The Internal Revenue Service has published an actuarial table update to help taxpayers handle the new low-interest-rate environment.

The IRS has posted the update on its Web site, in IRS Notice 2009-18.

The notice provides supplements to the actuarial tables required by Section 7520 of the Internal Revenue Code, which helps insurers, financial professionals and others value annuities, terms certain, reversions and remainders.

Taxpayers and their advisors are supposed to use tables that reflect interest rates equal to 120% of the mid-term “applicable federal rate” for the month of the valuation.

“Recently,” IRS officials write in the notice, “120% of the mid-term applicable federal rate fell below 2.2%. None of the published tables provides factors for the interest rates below 2.2%.”

The new notice provides tables that apply when the interest rates are below 2.2%, officials write.

A copy of the notice is available here.