INCOME TAX

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Rev. Rul. 2006-35(HTML)
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 July 2006.

REG-118775-06(HTML)
Proposed regulations under sections 871 and 881 of the Code clarify how the portfolio interest rules apply with respect to interest paid to a partnership (or simple or grantor trust) that has foreign partners (or beneficiaries or owners). A public hearing is scheduled for September 7, 2006

Notice 2006-58(HTML)
This notice provides that the Service will not treat a hotel, motel, or other establishment that otherwise satisfies the definition of "lodging facility" under section 856(d)(9) of the Code as other than a "lodging facility" if it is used to provide temporary housing to certain persons affected by Hurricane Katrina or Hurricane Rita, provided the requirements of the notice are satisfied.

Notice 2006-59(HTML)
Disaster leave-sharing plans. This notice describes certain leave-sharing plans under which employees may deposit leave in an employer-sponsored leave bank for use by other employees who have been adversely affected by a major disaster. For a plan that meets the requirements of this notice, the IRS will not assert that an employee who deposits leave under the plan realizes income or has wages or compensation with respect to the deposited leave, provided the plan treats payments made by the employer to a leave recipient as wages and compensation. No deduction is allowed to an employee who deposits leave.

Rev. Proc. 2006-32(HTML)
Casualty and theft losses. This document provides individual taxpayers with safe harbor methods they may use in determining the amount of their casualty and theft loss deductions for personal-use residential real property and certain personal belongings that were damaged, destroyed, or stolen as a result of Hurricanes Katrina, Rita, or Wilma.

T.D. 9266(HTML)
Final regulations under sections 3102 and 3121 of the Code contain amendments to the employment tax regulations. The regulations provide guidance concerning the application of the Federal Insurance Contributions Act (FICA) to cash payments made for service not in the course of the employer's trade or business, for domestic service in a private home of the employer, for agricultural labor, and for service performed as a home worker within the meaning of section 3121(d)(3)(C)

Notice 2006-59(HTML)
Disaster leave-sharing plans. This notice describes certain leave-sharing plans under which employees may deposit leave in an employer-sponsored leave bank for use by other employees who have been adversely affected by a major disaster. For a plan that meets the requirements of this notice, the IRS will not assert that an employee who deposits leave under the plan realizes income or has wages or compensation with respect to the deposited leave, provided the plan treats payments made by the employer to a leave recipient as wages and compensation. No deduction is allowed to an employee who deposits leave.

Notice 2006-56(HTML)
This notice supplements and modifies Notice 2006-20, 2006-10 I.R.B. 560, which, under the authority of section 7508A of the Code, postponed until August 28, 2006, deadlines for certain taxpayers affected by Hurricane Katrina. Specifically, this notice provides an additional postponement of time until October 16, 2006, for certain affected taxpayers.

Announcement 2006-46(HTML)
This document contains corrections to temporary regulations (T.D. 9258, 2006-20 I.R.B. 886) relating to amendments to tacking rule requirements of life-nonlife consolidated regulations, and final and temporary regulations (T.D. 9264, 2006-26 I.R.B. 1150) relating to business electronic filing and burden reduction.

Announcement 2006-47(HTML)
This document contains corrections to proposed regulations (REG-134317-05, 2006-26 I.R.B. 1184) relating to guidance necessary to facilitate business electronic filing and burden reduction.