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
REG-119436-01(PDF, 18K)
Temporary and proposed regulations under section 45D of the Code provide guidance on the new markets tax credit. A taxpayer making a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation may claim a 5-percent tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6-percent credit on each of the remaining 4 credit allowance dates. A public hearing on the proposed regulations is scheduled for March 14, 2002.
T.D. 8971(PDF, 60K)
Temporary and proposed regulations under section 45D of the Code provide guidance on the new markets tax credit. A taxpayer making a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation may claim a 5-percent tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6-percent credit on each of the remaining 4 credit allowance dates. A public hearing on the proposed regulations is scheduled for March 14, 2002.
T.D. 8974(PDF, 16K)
Final regulations under section 6050I of the Code cross reference section 5331 of Title 31 and concern reporting on the same form certain currency transactions that are required to be reported to both IRS and the Financial Crimes Enforcement Network (FinCEN).
EMPLOYEE PLANS
Rev. Rul. 2002-3(PDF, 19K)
Health insurance premiums. This ruling provides guidance on the application of sections 106(a) and 105(b) of the Code to reimbursements of employees for salary reduction amounts previously excluded from gross income under section 106(a). Rev. Rul. 61-146 distinguished.
EMPLOYMENT TAX
Notice 2002-5(PDF, 37K)
Tax Court review of worker classification and section 530 determinations. This document describes procedures that the Service has implemented to comply with the amendment to section 7436 of the Code by the Community Renewal Tax Relief Act of 2000. Notice 98-43 modified and superseded.
Rev. Rul. 2002-3(PDF, 19K)
Health insurance premiums. This ruling provides guidance on the application of sections 106(a) and 105(b) of the Code to reimbursements of employees for salary reduction amounts previously excluded from gross income under section 106(a). Rev. Rul. 61-146 distinguished.
ADMINISTRATIVE
Notice 2002-6(PDF, 13K)
This document clarifies that, although tax return preparers may be subject to the privacy provisions of the Gramm-Leach-Bliley Act, those provisions do not supersede, alter, or affect the preexisting requirements of section 7216 of the Code restricting the disclosure or use of tax return information by a tax return preparer.
Rev. Proc. 2002-9(PDF, 280K)
Methods of accounting; automatic consent. Procedures are provided under which a taxpayer may obtain automatic consent of the Commissioner to change certain methods of accounting. Rev. Proc. 99-49 modified and superseded.
Rev. Proc. 2002-12(PDF, 21K)
Materials and supplies; restaurant smallwares. A safe harbor method of accounting for "smallwares" is provided for taxpayers engaged in the trade or business of operating a restaurant or tavern. Under this safe harbor method, such taxpayers may account for smallwares in the same manner as materials and supplies that are not incidental under section 1.162-3 of the regulations.
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