Announcement 2006-87(HTML)
This announcement for the 2007 IRS Individual e-file Partnership Program solicits applications from potential partners for participation in the program. The partnership opportunities are a result of RRA '98 which requires the IRS to receive 80 percent of all returns electronically by 2007. RRA '98 authorized the IRS Commissioner to promote the benefits of and encourage the use of e-file products and services through partnerships with various entities that offer low cost tax preparation and electronic filing of individual income tax returns for qualified taxpayers. Those applicants that are accepted as partners will have a link(s) and description(s) of their products and services posted to www.irs.gov (Partners Page).

INCOME TAX

Rev. Rul. 2006-53(HTML)
LIFO; price indexes; department stores. The August 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, August 31, 2006.

REG-140379-02(HTML)
REG-142599-02(HTML)
Generally, interest on a state or local bond is excluded from gross income. However, the exclusion does not apply to a private activity bond unless the bond is a qualified bond. Proposed regulations under sections 141 and 145 of the Code provide general rules on the allocation of and accounting for bond proceeds for purposes of the private activity bond restrictions which apply to tax-exempt governmental bonds. Special rules are also provided for certain projects that are used by both a private business and government (mixed-use project). Finally, the regulations provide that a partnership in which all the partners are governmental persons are disregarded and any use of the financed property by the partnership is treated as governmental use. A public hearing is scheduled for January 11, 2007.

Notice 2006-93(HTML)
This notice provides guidance on the new information reporting requirements in section 6049 of the Code for payments of interest on state or local bonds that are excludable from gross income under section 103 (tax-exempt interest).

Rev. Proc. 2006-44(HTML)
This procedure formally establishes the Appeals arbitration program, which is designed to improve tax administration, provide customer service, and reduce taxpayer burden. Arbitration is available for cases within Appeals jurisdiction that meet the operation requirements of the program. Generally, this program is available for cases in which a limited number of factual issues remain unresolved following settlement discussions in Appeals.

Announcement 2006-81(HTML)
The IRS has revoked its determination that University Lithotripsy Affiliates, Inc., of Newark, NJ, qualifies as an organization described in sections 501(c)(3) and 170(c)(2) of the Code.

T.D. 9288(HTML)
Final regulations under 31 USC 9701 implement new user fees for the special enrollment examination for enrolled agents (SEE), the application for enrollment of enrolled agents, and the renewal of such enrollment. The user fee that the IRS currently charges applicants in order to take the SEE is being modified to reflect the change in IRS costs of administering the exam program as a result of the contracting out of the exam. Furthermore, the user fees that the IRS currently charges applicants for the enrollment and renewal of enrollment process are less than the actual cost of overseeing the enrollment process. The regulations establish an $11 per part per applicant user fee for the SEE and separate $125 user fees for the enrollment and renewal of enrollment process.

Notice 2006-93(HTML)
This notice provides guidance on the new information reporting requirements in section 6049 of the Code for payments of interest on state or local bonds that are excludable from gross income under section 103 (tax-exempt interest).

Rev. Proc. 2006-44(HTML)
This procedure formally establishes the Appeals arbitration program, which is designed to improve tax administration, provide customer service, and reduce taxpayer burden. Arbitration is available for cases within Appeals jurisdiction that meet the operation requirements of the program. Generally, this program is available for cases in which a limited number of factual issues remain unresolved following settlement discussions in Appeals.

Announcement 2006-82(HTML)
This document contains corrections to final and temporary regulations (T.D. 9281, 2006-39 I.R.B. 517) relating to the determination of the interest expense deduction of foreign corporations and applies to foreign corporations engaged in a trade or business within the United States.

Announcement 2006-83(HTML)
This document contains corrections to final regulations (T.D. 9276, 2006-37 I.R.B. 423) concerning the definition of supplemental wages for income tax withholding purposes and income tax requirements for employers making payments of supplemental wages to employees.

Announcement 2006-89(HTML)
This document contains corrections to final regulations (T.D. 9274, 2006-33 I.R.B. 244) relating to the disclosure of return information pursuant to section 6103(k)(6) of the Code.