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IRB 2010-25

Table of Contents
(Dated June 21, 2010)
(back to all IRBs)


This is the table of contents of Internal Revenue Bulletin IRB 2010-25. 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.

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Highlights of This Issue

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.

SPECIAL ANNOUNCEMENT

The IRS is announcing a change in procedures for individual payees to follow to obtain validation of social security numbers (SSNs) from the Social Security Administration (SSA) to prevent or stop backup withholding under section 3406 of the Code following receipt of a second “B notice” from a payor.

INCOME TAX

Proposed regulations under section 1001 of the Code clarify the extent to which the deterioration in an issuer’s financial condition is taken into account to determine whether a modified debt instrument will be recharacterized as an instrument that is not debt. A public hearing is scheduled for September 8, 2010.

Changes to cost-of-living adjustments for 2010. This procedure modifies the inflation adjusted amounts in Rev. Proc. 2009-50, 2009-45 I.R.B. 617, that apply to taxpayers who elect to expense certain depreciable assets under section 179 of the Code. The modification reflects statutory amendments enacted subsequent to the publication of Rev. Proc. 2009-50 made by the Hiring Incentives to Restore Employment Act of 2010 (the HIRE Act). Section 3.20 of Rev. Proc. 2009-50 modified and superseded.

EXEMPT ORGANIZATIONS

The IRS has revoked its determination that Christian Credit Counseling Center of San Antonio, TX; Gullahorn Family Supporting Organization of Naples, FL; and Visual Credit Counseling, Inc., of Tucson, AZ, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

ADMINISTRATIVE

The IRS is announcing a change in procedures for individual payees to follow to obtain validation of social security numbers (SSNs) from the Social Security Administration (SSA) to prevent or stop backup withholding under section 3406 of the Code following receipt of a second “B notice” from a payor.



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.