement 2001-16(PDF, 15K)
This announcement provides guidance to federally recognized Indian tribal governments about their Federal Unemployment Tax Act (FUTA) obligations for 2000. Recent legislation changed how FUTA applies to Indian tribal governments. As of December 21, 2000, federally recognized Indian tribal governments are exempt from FUTA. The new law contains a transition rule which eliminates an Indian tribal government's 2000 liability for FUTA taxes for services performed before December 21, 2000, if certain requirements are met. Because the due date for the 2000 Form 940 used to report FUTA tax liability is January 31, 2001, this announcement is made to provide Indian tribal governments options in filing their Forms 940.


Announcement 2001-15(PDF, 7K)
This announcement advises persons required to file information returns that the mandatory use of Form W-9, Request for Taxpayer Identification Number and Certification, (Rev. December 2000) by U.S. persons has been delayed until July 1, 2001. However, foreign persons may not use a Form W-9 after December 31, 2000.

Announcement 2001-17(PDF, 8K)
The Service announces the availability of new Form 8875, Taxable REIT Subsidiary Election. This form is used by both an eligible corporation and a REIT to jointly elect to have the corporation treated as a taxable REIT subsidiary.

T.D. 8935(PDF, 33K)
REG-103320-00(PDF, 15K)
Temporary and proposed regulations under section 6103 of the Code set forth the requirements and conditions under which the Service can make disclosures of returns and return information to the designee of a taxpayer pursuant to written or nonwritten requests.

Rev. Proc. 2001-18(PDF, 20K)
Last known address. This procedure explains how a taxpayer is to inform the Service of a change of address. When so informed, the Service will update the taxpayer's address of record to the new address. The Service uses the taxpayer's address of record for the various notices that are required to be sent to a taxpayer's "last known address" under the Code and for refunds of overpayments of tax. Rev. Proc. 90-18 amplified and superseded.

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