This Week's Internal Revenue Bulletin
2016-10 IRB 1
- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2016-4673
- Tax Analysts Electronic Citation2016 TNT 44-29
These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
INCOME TAX
REG-129067-15
, page 421. These proposed regulations provide a definition of "political subdivision" for purposes of sections 103 and 141 through 150 of the Code and rules stating when to apply that definition. The proposed definition generally provides that a political subdivision must be delegated sufficient sovereign powers, must serve a governmental purpose, and must be controlled by a State or local governmental unit. The proposed definition provides that an issuer must remain a political subdivision for its bonds to remain tax-exempt under section 103. The proposed regulations also streamline certain portions of the existing regulations without changing their meaning. Rev. Rul. 2016-07 , page 391. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for March 2016.
Rev. Proc. 2016-16 , page 394. General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), Schedule D (Form 941), and Schedule R (Form 941) This procedure provides general rules and specifications from the IRS for paper and computer-generated substitutes for Form 941, Schedule B (Form 941), Schedule D (Form 941), and Schedule R (Form 941). This procedure will be reproduced as the next revision of Publication 4436. Rev. Proc. 2015-38 is superseded.
T.D. 9750 , page 374. The final regulations provide guidance to brokers who (1) must report OID income on a tax-exempt debt instrument, (2) must take into account certain debt instrument elections when computing basis, or (3) must prepare a transfer statement for the transfer of a debt instrument or section 1256 option that is a covered security.
T.D. 9751 , page 379. These regulations relate to withholding on foreign persons upon certain dispositions of, and distributions with respect to, U.S. real property interests. The regulations reflect changes made by the Protecting Americans from Tax Hikes Act of 2015. In addition, the regulations update certain mailing addresses listed in regulations under sections 897 and 1445. Specifically, these regulations modify 26 CFR 1.897-2, 26 CFR 1.897-3, 26 CFR 1.1445-1, 26 CFR 1.1445-2, 26 CFR 1.1445-3, 26 CFR 1.1445-4, 26 CFR 1.1445-5, 26 CFR 1.1445-6, and 26 CFR 1.1445-11T.
T.D. 9752 , page 385. These regulations provide guidance regarding the requirements for certain domestic entities to report specified foreign financial assets to the Internal Revenue Service with a timely filed U.S. income tax return. These regulations set forth the conditions under which a domestic corporation, domestic partnership, or domestic trust will be required to undertake such reporting.
EMPLOYEE PLANS
T.D. 9749, page 373. This regulation addresses the composition of the Joint Board for the Enrollment of Actuaries (the "Joint Board"). The Joint Board establishes standards and qualifications for persons performing actuarial services with respect to pension plans covered by the Employee Retirement Income Security Act of 1974.
EXEMPT ORGANIZATIONS
REG-118867-10
, page 411. This document contains proposed regulations regarding the prohibition on certain contributions to Type I and Type III supporting organizations and the requirements for Type III supporting organizations. The regulations reflect changes to the law made by the Pension Protection Act of 2006. The regulations will affect Type I and Type III supporting organizations and their supported organizations. Announcement 2016-11 , page 411. Serves notice to potential donors of a stipulated decision by the United States Tax Court in declaratory judgment proceedings under Section 7428.
EMPLOYMENT TAX
Rev. Proc. 2016-16
, page 394. General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), Schedule D (Form 941), and Schedule R (Form 941) This procedure provides general rules and specifications from the IRS for paper and computer-generated substitutes for Form 941, Schedule B (Form 941), Schedule D (Form 941), and Schedule R (Form 941). This procedure will be reproduced as the next revision of Publication 4436. Rev. Proc. 2015-38 is superseded. ADMINISTRATIVE
Announcement 2016-06
, page 409. The Office of Professional Responsibility (OPR) announces recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. These individuals are subject to the regulations governing practice before the Internal Revenue Service (IRS), which are set out in Title 31, Code of Federal Regulations, Part 10, and which are published in pamphlet form as Treasury Department Circular No. 230. The regulations prescribe the duties and restrictions relating to such practice and prescribe the disciplinary sanctions for violating the regulations.- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2016-4673
- Tax Analysts Electronic Citation2016 TNT 44-29
