ADMINISTRATIVE

Rev. Proc. 98–32, page 11. Information is provided about the Electronic Federal Tax Payment System (EFTPS) programs for Batch Filers and Bulk Filers (Filers). EFTPS is an electronic remittance processing system for making federal tax deposits (FTDs) and federal tax payments (FTPs). The Batch Filer and Bulk Filer programs are used by Filers for electronically submitting enrollments, FTDs, and FTPs on behalf of multiple taxpayers.

Notice 98–22, page 5. This notice announces that shareholders of passive foreign investment companies may apply the rules of section 1.1295–1T(b)(4), (f), and (g) of the Income Tax Regulations to taxable years beginning before January 1, 1998.

Announcement 98–30, page 38. The penalty under section 6677 of the Code will not be imposed on a U.S. owner of a foreign trust for failure to timely file if the foreign trust files Form 3520–A and furnishes the required statements to the U.S. owners and U.S. beneficiaries in accordance with this announcement.

Announcement 98–32, page 39. This announcement withdraws the notice issued under section 7428(c) of the Code in Internal Revenue Bulletin 1997–52, dated December 29, 1997, with respect to the organization At Cost Services, Inc.

Announcement 98–35, page 40. An updated edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities (revised March 1998), is now available.

Finding Lists begin on page 43. Announcement of Declaratory Judgment Proceedings Under Section 7428 begins on page 41.

Department of the Treasury Internal Revenue Service