Tax News

CCH (cch.taxgroup.com) reports:

The IRS has updated its list of time-sensitive acts that may be postponed under Code Secs. 7508 and 7508A. Code Sec. 7508
allows for the postponement of specified acts for individuals serving in the U.S. armed forces or in support of the armed forces in a combat zone, or serving with respect to a contingency operation as defined in 10 U.S.C. 101(a)(3). Code Sec. 7508A allows for the postponement of specified acts for taxpayers affected by a presidentially declared disaster or a terrorist or military action.
The procedure supplements the list of postponed acts in Code Sec. 7508(a)(1) and Reg. §301.7508A-1(c)(1)(vii). It also applies to transferors who are not affected taxpayers but who are involved in a Code Sec. 1031 like-kind exchange transactions and entitled to relief under the provisions of this revenue procedure. Further, certain acts, such as filing Tax Court petitions in innocent spouse and other nondeficiency cases, and making certain distributions from, contributions to, recharacterizations of, and certain transactions involving retirement plans, have been added to this revenue procedure.
In order for taxpayers to be entitled to postponement of any act listed in this revenue procedure, generally, the IRS will publish a notice or issue a guidance providing relief with respect to a presidentially declared disaster, or a terroristic or military action. Rev. Proc. 2005-27, 2005-1 CB 1050, is superseded.
Rev. Proc. 2007-56, 2007FED ¶46,589
Rev. Proc. 2007-56, FINH ¶30,559
Rev. Proc. 2007-56, ETR ¶66,834
Other References:
Code Sec. 112
CCH Reference - 2007FED ¶7082.25
Code Sec. 1031
CCH Reference - 2007FED ¶29,620.80
Code Sec. 4101
CCH Reference - ETR ¶10,945.04
CCH Reference - ETR ¶10,945.18
CCH Reference - ETR ¶10,945.42
Code Sec. 4221
CCH Reference - ETR ¶15,525.20
CCH Reference - ETR ¶15,535.645
CCH Reference - ETR ¶15,585.40
Code Sec. 7508
CCH Reference - 2007FED ¶42,687.22
CCH Reference - FINH ¶22,545.20
CCH Reference - ETR ¶57,485.72
Code Sec. 7508A
CCH Reference - 2007FED ¶42,687C.22
CCH Reference -FINH ¶22,560.30
CCH Reference -ETR ¶57,495.50
Tax Research Consultant
CCH Reference - TRC FILEIND: 18,052.20
CCH Reference - TRC FILEBUS: 15,108
CCH Reference - TRC FILEBUS: 15,110
CCH Reference - TRC ESTGIFT: 51,056.10
CCH Reference - TRC TRC EXCISE: 6,056.25
CCH Reference - TRC EXCISE: 6,056.35
CCH Reference - TRC SALES: 36,102.30
CCH Reference - TRC EXPAT: 12,550
CCH Reference - TRC EXPAT: 12,554
CCH Reference - TRC LITIG: 6,960
CCH Reference - TRC LITIG: 6,214
CCH Reference - TRC IRS: 45,204
CCH Reference - TRC RETIRE: 66,208