INCOME TAX

Notice 2006-60(HTML)
This notice announces that the Treasury Department and IRS will amend regulations section 1.45D-1 to provide guidance on how an entity meets the requirements to be a qualified active low-income community business when its activities involve certain targeted populations under section 45D(e)(2) of the Code. Comments related to section 45D(e)(2) and this notice must be received on or before August 31, 2006.

Notice 2006-61(HTML)
2006 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2006 calendar year.

Notice 2006-62(HTML)
2006 enhanced oil recovery credit. The enhanced oil recovery credit for taxable years beginning in the 2006 calendar year is determined without regard to the phase-out for crude oil price increases provided in section 43(b) of the Code.

Notice 2006-63(HTML)
This notice requests comments for developing record retention standards, including recordkeeping limitation programs, for tax-exempt bond issues. In particular, the notice seeks comments regarding any burdens associated with the record retention requirements that apply to issuers and other parties to tax-exempt bond transactions in order to substantiate compliance with section 103 of the Code. Comments should be received by October 16, 2006.

Notice 2006-64(HTML)
This notice provides interim guidance on the application of section 409A to accelerated payments to satisfy federal conflict of interest requirements.

Rev. Rul. 2006-38(HTML)
Prohibited transactions; first tier excise tax calculations. This ruling describes how the amount involved is calculated with respect to the section 4975 prohibited transaction excise tax if an employer does not timely pay elective deferrals to a qualified plan.

Notice 2006-63(HTML)
This notice requests comments for developing record retention standards, including recordkeeping limitation programs, for tax-exempt bond issues. In particular, the notice seeks comments regarding any burdens associated with the record retention requirements that apply to issuers and other parties to tax-exempt bond transactions in order to substantiate compliance with section 103 of the Code. Comments should be received by October 16, 2006.

Announcement 2006-49(HTML)
Work opportunity tax credit; welfare-to-work (W-t-W) tax credit. This document sets forth the conclusions of the IRS study relating to Rev. Rul. 2003-112 and announces that no credit will be allowed by the Service for any WOTC and W-t-W tax credit claims without proper certification by a designated local agency in accordance with the statute.