This is the table of contents of Internal Revenue Bulletin IRB 2017-40. 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.
Fringe benefits aircraft valuation formula. For purposes of section 1.61–21(g) of the Income Tax Regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the second half of 2017 are set forth.
The Notice publishes Treasury’s estimate of the annual average wellhead price per 1000 cubic feet for all domestic natural gas. This estimate is the “reference price” for purposes of the credit in § 45I. The Treasury Department estimate, for calendar year 2016, is $2.43 per 1000 cubic feet, meaning the § 45I credit is $0.060 per 1,000 cubic feet of qualified natural gas produced from marginal wells.
This notice provides that the IRS will not assert that cash payments an employer makes to § 170(c) organizations (in exchange for vacation, sick, or personal leave that its employees elect to forgo) constitute gross income or wages of the employees under certain circumstances relating to Hurricane or Tropical Storm Irma.
This notice provides relief in connection with certain employee benefit plans because of damage caused by Hurricanes Harvey and Irma. The relief provided by this notice is in addition to any relief already provided by the IRS, EBSA, and PBGC to victims of Hurricanes Harvey and Irma.
Announcement 2017–13 provides relief to victims of Hurricane Irma, which caused damage to Florida and other areas. It permits easier access to victims’ funds held in workplace retirement plans and in IRAs, for the period beginning September 4, 2017, (for Florida) and ending January 31, 2018. The relief provided in the announcement is in addition to the relief already provided by the IRS pursuant to News Release IR–2017–150.
This revenue procedure provides guidelines that qualified tax practitioners may use for preparing written advice on which a private foundation (or a sponsoring organization of a donor advised fund) ordinarily may rely in making a good faith determination that a grantee is a qualifying public charity. Rev. Proc. 92–94, 1992–2 C.B. 507, is modified and superseded.
This revenue procedure provides guidelines that qualified tax practitioners may use for preparing written advice on which a private foundation (or a sponsoring organization of a donor advised fund) ordinarily may rely in making a good faith determination that a grantee is a qualifying public charity. Rev. Proc. 92–94, 1992–2 C.B. 507, is modified and superseded.
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.