ADMINISTRATIVE

Notice 2001–7, page 374. Information returns; payments to attorneys. The Service intends to further delay the effective date of the regulations proposed under section 6045(f) of the Code (relating to the reporting of payments of gross proceeds to attorneys). Under this extension, the rules in section 1.6045–5 will apply to payments made during the first calendar year that begins at least two months after the date of publication of the final regulations in the Federal Register. Notice 99–53 modified and superseded.

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Notice 2001–8, page 374. Information returns; discharge of indebtedness. The suspension of penalties under sections 6721 and 6722 of the Code provided by Notice 2000–22, 2000–16 I.R.B. 902, for certain organizations newly subject to section 6050P is being extended. Penalties will not be imposed on such organizations for failure to file information returns under section 6050P for any discharge of indebtedness that occurs prior to the first calendar year beginning at least two months after the date that appropriate guidance is issued. Notice 2000–22 modified and superseded.

Rev. Proc. 2001–16, page 376. Publication 1245 (Rev. 1–2001) provides specifications for the filing of Forms W-4, Employee’s Withholding Allowance Certificate, magnetically or electronically. Rev. Proc. 99–47 superseded.

Announcement 2001–10, page 431. This document contains a notice of public hearing on proposed regulations (REG–105316–98, 2000–27 I.R.B. 98), regarding reporting for payments of qualified tuition and payments of interest on qualified education loans and magnetic media filing requirements for information returns. The hearing is scheduled for February 13, 2001.

Announcement 2001–11, page 432. This document withdraws the notice of proposed rulemaking (REG–116733–98, 1999–36 I.R.B. 392) relating to recognition of gain on certain distributions of stock or securities of a controlled corporation in connection with an acquisition.

January 22, 2001 2001–4 I.R.B.