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

Rev. Rul. 97-53(PDF, 19K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 1998, will be 8 percent for overpayments, 9 percent for underpayments, and 11 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 6.5 percent.

Rev. Rul. 97-54(PDF, 25K)
Line pack gas; cushion gas. The cost of recoverable line pack gas or cushion gas is a capital expenditure and is not depreciable. The cost of non-recoverable line pack gas or cushion gas is a capital expenditure and is depreciable.

Rev. Rul. 97-55(PDF, 22K)
Certain cost-sharing payments. The Wetlands Reserve Program, the Environmental Quality Incentives Program, and the Wildlife Habitat Incentives Program are substantially similar to the type of programs described in section 126(a)(1) through (8) of the Code so that cost-share payments made under such programs and in connection with small watersheds are within the scope of section 126(a)(9) and, thereby, cost-share payments received under the programs are eligible for exclusion from gross income to the extent permitted by section 126.

Rev. Rul. 97-56(PDF, 18K)
Section 1274A inflation-adjusted numbers for 1998. This ruling provides the dollar amounts, increased by the 1998 inflation adjustment, for section 1274A of the Code. Rev. Rul. 96-63 supplemented and superseded.

Rev. Rul. 97-57(PDF, 14K)
CPI adjustment for below-market loans-1998. The amount that section 7872(g) of the Code permits a taxpayer to lend to a qualified continuing care facility without incurring imputed interest is published and adjusted for inflation for years 1987-1998. Rev. Rul. 96-64 supplemented and superseded.

Railroad Retirement Board 4th Quarter(PDF, 14K)
Railroad retirement; rate determination; quarterly. The Railroad Retirement Board has determined that the rate of tax imposed by section 3221 of the Code shall be 35 cents for the quarter beginning October 1, 1997, and 35 cents for the quarter beginning January 1, 1998.

Social Security(PDF, 13K)
Social security contribution and benefit base; domestic employee coverage threshold. The Commissioner of the Social Security Administration has announced the OASDI contribution and benefit base for remuneration paid in 1998 and self-employment income earned in taxable years beginning in 1998. The Commissioner has also determined the domestic employee coverage threshold amount for 1998.

Announcement 97-124(PDF, 15K)
The Service will extend the due date for federal tax deposits due to the extra federal holiday.

Announcement 97-125(PDF, 20K)
A list is provided of organizations now classified as private foundations.

Announcement 97-126(PDF, 15K)
A list is provided of organizations that no longer qualify as organizations for which contributions are deductible under section 170 of the Code.

Notice 97-77(PDF, 14K)
Partnership magnetic media filing requirement. Guidance is provided to partnerships having more than 100 partners regarding the requirement to file partnership tax returns on magnetic media.

Rev. Proc. 97-56(PDF, 24K)
Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Rev. Proc. 97-57(PDF, 25K)
Cost-of-living adjustments for 1998. The Service provides cost-of-living adjustments for the tax rate tables for individuals, estates, and trusts, the standard deduction amounts, the personal exemption, and several other items that use the adjustment method provided for the tax rate tables. The Service also provides the adjustment for eligible long-term care premiums and another item that uses the adjustment method provided for eligible long-term care premiums.

Rev. Proc. 97-58(PDF, 49K)
Optional standard mileage rates. This procedure announces 32.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for deducting or accounting for use of an automobile as a charitable contribution, and 10 cents as the optional rate for deducting or accounting for use of an automobile as a medical or moving expense for 1998. It provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 96-63 superseded.

Rev. Proc. 97-59(PDF, 51K)
Per them allowances. This procedure provides optional rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as for determining the amount of deductible meals while traveling away from home. Rev. Proc. 96-64 superseded.

Rev. Proc. 97-60(PDF, 80K)
Electronic filing program; Form 1040. Participants in the 1998 Electronic Filing Program for the Form 1040 Series are informed of their obligations to the Service, taxpayers, and other participants.

Rev. Proc. 97-61(PDF, 58K)
On-line filing program; Form 1040. Participants in the 1998 On-Line Filing Program for the Form 1040 Series are informed of their obligations to the Service, taxpayers, and other participants.