Low-income housing credit; satisfactory bond; “bond factor” amounts for the period January through March 2005. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2005.

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 2005.

This notice provides general and transitional guidance relating to new section 409A of the Code, added as part of the American Jobs Creation Act of 2004. Section 409A provides certain rules relating to nonqualified deferred compensation plans, which generally are effective as of January 1, 2005. This notice provides general guidance with respect to what arrangements are covered by section 409A. In addition, this notice provides transitional guidance generally covering the calendar year 2005.

This notice provides general and transitional guidance relating to new section 409A of the Code, added as part of the American Jobs Creation Act of 2004. Section 409A provides certain rules relating to nonqualified deferred compensation plans, which generally are effective as of January 1, 2005. This notice provides general guidance with respect to what arrangements are covered by section 409A. In addition, this notice provides transitional guidance generally covering the calendar year 2005.

Final regulations under sections 3121(b)(10) and 3306(c)(10)(B) of the Code provide guidance on the student services exception from Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) taxes. The regulations provide guidance on whether an employer is considered a “school, college, or university,” and whether an employee is considered a “student” for purposes of the student exceptions from FICA and FUTA taxes. Schools, colleges, and universities are affected by this regulation.

This procedure provides a safe harbor that certain institutions of higher education and certain affiliated organizations can use in applying the exception for services performed by students provided under section 3121(b)(10) of the Code. Rev. Proc. 98-16 modified and superseded.

This notice provides guidance on certain excise tax provisions in section 4081 of the Code that were added or affected by the American Jobs Creation Act of 2004. These provisions relate to alcohol and biodiesel fuels, the definition of off-highway vehicles, aviation-grade kerosene, claims related to diesel fuel used in certain buses, the display of registration on certain vessels, claims related to sales of gasoline to state and local governments and nonprofit educational organizations, two party exchanges of taxable fuel, and the classification of transmix and certain diesel fuel blendstocks as diesel fuel. Also, this notice requests comments from the public on these provisions, as well as other excise tax provisions, that were added or affected by the Act. Notices 88-30, 88-132, 89-29, and 89-38 obsoleted.

U.S. and Swiss pension plans for tax treaty benefits. A copy of the news release issued by the Director, International (U.S. Competent Authority), on December 10, 2004, is set forth.

This document provides administrative procedures under which a taxpayer may obtain automatic consent to change to a method of accounting provided in sections 1.263(a)-4, 1.263(a)-5, and 1.167(a)-3(b) of the regulations for the taxpayer’s second taxable year ending on or after December 31, 2003. Rev. Proc. 2002-9 modified and amplified.

This procedure permits a taxpayer under the jurisdiction of the Large and Mid-Size Business Division (LMSB) to enter into an LMSB Pre-Filing Agreement (PFA), an agreement that determines certain issues before the taxpayer files any return relating to those issues. This procedure expands the scope of the current PFA program. Rev. Proc. 2001-22 superseded.

This document corrects a clerical error in Rev. Proc. 2004-35, 2004-23 I.R.B. 1029. Specifically, the document changes the estimated total annual reporting burden under the Paperwork Reduction Act to 200 hours. Rev. Proc. 2004-35 corrected.