Ed Zollars covers the major tax updates from December 31, 2007 and the first week of January 2008. These IRS updates include:

• IRS dropped a couple of blockbuster rulings on the last week of 2007. These rulings don’t impact the taxpayers as much as they impact tax practices.
• Three rulings late afternoon on December 31, 2007 that address changes that congress made to section 6694 and 6695 in the tax act passed in May.
• The IRS also released two notices regarding 2007-54 which extended realistic possibility standard through December 31, 2007 but in an unclear manner. Notice 2008-11 clarifies 2007-54 and 2008-13 provides guidance until the final regulation with will be released in 2008. The IRS warned that the final regulation may be more restrictive.
• IRS release final regulations on tax return information disclosures under 672-16