IRS Digital Dispatch Sept. 3, 2004
In this Issue: 1. IRS Waives Excise Tax Penalty Because of Fuel Shortage in Florida 2. Interest Rates Increase for the Fourth Quarter of 2004 3. Recent Technical Guidance * * * * * 1. IRS Waives Excise Tax Penalty Because of Fuel Shortage in Florida The Internal Revenue Service announced today that it would not assert the excise tax penalty on dyed diesel fuel that wholesale dealers deliver or sell in Florida from Sept. 2 through Sept. 7 for highway use because of shortages of clear diesel fuel caused by Hurricanes Charley and Frances. The penalty is either $1,000 or $10 per gallon, whichever is greater. To be eligible for the relief from this penalty, the wholesale dealer must report and pay the tax on the dyed diesel fuel that is delivered or sold for highway use. The tax return and the payment will be due on Oct. 31, 2004. See: http://www.irs.gov/pub/irs-drop/a-04-70.pdf 2. Interest Rates Increase for the Fourth Quarter of 2004 The Internal Revenue Service has announced there will be a one percentage point increase in the interest rates for the calendar quarter beginning October 1, 2004. See: http://www.irs.gov/pub/irs-drop/rr-04-92.pdf 3. Recent Technical Guidance Notice 2004-60 contains the corporate bond weighted average interest rate update for purposes of � 412(b)(5)(B)(ii)(II) and the interest rate on 30-year Treasury securities under � 417(e)(3)(A)(ii)(II) for plan years beginning in September 2004. See: http://www.irs.gov/pub/irs-drop/n-04-60.pdf Revenue Procedure 2004-57 allows additional time for taxpayers to comply with the requirements of section 6.02 of Rev. Proc. 2004-23, 2004-16 I.R.B. 785. Section 6.02 of Rev. Proc. 2004-23 requires certain taxpayers that seek to change to a method of accounting provided in �� 1.263(a)-4, 1.263(a)-5, and 1.167(a)-3(b) of the Income Tax Regulations to submit a written statement containing information necessary to obtain automatic consent for the change. http://www.irs.gov/pub/irs-drop/rp-04-57.pdf Revenue Ruling 2004-97 amplifies Revenue Ruling 2004-75 to provide that it will not apply to payments made before Jan. 1, 2005, under contracts issued on or before July 12, 2004 (the date that the earlier ruling was released). See: http://www.irs.gov/pub/irs-drop/rr-04-97.pdf * * * * * --- If you know someone who might want to subscribe to this mailing list, please forward this message to them and they can send a blank e-mail to mailto:[EMAIL PROTECTED] in order to subscribe. --- This message was distributed automatically from the mailing list digitaldispatch. PLEASE DO NOT REPLY TO THIS MESSAGE. To unsubscribe from this list, send a blank email to mailto:[EMAIL PROTECTED] --- To subscribe to or unsubscribe from another list, please go to http://www.irs.gov/newsroom/index.html and click on 'e-News Subscriptions'. ------------------------ Yahoo! Groups Sponsor --------------------~--> $9.95 domain names from Yahoo!. Register anything. http://us.click.yahoo.com/J8kdrA/y20IAA/yQLSAA/BCfwlB/TM --------------------------------------------------------------------~-> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/kumpulan/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
