SUMMARY: IRS proposes safe harbor for life insurance contracts maturing at age 100.

TOPIC: Life Insurance

SECTION: 7702. Life insurance contract defined

CITATION: Notice 2009-47, I.R.B. 2009-24, May 26, 2009

DATE: 2009-05-25

DOC TYPE: Notice

EXPLANATION:

SUMMARY: Commercial preparer outside scope of code sec. 6103 improper disclosure protection.

TOPIC: Disclosure of Information

SECTION: 6103. Confidentiality and disclosure of returns and return information

CITATION: Vicki J. Pinero v. Jackson Hewitt Tax Service Inc., et al., U.S. District Court, E.D. Louisiana, 2009-1 U.S.T.C. 50,410, (May 20, 2009)

DATE: 2009-05-19

DOC TYPE: Cases

EXPLANATION:

SUMMARY: Court rejects private damage claim for disclosure by tax preparer.

TOPIC: Disclosure of Information

SECTION: 6103. Confidentiality and disclosure of returns and return information

CITATION: Pinero v. Jackson Hewitt Tax Service Inc., 2009-1 U.S.T.C. 50,410 ( D.C. E.D. LA 2009)

DATE: 2009-05-19

DOC TYPE: Cases

EXPLANATION:

SUMMARY: Adjustments remain partnership items since partners` amended return fails to qualify as administrative adjustment request.

TOPIC: TEFRA

SECTION: 6227. Administrative adjustment requests

CITATION: Samueli v. Commissioner., 132 T.C. No. 16 (May 18, 2009)

DATE: 2009-05-17

DOC TYPE: Cases

EXPLANATION:

SUMMARY: IRS provides guidance to RICS REITS on self-determination for deficiency dividend procedures.

TOPIC: REMICS RICS REITS

SECTION: 860. Deduction for deficiency dividends

CITATION: Rev. Proc. 2009-28, I.R.B. 2009-20, 1011, May 18, 2009

DATE: 2009-05-17

DOC TYPE: Revenue Procedure

EXPLANATION:

SUMMARY: Reliance regs allow employers in economic distress to reduce or suspend 401(k)/403(b) nonelective contributions.

TOPIC: Pension and IRA

SECTION: 401. Qualified pension, profit-sharing, and stock bonus plans

CITATION: Proposed Regulations, NPRM REG-115699-09 (May 18, 2009)

DATE: 2009-05-17

DOC TYPE: Notice

EXPLANATION:

SUMMARY: IRS issues withholding adjustment option for pension plans to offset making work pay credit.

TOPIC: Withholding

SECTION: 3405. Special rules for pensions, annuities, and certain other deferred income

CITATION: IRS News Release IR-2009-50 May 14, 2009

DATE: 2009-05-13

DOC TYPE: IRS News Item

EXPLANATION:

SUMMARY: Ninth circuit allows attorneys` fees fronted by third-party, reversing tax court.

TOPIC: Attorney Fees

SECTION: 7430. Awarding of costs and certain fees

CITATION: Morrison v. Commissioner of Internal Revenue, 2009-1 U.S.T.C. 50,387 (9th Cir 2009)

DATE: 2009-05-12

DOC TYPE: Cases

EXPLANATION: