Rev. Proc. 97-56, page 18.

Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Rev. Proc. 97–57, page 20. Cost-of-living adjustments for 1998. The Service provides cost-of-living adjustments for the tax rate tables for individuals, estates, and trusts, the standard deduction amounts, the personal exemption, and several other items that use the adjustment method provided for the tax rate tables. The Service also provides the adjustment for eligible long-term care premiums and another item that uses the adjustment method provided for eligible long-term care premiums.

Rev. Proc. 97–58, page 24. Optional standard mileage rates. This procedure announces 32.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for deducting or accounting for use of an automobile as a charitable contribution, and 10 cents as the optional rate for deducting or accounting for use of an automobile as a medical or moving expense for 1998. It provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 96–63 superseded.

Rev. Proc. 97–59, page 31. Per diem allowances. This procedure provides optional rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as for determining the amount of deductible meals while traveling away from home. Rev. Proc. 96–64 superseded.

Rev. Proc. 97–60, page 38. Electronic filing program; Form 1040. Participants in the 1998 Electronic Filing Program for the Form 1040 Series are informed of their obligations to the Service, taxpayers, and other participants.

Rev. Proc. 97–61, page 50. On-line filing program; Form 1040. Participants in the 1998 On-Line Filing Program for the Form 1040 Series are informed of their obligations to the Service, taxpayers, and other participants.

Notice 97–77, page 18. Partnership magnetic media filing requirement. Guidance is provided to partnerships having more than 100 partners regarding the requirement to file partnership tax returns on magnetic media.

Announcement 97–124, page 60. The Service will extend the due date for federal tax deposits due to the extra federal holiday.

December 29, 1997 4 1997–52 I.R.B.