Internal Revenue Bulletin 2007-39 Weekly
Excerpt:
Rev. Rul. 2007–56, page 668.
Interest rates; underpayments and overpayments. The
rates of interest determined under section 6621 of the Code
for the calendar quarter beginning October 1, 2007, will be
8 percent for overpayments (7 percent in the case of a corporation),
8 percent for underpayments, and 10 percent for
large corporate underpayments. The rate of interest paid on
the portion of a corporate overpayment exceeding $10,000
will be 5.5 percent.
T.D. 9349, page 668.
This document removes temporary regulations under section
125 of the Code relating to benefits that may be offered to
participants under a cafeteria plan.
Rev. Proc. 2007–60, page 679.
This procedure corrects the inflation adjusted amounts set
forth in Rev. Proc. 2006–53, 2006–48 I.R.B. 996, that
apply to taxpayers who elect to expense certain depreciable
assets under section 179 of the Code. This correction reflects
statutory changes enacted subsequent to the publication of
Rev. Proc. 2006–53. Rev. Proc. 2006–53 modified.
EMPLOYEE PLANS
REG–142695–05, page 681.
Proposed regulations under section 125 of the Code provide
guidance on cafeteria plans. EE–16–79, EE–130–86,
REG–243025–96, and REG–117162–99 withdrawn. Rev.
Ruls. 69–141, 2002–41, 2003–102, 2005–24, 2006–36,
Notes:
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