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This Week's Internal Revenue Bulletin

APR. 3, 2017

2017-14 IRB 1

DATED APR. 3, 2017
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2017-48265
  • Tax Analysts Electronic Citation
    2017 TNT 62-39
Citations: 2017-14 IRB 1

HIGHLIGHTS OF THIS ISSUE

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

Rev. Rul. 2017–08, page 1037.

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, 7872, and other sections of the Code, tables set forth the rates for April 2017.

Rev. Proc. 2017–29, page 1065.

This revenue procedure provides the tables of depreciation deduction limitations and lessee inclusion amounts for passenger automobiles (including trucks and vans) first placed in service or first leased during calendar year 2017.

EMPLOYMENT TAX

Rev. Proc. 2017–28, page 1061.

This revenue procedure provide guidance to employers on the requirements for employee consent used by an employer to support a claim for refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA). It clarifies the basic requirements for both a request for employee consent and for the employee consent and permits employee consent to be requested, furnished, and retained in an electronic format. It also contains guidance concerning what constitutes “reasonable efforts” if employee consent is not secured in order to permit the employer to claim a refund of the employer share of overpaid FICA or RRTA taxes.

ADMINISTRATIVE

Rev. Proc. 2017–25, page 1039.

This revenue procedure formally establishes the Small Business/Self Employed Fast Track Settlement program (SB/SE FTS) to provide an expedited format for resolving disputes with Small Business/Self Employed (SB/SE) taxpayers. SB/SE taxpayers that currently have unagreed factual or legal issues in at least one open year under examination can work together with SB/SE and the Office of Appeals to resolve outstanding disputed issues while the case is still in SB/SE jurisdiction. This revenue procedure modifies and supersedes Announcement 2011–5, 2011–4 I.R.B. 430.

Rev. Proc. 2017–27, page 1042.

This procedure provides issuers of qualified mortgage bonds (QMBs) and qualified mortgage certificates (MCCs) with average area purchase price safe harbors for statistical areas in the United States and with a nationwide average purchase price for residences in the United States for purposes of QMB rules under section 143 of the Code and the MCC rules under section 25.

Rev. Proc. 2017–29, page 1065.

This revenue procedure updates for 2017 tax years the annually published depreciation and inclusion tables for owners and lessees, respectively, of passenger vehicles, trucks, and vans.

DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2017-48265
  • Tax Analysts Electronic Citation
    2017 TNT 62-39
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