In addition, the IRS and Treasury are requesting public comments on the new provisions in anticipation of the publication of additional guidance.
The IRS and the Treasury Department (“Treasury”) are publishing this notice in order to ensure that affected entities are aware of the new TIPRA provisions, so that such entities can take the new taxes and disclosure obligations into account immediately.
The notice also waives the down payment requirement for low-income taxpayers and taxpayers who submit offers based solely on doubt as to liability. This announcement contains a list of entities previously approved to act as nonbank trustees and nonbank custodians within the meaning of section 1.408-2(e) of the regulations.
This notice provides further guidance on the use of debit cards to reimburse participants in health flexible spending arrangements (FSAs) and health reimbursement arrangements, including substantiating claimed medical expenses at the point-of-sale through an inventory information approval system. In addition, the announcement contains instructions on how errors in the list may be corrected. This document notifies the public of the new excise taxes and related disclosure requirements that target certain potentially abusive tax shelter transactions to which tax-exempt entities are parties.
These monthly indexes are cumulated on a semiannual basis, and are published in the last Bulletin of each semiannual period.
The Tax Increase Prevention and Reconciliation Act of 2005 (“TIPRA”), enacted on May 17, 2006, includes new excise taxes and disclosure rules that target certain potentially abusive tax shelter transactions to which a tax-exempt entity is a party.