HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

Rev. Rul. 2007–69, page 1083. This ruling provides that payments made by the U.S. Department of Veterans Affairs under the compensated work therapy program are exempt from federal income tax as veterans’ benefits. Rev. Rul. 65–18 revoked, Rev. Rul. 72–605 amplified.

Notice 2007–95, page 1091. This notice addresses regulations under section 901 of the Code relating to the foreign tax credit. It announces revised effective dates for regulations amending the “legal liability” or “technical taxpayer” rule and the noncompulsory payment rules.

Rev. Proc. 2007–68, page 1093. Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer prepared and computer-generated tax forms and schedules. Rev. Proc. 2007–24 superseded.

Rev. Proc. 2007–69, page 1137. This procedure informs small business refiners how to obtain the certification required under section 45H(f) of the Code.

EMPLOYEE PLANS

REG–133300–07, page 1140. Proposed regulations under section 401 of the Code provide guidance relating to certain automatic contribution arrangements; section 402(c) relating to eligible rollover distributions; section 411(a) relating to forfeitures; and section 4979(f) relat

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