This is the table of contents of Internal Revenue Bulletin IRB 2005-47. Click on an entry to view the entry. Items shown under "Highlights of This Issue" open summaries of each IRB-referenced document only. Scroll to Parts I, II, etc. to view the full text versions of each IRB-referenced document. Use the "Keyword Search" option of TouchTax to search the full text of all Internal Revenue Bulletins, including this IRB.
These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
Final regulations under section 42 of the Code eliminate the requirement in regulations section 1.42-1(h) that a completed Form 8609, Low-Income Housing Credit Allocation and Certification, must be filed with an owner's Federal income tax return for each of the 15 taxable years of the compliance period when the owner claims the low-income housing credit.
Proposed regulations under section 199 of the Code relate to the deduction for income attributable to domestic production activities. Section 199 was enacted as part of the American Jobs Creation Act of 2004, and allows a deduction equal to 3 percent (for 2005 and 2006) of the lesser of the qualified production activities income of the taxpayer for the taxable year, or the taxable income of the taxpayer for the taxable year, subject to certain limits. The applicable percentage rises to 6 percent for 2007, 2008, and 2009, and 9 percent for 2010 and subsequent years. A public hearing is scheduled for January 11, 2006.
Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.
This procedure modifies Rev. Proc. 2004-59, 2004-2 C.B. 678, to extend the sunset date for participation in the Voluntary Compliance Program from December 31, 2005, to March 31, 2006, and provides that no extensions will be granted beyond June 30, 2006. Rev. Proc. 2004-59 modified.
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for November 2005 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.
This notice supplements Notice 2005-66, 2005-40 I.R.B. 620, which postponed until January 3, 2006, deadlines for the IRS to perform certain acts under section 7508A of the Code with respect to certain taxpayers affected by Hurricane Katrina. This notice (1) expands the definition of “covered disaster area” to include additional counties and parishes that the Federal Emergency Management Agency (FEMA) determined were eligible for federal assistance after the IRS issued Notice 2005-66; (2) extends the deadlines for the IRS to perform certain acts to February 28, 2006, to match the deadlines for affected taxpayers to file, pay, and perform certain acts; (3) expands the definition of affected taxpayer to match the definition of affected taxpayers in Notice 2005-73, 2005-42 I.R.B. 723; and (4) grants the IRS a postponement of time to perform an act not previously identified in Notice 2005-66 - issuing a Notice of Final Partnership Administrative Adjustment (FPAA) under section 6223. Notice 2005-66 supplemented.
In Notice 2005-82, the IRS under section 7508A of the Code extends the period for the government to take certain actions until February 28, 2005, with respect to certain taxpayers affected by Hurricane Rita. In response to Hurricane Rita, in News Release IR-2005-110 of September 26, 2005, the IRS granted relief for taxpayers affected by Hurricane Rita. News Release IR-2005-110 provided that all counties and parishes in Texas and Louisiana constitute a “covered disaster area” within the meaning of regulations section 301.7508A-1(d)(2). Further, News Release IR-2005-110 provided that taxpayers affected by the disaster will have until February 28, 2006, to file tax returns and submit payments, including, but not limited to, the October 17, 2005, deadline for individuals who received a second extension for filing their individual income tax returns. In addition, News Release IR-2005-110 provided affected taxpayers until February 28, 2006, to perform the acts listed in section 301.7508A-1(c)(1) and Rev. Proc. 2005-27, 2005-20 I.R.B. 1050.
Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.
This procedure modifies Rev. Proc. 2004-59, 2004-2 C.B. 678, to extend the sunset date for participation in the Voluntary Compliance Program from December 31, 2005, to March 31, 2006, and provides that no extensions will be granted beyond June 30, 2006. Rev. Proc. 2004-59 modified.
The Internal Revenue Bulletin is produced and published by the Internal Revenue Service and contains IRS pronouncements affecting tax analysis under the Code and the Regulations, including but not limited to Revenue Procedures, Revenue Rulings, Notices and Announcements. Access the IRS site at https://www.irs.gov/help/irsgov-accessibility for information concerning accessibility of IRS materials. While every effort has been made to ensure that the IRB database files available through the TouchTax application are accurate, those using TouchTax for legal research should verify their results against the printed versions of the IRBs available from the IRS.