INCOME TAX

Rev. Rul. 2007-1(HTML)
Credit card nonsufficient funds (NSF) fee. This ruling provides that a credit card nonsufficient funds (NSF) fee as described in the ruling is not interest for federal income tax purposes. Also, this ruling holds that a credit card NSF fee is includible in income by the issuer of the credit card when the NSF Event, as defined therein, occurs.

Rev. Rul. 2007-2(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 January 2007.

Notice 2007-5(HTML)
This notice partially modifies the effective date and provides other clarifications of the section 482 temporary services regulations which were published in the Federal Register on August 4, 2006. Rev. Proc. 2007-13 is issued contemporaneously with this notice.

Rev. Proc. 2007-9(HTML)
Insurance companies; loss reserves; discounting unpaid losses. The loss payment patterns and discount factors are set forth for the 2006 accident year. These factors will be used to compute discounted unpaid losses under section 846 of the Code.

Rev. Proc. 2007-10(HTML)
Insurance companies; discounting estimated salvage recoverable. The salvage discount factors are set forth for the 2006 accident year. These factors will be used to compute discounted estimated salvage recoverable under section 832 of the Code.

Rev. Proc. 2007-13(HTML)
This procedure finalizes Announcement 2006-50, 2006-34 I.R.B. 321, and identifies particular services that are eligible to be evaluated at cost according to the temporary regulations relating to services under section 482, which were released concurrently with Notice 2007-5 (in this Bulletin).

Notice 2007-6(HTML)
Cash balance defined benefit pension plans; transition rules; request for comments. This notice announces that the Service is beginning to process determination letter and examination cases that were suspended relating to cash balance and other hybrid defined pension plans. The notice also provides transitional guidance on the requirements of sections 411(a)(13) and 411(b)(5) of the Code as added by section 701(b) of the Pension Protection Act of 2006. In addition, this notice requests comments on certain issues raised by sections 411(a)(13) and 411(b)(5).

Notice 2007-8(HTML)
In-service distributions; section 905 of Pension Protection Act of 2006; request for comments. This notice states that the Treasury Department and the Service are considering proposing guidance under section 401(a)(36) of the Code, as added by section 905 of the Pension Protection Act of 2006. This notice requests comments on issues presented by section 401(a)(36) with respect to defined benefit plans.

Rev. Proc. 2007-15(HTML)
General rules and specifications for private printing of substitute forms. This procedure provides requirements for reproducing paper substitutes and for furnishing substitute recipient statements for Forms 1096, 1098, 1099, 5498, W-2G, and 1042-S. It will be reproduced as the next revision of Publication 1179. Rev. Proc. 2005-69 superseded.