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 97-20(PDF, 29K)
Accounting periods; small business corporations. Procedures are provided under which a taxpayer may automatically change its annual accounting period in order elect to be an S corporation effective for the taxable year beginning January 1, 1997.
REG-208172-91(PDF, 189K)
Proposed regulations under sections 108 and 1017 of the Code provide ordering rules for the reduction of bases of property that affect taxpayers who exclude discharge of indebtedness from gross income. A public hearing will be held on April 24, 1997.
Rev. Proc. 97-18(PDF, 33K)
This procedure provides guidance for any bank seeking to change its accounting method for bad debts from the section 585 reserve method to the section 166 specific charge-off method in order to elect S corporation status for the 1997 tax year.
Rev. Rul. 97-10(PDF, 13K)
Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for March 1997.
Rev. Rul. 97-11(PDF, 44K)
Election in respect of losses attributable to a disaster. This ruling lists the areas declared by the President to qualify as major disaster areas under the Disaster Relief and Emergency Assistance Act since the publication of Rev. Rul. 96-13.
T.D. 8708(PDF, 125K)
Final regulations under section 902 of the Code relate to the computation of foreign taxes deemed paid.
EXEMPT ORGANIZATIONS
Announcement 97-18(PDF, 40K)
A list is given of organizations now classified as private foundations.
ADMINISTRATIVE
Announcement 97-10(PDF, 104K)
Information on new reporting for medical savings accounts, long-term care accounts, and SIMPLE retirement accounts is provided.
Announcement 97-19(PDF, 18K)
The Service will continue, through December 31, 1997, its program to respond to requests for fact-of-filing information from firms in the tax professional community with respect to their employees and associates. The tax professional community consists of all firms that prepare tax returns, offer tax advice, or provide tax services. This includes practitioners governed by Treasury Department Circular 230.
Notice 97-17(PDF, 17K)
The "differential earnings rate" under section 809 is tentatively determined for 1996 together with the "re-computed differential earnings rate" for 1995.
Notice 97-18(PDF, 41K)
This notice provides guidance concerning the application of sections 1491 through 1494 of the Code to certain transfers of property by a U.S. person to a foreign corporation, partnership, trust, or estate. Pursuant to section 1902 of the Small Business Job Protection Act of 1996, failure to report such a transfer made after August 20, 1996, could result in a penalty equal to 35 percent of the value of the property transferred
Notice 97-19(PDF, 107K)
This notice provides guidance under sections 877, 2107, 2501, and 6039F for expatriates who lose U.S. citizenship or cease to be taxed as long-term residents of the United States with a principal purpose to avoid U.S. taxes. This notice also provides guidance on the interaction of section 7701(b)(10) with section 877, as amended by the Health Insurance Portability and Accountability Act of 1996.
Rev. Proc. 97-19(PDF, 34K)
Timely filing or payment; private delivery services. Criteria and application procedures are provided for designation of private delivery services under section 7502(f) of the Code.
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