LIFO Pooling for Resellers of Cars, Light-Duty Trucks
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Revenue Procedure 2008-23 provides, for tax years ending on or after December 31, 2007, a safe harbor pooling method, the Vehicle-Pool Method, for resellers of cars and light-duty trucks.
Work Opportunity and Welfare-to-Work Tax Credits
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Announcement 2006-49 in which IRS and Treasury have concluded that the states largely applied the family-member requirements in a manner consistent with the holding of Rev. Rul. 2003-112. Therefore, no Internal Revenue Service administrative resolution is necessary or appropriate.
Heavy Equipment Dealers' Parts Inventory
Facsimile Signatures on Employment Tax Returns
Truck Sale Excise Tax
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Revenue Procedure 2005-19 provides guidance for truck dealers in determining whether a truck body is subject to federal excise tax.
Reporting Employment Taxes in Context of Mergers, Consolidations, etc.
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Revenue Procedure 2004-53 provides guidance on the new Schedule D (Form 941). It also explains both the standard procedure and an alternate procedure for preparing and filing Form W-2, Wage and Tax Statement; form 941, Employer's Quarterly Federal Tax Return; Form W-4, Employee's Withholding Allowance Certificate; and Form W-5, Earned Income Credit Advance Payment Certificate, in certain acquisitions. This revenue procedure supersedes Rev. Proc. 96-60, 1996-2 C.B. 399. This revenue procedure also amplifies Rev. Rul. 62-60, 1962-1 C.B. 186.
Health Care Provider Incentive Payments
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Rev. Proc. 2004-41 sets forth circumstances under which an insurance company that makes incentive payments to health care providers will be permitted to include those payments in discounted unpaid losses without regard to § 404 of the Internal Revenue Code. The revenue procedure also provides procedures under which a taxpayer may obtain automatic consent of the Commissioner to change its method of accounting for such payments.
Truck or Highway Tractor for Purposes of the Retail Excise Tax
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Revenue Ruling 2004-80 applies the primarily designed test in section 145.4051-1(e)(1) and (2) of the Temporary Excise Tax Regulations Under the Highway Revenue Act of 1982 (Pub. L. 97-424) for purposes of determining whether a vehicle is a truck or a highway tractor.
Creative Properties
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IR-2004-73 provides that film producers and others in the motion picture industry can rely on new guidance from the IRS on the treatment of costs to acquire and develop scripts and other creative properties.
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Revenue Ruling 2004-58 - May a taxpayer deduct the cost of acquiring and developing creative property as a loss under § 165(a) of the Internal Revenue Code in certain situations?
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Revenue Procedure 2004-36 provides a safe harbor method of accounting under which a taxpayer within the scope of this revenue procedure may amortize creative property costs (as defined) ratably over a 15-year period. This revenue procedure also provides procedures for taxpayers to obtain the automatic consent of the Commissioner of Internal Revenue to change to the safe harbor method of accounting provided in this revenue procedure.
Recoverable Oil and Gas Reserves
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Revenue Procedure 2004-19 provides an elective safe harbor that the owner of an oil and gas property may use in determining the property’s recoverable reserves for purposes of computing cost depletion under § 611 of the Internal Revenue Code.
Safe Harbor Method For Treating Fiber Optic Cable
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Revenue Procedure 2003-63 provides a safe harbor method under which the Internal Revenue Service will treat a node and fiber optic cable used in a cable television distribution system providing one-way and two-way communication services as the unit of property for computing depreciation under sections 167 and 168 of the Internal Revenue Code.
Depreciation of Gasoline Station Pump Canopies and Supporting Concrete Footings
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Rev. Rul. 2003-54 provides that gasoline pump canopies are not inherently permanent structures, and are classified as tangible personal property. Depending on depreciation system used, cost of canopies can be recovered over either 5 or 9 years. Also, the supporting concrete footings to anchor the canopies are considered to be inherently permanent structures classified as land improvements. Depending on depreciation system used, cost of concrete footings is recoverable over either 15 or 20 years.
Standard Rates for Meals Provided by Family Day Care Providers
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Revenue Procedure 2003-22 provides family day care providers with the option to use standard meal and snack rates, in lieu of actual cost, in computing the deductible cost of food provided to eligible children under their care.
Child and Adult Care Food Program (CACFP) Reimbursement Rates : For purposes of Rev. Proc. 2003-22, family day care providers may use the Tier 1 rates in effect on December 31st preceding the beginning of their taxable year.
Inventory Valuation Method for Re-Buildable Motor Vehicle Cores.
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Revenue Procedure 2003-20 provides a safe harbor method of accounting (the "Core Alternative Valuation" (CAV) method) for remanufacturers and rebuilders of motor vehicle parts ("remanufacturers") and resellers of remanufactured and rebuilt motor vehicle parts ("resellers") that use the lower of cost or market (LCM) inventory valuation method to value their inventory of cores held for remanufacturing or sale.
Reporting of Payments to Employees Who Owned Heavy Equipment Used by Their Employers
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Revenue Procedure 2002-41 provides that payments by pipeline construction employers to employees, who are required to use their own welding or mechanics rigs as a condition of employment, to reimburse them for rig-related expenses under an accountable plan are considered substantiated at up to $13 an hour.
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Revenue Ruling 2002-35 clarifies that payments to employees for equipment they are required to provide as a condition of employment are wages for federal employment tax purposes unless such amounts are paid under an accountable plan; revoked Revenue Ruling 68-624.
Treatment of Restaurant Smallwares Packages
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Revenue Procedure 2002-12 provides taxpayers in the trade or business of operating a restaurant or tavern with a safe harbor method of accounting for the cost of “smallwares.”
Local Impact Fees Associated with Low Income Housing Tax Credit Property and the Treatment with Respect to Eligible Basis
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Revenue Ruling 2002-9 concludes that impact fees incurred in connection with the construction of a new residential rental building are capitalized costs of the building.
Demonstrator Vehicles Provided for Use by Employees
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Revenue Procedure 2001-56 provides simplified methods auto dealerships can use to determine the dollar amount to be included in, or excluded from, the income of employees provided with vehicles by the dealerships.
Conformity Election by Banks for Bad Debts
Certain Costs of Golf Course Construction
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