Section 511 of the Hiring Incentives to Restore Employment Act (the HIRE Act) amended the Code by adding new section 6038D, Information with respect to foreign financial assets. This notice suspends the information reporting requirements until the Service releases Form 8938, Statement of Specified Foreign Financial Assets, and the revised Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.

This notice provides additional administrative relief to persons whose requirement to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, (FBAR) to report signature authority over but no financial interest in foreign financial accounts held during calendar year 2009 or earlier calendar years was properly deferred under Notice 2009-62, 2009-35 I.R.B. 260, or Notice 2010-23, 2010-11 I.R.B. 441. Notice 2010-23 modified and supplemented.

Basis of stock. This notice provides interim guidance to taxpayers under section 1012 of the Code on issues relating to the basis of stock that may be subject to broker reporting under section 6045.

Optional standard mileage rates. This announcement advises the public that the Internal Revenue Service is revising the optional standard mileage rates for substantiating the costs of operating an automobile for business, medical, or moving purposes. Beginning July 1, 2011, the rates are 55.5 cents for business use of an automobile and 23.5 cents for the cost of using an automobile as a medical or moving expense. Notice 2010-88 modified.