Bulletin No. 2008-7 February 19, 2008

ADMINISTRATIVE

T.D. 9370, page 428. Final regulations under 31 USC 9701 implement new user fees for the initial and renewed enrollment to become an enrolled actuary. The new user fees established by the Treasury decision reflect the IRS’s costs of overseeing the initial enrollment and renewal of enrollment processes. The regulations establish a $250 user fee for initial enrollment and a $250 user fee for renewal of enrollment.

Rev. Proc. 2008–14, page 435. This procedure provides guidance 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 sections 6662(d) and 6694(a) of the Code.

Announcement 2008–9, page 444. Announcement 2008–11, page 445. Announcement 2008–12, page 446. These documents contain corrections to temporary regulations (T.D. 9362, 2007–48 I.R.B. 1050) and proposed regulations (REG–209020–86, 2007–48 I.R.B. 1075) relating to a United States taxpayer’s obligation under section 905(c) of the Code to notify the IRS of a foreign tax redetermination, which is a change in the taxpayer’s foreign tax liability that may affect the taxpayer’s foreign tax credit. The regulations also relate to the civil penalty under section 6689 for failure to notify the IRS of a foreign tax redetermination as required under section 905(c).

Announcement 2008–10, page 445. This document contains corrections to final regulations (T.D. 9363, 2007–49 I.R.B. 1084) relating to the requirements for filing corporate income tax returns and returns of organizations required to file returns under section 6033 on magnetic media pursuant to section 6011(e) of the Code.