The Treasury and IRS released Notice 2015–47, 2015–30 I.R.B. 76, a Listing Notice that applies to a type of structured financial transaction in which a taxpayer attempts to defer and treat ordinary income and short-term capital gain (earned under a contract denominated as an option contract that references a basket of securities) as long-term capital gain. Notice 2015–73 was initiated in response to commenters’ concerns that difficulty in identifying transactions that are the same as or substantially similar to the transactions described in Notice 2015–47 may cause taxpayers to file disclosures for transactions that are not intended to be treated as listed transactions at this time. Notice 2015–73 revokes Notice 2015–47 and provides additional details on the types of transactions that are listed transactions. Notice 2015–73 also provides procedures for taxpayers to change their method of accounting for transactions within the scope of the notice. The transaction described in Notice 2015–73 is similar to a transaction of interest described in Notice 2015–74.

The Treasury and IRS released Notice 2015–48, 2015–30 I.R.B. 77, a Transaction of Interest Notice that applies to a type of structured financial transaction in which a taxpayer attempts to defer and treat ordinary income and short-term capital gain (earned under a contract denominated as a derivative contract that references a basket of securities) as long-term capital gain. Notice 2015–74 was initiated in response to commenters' concerns that difficulty in identifying transactions that are the same as or substantially similar to the transactions described in Notice 2015–48 may cause taxpayers to file disclosures for transactions that are not intended to be treated as transactions of interest at this time. Notice 2015–74 revokes Notice 2015–48 and provides additional details on the types of transactions that are transactions of interest. Notice 2015–74 also provides procedures for taxpayers to change their method of accounting for transactions within the scope of the notice. The transaction described in Notice 2015–74 is similar to a listed transaction described in Notice 2015–73.

Section 415 of the Internal Revenue Code (the Code) provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost of living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under § 415. Under § 415(d), the adjustments are to be made under adjustment procedures similar to those used to adjust benefit amounts under § 215(i)(2)(A) of the Social Security Act.

Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).

Serves notice to potential donors of a stipulated decision by the United States Tax Court in declaratory judgment proceedings under Section 7428.

Serves notice to potential donors of a stipulated decision by the United States Tax Court in declaratory judgment proceedings under Section 7428.

This notice requests comments about issues that should be addressed in guidance relating to the excise tax imposed on amounts paid for the right to award free or reduced rate air transportation. Section 4261(e)(3) authorizes the IRS and Treasury Department to prescribe rules to exclude from the air transportation excise tax imposed by § 4261 amounts attributable to mileage awards (sometimes referred to as frequent flyer miles) that are redeemed other than for taxable transportation.

This document contains proposed regulations that will reduce the user fee to obtain or renew a Preparer Tax Identification Number (PTIN) from $50 to $33 for each original and renewal application.

This notice requests comments about issues that should be addressed in guidance relating to the excise tax imposed on amounts paid for the right to award free or reduced rate air transportation. Section 4261(e)(3) authorizes the IRS and Treasury Department to prescribe rules to exclude from the air transportation excise tax imposed by § 4261 amounts attributable to mileage awards (sometimes referred to as frequent flyer miles) that are redeemed other than for taxable transportation.

This document contains temporary regulations that will reduce the user fee to obtain or renew a Preparer Tax Identification Number (PTIN) from $50 to $33 for each original and renewal application.