INCOME TAX
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for December 2009.
Final regulations under section 6039 of the Code require corporations to file an information return with the IRS and furnish a written statement to each employee regarding: (i) the corporation’s transfer of stock pursuant to the employee’s exercise of an incentive stock option described in section 422(b); and (ii) transfers of stock by the employee where the stock was acquired pursuant to the exercise of an option described in section 423(c). The time and manner for filing a return and furnishing statements to employees, as well as the information to be contained in the return and furnished to employees, are addressed in these final regulations.
Final regulations under section 423 of the Code provide the requirements that must be satisfied in order for a plan to meet the definition of an employee stock purchase plan. Section 423 also addresses the individual income tax treatment of stock acquired pursuant to an option granted under an employee stock purchase plan. The regulations update the existing regulations and provide additional guidance in certain areas.
Proposed regulations under section 6050W of the Code relate to information reporting requirements, information reporting penalties, and backup withholding requirements for payment card and third party network transactions. A public hearing is scheduled for February 10, 2010.
This procedure provides guidance to taxpayers on electing the 3, 4, or 5 year carryback of net operating losses or losses from operations under section 13 of the Worker, Homeownership, and Business Assistance Act of 2009.
EMPLOYEE PLANS
Final regulations under section 6039 of the Code require corporations to file an information return with the IRS and furnish a written statement to each employee regarding: (i) the corporation’s transfer of stock pursuant to the employee’s exercise of an incentive stock option described in section 422(b); and (ii) transfers of stock by the employee where the stock was acquired pursuant to the exercise of an option described in section 423(c). The time and manner for filing a return and furnishing statements to employees, as well as the information to be contained in the return and furnished to employees, are addressed in these final regulations.
Final regulations under section 423 of the Code provide the requirements that must be satisfied in order for a plan to meet the definition of an employee stock purchase plan. Section 423 also addresses the individual income tax treatment of stock acquired pursuant to an option granted under an employee stock purchase plan. The regulations update the existing regulations and provide additional guidance in certain areas.
EXEMPT ORGANIZATIONS
The IRS has revoked its determination that the Gehrig and Margaret White Charitable Foundation of Charlotte, NC; and the Downs Family Foundation of Detroit, MI, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.
EMPLOYMENT TAX
This procedure extends the sunset date of the Attributed Tip Income Program (ATIP) for two additional years until December 31, 2011. With the exception of this extension, requirements for ATIP as set forth in Rev. Proc. 2006-30, 2006-2 C.B. 110, remain unchanged. Rev. Proc. 2006-30 modified.
ADMINISTRATIVE
Proposed regulations under section 6050W of the Code relate to information reporting requirements, information reporting penalties, and backup withholding requirements for payment card and third party network transactions. A public hearing is scheduled for February 10, 2010.