SECTION 9. PAPERWORK

REDUCTION ACT

The collections of information in this revenue procedure have been reviewed

July 21, 2008 159 2008–29 I.R.B.

sonable steps are being taken to remedy the error, the Secretary may waive the failure to satisfy those requirements. The Internal Revenue Service (Service) may waive civil penalties for failure to satisfy the reporting, withholding, and deposit requirements for income deemed received under § 7702(g) and (h), as well. See Rev. Rul. 91–17. Section 101(f)(3)(H) provides similar authority for the Secretary to waive the failure to satisfy the requirements of § 101(f). In order to request a waiver under § 7702(f)(8) or § 101(f)(3)(H), a taxpayer generally must request a letter ruling from the Service under the procedures set forth in Rev. Proc. 2008–1, 2008–1 I.R.B. 1 (or any successor).

.04 Changes to correction procedure . In Notice 2007–15, 2007–1 C.B. 503, the Service requested comments as to how various correction procedures - including those for obtaining a waiver with respect to errors that are reasonable within the meaning of § 7702(f)(8) or § 101(f)(3)(H) may be improved. This revenue procedure incorporates a number of changes that taxpayers suggested in response to Notice 2007–15. Specifically, this revenue procedure provides a simplified procedure under which a taxpayer may obtain a waiver for a limited class of errors under these provisions without incurring the cost of requesting a letter ruling.