Page maintained by Professor Annette Nellen.
The table below lists tax regulations issued by the Treasury Department and IRS in 2014 in chronological order. The links will take you to the text of the regulations (usually in the Federal Register) and other helpful information.
List of federal tax regulations issued in: 2011 2012 2013 2015
|
Title of Regulation
[Health care regs noted with “ACA”] |
Status |
Citation |
Additional Information |
|
|
Computation of, and
Rules Relating to, Medical Loss Ratio ACA |
Final
(4 pages) |
TD 9651 (1/7/14) |
844 |
“provide guidance to Blue Cross and
Blue Shield organizations, and certain other qualifying health care
organizations, on computing and applying the medical loss ratio added to
the Internal Revenue Code by the Patient Protection and Affordable Care
Act.” |
|
Sales-Based
Royalties and Vendor Allowances |
Final |
TD 9652 (1/13/14) |
263A
471 |
“final regulations relating to the
capitalization and allocation of royalties that are incurred only upon
the sale of property produced or property acquired for resale
(sales-based royalties). This document also contains final regulations
relating to adjusting inventory costs for a type of an allowance,
discount, or price rebate earned on the sale of merchandise (sales-based
vendor chargebacks). These regulations modify the simplified production
method and the simplified resale method of allocating capitalized costs
between ending inventory and cost of goods sold. These regulations
affect taxpayers that incur capitalizable sales-based royalties or earn
sales-based vendor chargebacks.”
Rev Proc. 2014-33
– how to change a method due to the final regsulations; modifies Rev.
Proc. 2011-14. |
|
Bond Premium
Carryforward |
Final |
TD 9653 (1/15/14) |
171 |
“final regulations that provide
guidance on the tax treatment of a debt instrument with a bond premium
carryforward in the holder’s final accrual period. The regulations in
this document provide guidance to holders of Treasury securities and
other debt instruments acquired at a premium.” |
|
Disallowance of
Partnership Loss Transfers, Mandatory Basis Adjustments, Basis Reduction
in Stock of a Corporate Partner, etc. |
Prop |
REG–144468–05
(1/16/14) |
704
732
734
737
743
755
1502 |
“guidance on certain provisions of
the American Jobs Creation Act of 2004 and conform the regulations to
statutory changes in the Taxpayer Relief Act of 1997. The proposed
regulations also modify the basis allocation rules to prevent certain
unintended consequences of the current basis allocation rules for
substituted basis transactions. Finally, the proposed regulations
provide additional guidance on allocations resulting from revaluations
of partnership property. The proposed regulations affect partnerships
and their partners.” Correction –
FR 21163 (4/15/14) |
|
Guidance for
Determining Stock Ownership |
Final and temp
Prop |
TD 9654 (1/17/14)
REG–121534–12
(1/17/14) |
7874 |
“temporary regulations that identify
certain stock of a foreign corporation that is disregarded in
calculating ownership of the foreign corporation for purposes of
determining whether it is a surrogate foreign corporation. These
regulations also provide guidance with respect to the effect of
transfers of stock of a foreign corporation after the foreign
corporation has acquired substantially all of the properties of a
domestic corporation or of a trade or business of a domestic
partnership. These regulations affect certain domestic corporations and
partnerships (and certain parties related thereto), and foreign
corporations that acquire substantially all of the properties of such
domestic corporations or of the trades or businesses of such domestic
partnerships.” |
|
Basis in Interests
in Tax-Exempt Trusts |
Prop |
REG–154890–03
(1/17/14) |
1001
1014 |
“proposed regulations that provide
rules for determining a taxable beneficiary’s basis in a term interest
in a charitable remainder trust upon a sale or other disposition of all
interests in the trust to the extent that basis consists of a share of
adjusted uniform basis. The regulations affect taxable beneficiaries of
charitable remainder trusts.” |
|
Minimum Essential
Coverage; Shared Responsibility Payment for Individuals ACA |
Prop |
REG–141036-13 (1/27/14) |
5000A |
“proposed regulations relating to the requirement to maintain minimum essential coverage enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended by the TRICARE Affirmation Act and Public Law 111–173. These proposed regulations affect individual taxpayers who may be liable for the shared responsibility payment for not maintaining minimum essential coverage. Correction –
FR31893 (6/3/14) Finalized -
TD 9705 (11/26/14) |
|
Section 707
Regarding Disguised Sales, Generally |
Prop |
REG–119305–11 (1/30/14) |
704
707
752 |
“proposed regulations under section
707 relating to disguised sales of property to or by a partnership and
under section 752 relating to the treatment of partnership liabilities.
The proposed regulations address certain deficiencies and technical
ambiguities in the section 707 regulations and certain issues in
determining partners’ shares of liabilities under section 752. The
proposed regulations affect partnerships and their partners.” |
|
Calculation of
Unrelated Business Taxable Income for Certain Exempt Organizations |
Prop |
REG–143874–10 (2/6/14) |
512 |
“new proposed regulation providing
guidance on how certain organizations that provide employee benefits
must calculate unrelated business taxable income (UBTI). This document
also withdraws the notice of proposed rulemaking relating to UBTI that
was published on February 4, 1986.” |
|
Shared
Responsibility for Employers Regarding Health Coverage ACA |
Final
59 pages |
TD 9655 (2/12/14) |
1361
4980H
7701 |
“guidance to employers that are
subject to the shared responsibility provisions regarding employee
health coverage under section 4980H of the Internal Revenue Code (Code),
enacted by the Affordable Care Act. These regulations affect employers
referred to as applicable large employers (generally meaning, for each
year, employers that had 50 or more full-time employees, including
full-time equivalent employees, during the prior year). Generally, under
section 4980H an applicable large employer that, for a calendar month,
fails to offer to its fulltime employees health coverage that is
affordable and provides minimum value may be subject to an assessable
payment if a full-time employee enrolls for that month in a qualified
health plan for which the employee receives a premium tax credit.”
Treasury
Fact Sheet on the Shared Responsibility Payment.
Notice 2014-49
describes proposed approach for the look-back measurement method, which
may be used to determine if employee is a full-time.
Transition rules exist for 2014-2016 – See
Notice 2013-45
(11/26/13) and preamble to final �4980H regs (TD
9655 (2/12/14)).
Proposed regs -
REG–138006–12 (1/2/13) |
|
Ninety-Day
Waiting Period Limitation and Technical Amendments to Certain Health
Coverage Requirements Under the Affordable Care Act
ACA |
Final regs |
TD 9656 (2/24/14) |
9801
9815 |
Issued by Departments of Treasury, Labor and Health and Human Services.
“implement the 90-day waiting period
limitation under section 2708 of the Public Health Service Act, as added
by the Patient Protection and Affordable Care Act (Affordable Care Act),
as amended, and incorporated into the Employee Retirement Income
Security Act of 1974 and the Internal Revenue Code. These regulations
also finalize amendments to existing regulations to conform to
Affordable Care Act provisions. Specifically, these rules amend
regulations implementing existing provisions such as some of the
portability provisions added by the Health Insurance Portability and
Accountability Act of 1996 (HIPAA) because those provisions of the HIPAA
regulations have become superseded or require amendment as a result of
the market reform protections added by the Affordable Care Act.” |
|
Ninety-Day
Waiting Period Limitation
ACA |
Prop regs |
REG-122706-12 (2/24/14) |
9815 |
Issued by Departments of Treasury, Labor and Health and Human Services.
“clarify the maximum allowed length of any reasonable and bona fide
employment-based orientation period,
consistent with the 90-day waiting period limitation set forth in
section 2708 of the Public Health Service Act, as added by the Patient
Protection and Affordable Care Act (Affordable Care Act), as amended,
and incorporated into the Employee Retirement Income Security Act of
1974 and the Internal Revenue Code.” |
|
Property Transferred
in Connection with the Performance of Services under Section 83 |
Final regs |
TD 9659 (2/26/14) |
83 |
“final regulations relating to
property transferred in connection with the performance of services
under section 83 of the Internal Revenue Code (Code). These final
regulations affect certain taxpayers who receive property transferred in
connection with the performance of services.” |
|
Information
Reporting by Foreign Financial Institutions and Withholding on Certain
Payments to Foreign Financial Institutions |
Final and temp regs
Prop regs |
TD 9657 (3/6/14)
REG-130967-13 (3/6/14) |
1471
1472
1473
1474 |
“final and temporary regulations
under chapter 4 of Subtitle A (sections 1471 through 1474) of the
Internal Revenue Code of 1986 (Code) regarding information reporting by
foreign financial institutions (FFIs) with respect to U.S. accounts and
withholding on certain payments to FFIs and other foreign entities.
These regulations affect persons making certain U.S.-related payments to
FFIs and other foreign entities and payments by FFIs to other persons.” Correction –
FR37175 (7/1/14) Correction –
FR68619 (11/18/14) |
|
Withholding of Tax
on Certain U.S. Source Income Paid to Foreign Persons, Information
Reporting and Backup Withholding on Payments Made to Certain U.S.
Persons, and Portfolio Interest Treatment |
Final and temp regs
Prop regs |
TD 9658 (3/6/14)
REG-134361-12 (3/6/14) |
871
1441
1461
3406
6041
6042
6045
6049
6402 |
“final and temporary regulations
that revise certain provisions of the final regulations regarding
withholding of tax on certain U.S. source income paid to foreign
persons, information reporting and backup withholding with respect to
payments made to certain U.S. persons, portfolio interest paid to
nonresident alien individuals and foreign corporations, and the
associated requirements governing collection, refunds, and credits of
withheld amounts under these rules. The revisions are necessary to
coordinate these regulations with the documentation, withholding, and
reporting provisions included in regulations regarding information
reporting by foreign financial institutions (FFIs) with respect to U.S.
accounts and withholding on certain payments to FFIs and other foreign
entities under chapter 4 of Subtitle A of the Internal Revenue Code
(Code). The temporary regulations also revise certain provisions of the
final regulations relating to the statutory exemption for portfolio
interest in light of amendments to the statute. Moreover, these
temporary regulations remove certain transitional documentation rules
from the regulations relating to withholding of tax on certain U.S.
source income paid to foreign persons. These temporary regulations
affect persons making payments of U.S. source income to foreign persons,
persons making payments to certain U.S. persons subject to reporting,
and foreign persons making claims for refund or credit of income tax
withheld or claiming the exclusion from tax provided for portfolio
interest.” Correction –
FR 22378 (4/22/14) Correction –
FR 37181 (7/1/14) |
|
Information
Reporting of Minimum Essential Coverage ACA |
Final regs |
TD 9660 (3/10/14) |
6055
6721
6722 |
“final regulations providing
guidance to providers of minimum essential health coverage that are
subject to the information reporting requirements of section 6055 of the
Internal Revenue Code (Code), enacted by the Patient Protection and
Affordable Care Act. Health insurance issuers, certain employers, and
others that provide minimum essential coverage to individuals must
report to the IRS information about the type and period of coverage and
furnish the information in statements to covered individuals. These
final regulations affect health insurance issuers and carriers,
employers, governments, and other persons that provide minimum essential
coverage to individuals.” Correction –
FR 24331 (4/30/14) Correction –
FR 24331 (4/30/14) |
|
Information
Reporting by Applicable Large Employers on Health Insurance Coverage
Offered Under Employer- Sponsored Plans
ACA |
Final regs |
TD 9661 (3/10/14) |
6056 |
“final regulations providing guidance to employers that are subject to the
information reporting requirements
under section 6056 of the Internal Revenue Code (Code), enacted by the
Affordable Care Act (generally employers with at least 50 full-time
employees, including full-time equivalent employees). Section 6056
requires those employers to report to the IRS information about the
health care coverage, if any, they offered to full-time employees, in
order to administer the employer shared responsibility provisions of
section 4980H of the Code. Section 6056 also requires those employers to
furnish related statements to employees that employees may use to
determine whether, for each month of the calendar year, they may claim
on their individual tax returns a premium tax credit under section 36B
(premium tax credit). The regulations provide for a general reporting
method and alternative reporting methods designed to simplify and reduce
the cost of reporting for employers subject to the information reporting
requirements under section 6056. The regulations affect those employers,
employees and other individuals.” |
|
Qualified Payment
Card Agent Program Removals |
Prop regs |
REG-163195-05 (3/24/14) |
3406
6724 |
“This document
contains proposed regulations that will remove regulations relating to
information reporting and backup withholding for the Qualified Payment
Card Agent (QPCA) Program. This document also amends regulations to
remove references to the QPCA Program and withdraws proposed regulations
relating to the QPCA Program. Enactment of the payment card and third
party network reporting requirements in the Housing Assistance Tax Act
of 2008 made the QPCA Program obsolete. Because no payors have applied
to be designated as a QPCA (and no payors have been designated as a
QPCA), no taxpayers will be affected by these proposed regulations.” |
|
Designation of Payor
to Perform Acts Required of an Employer |
Final regs |
TD 9662 (3/31/14) |
3504 |
“final regulations
under section 3504 of the Internal Revenue Code (Code) providing
circumstances under which a person (payor) is designated to perform the
acts required of an employer and is liable for employment taxes with
respect to wages or compensation paid by the payor to individuals
performing services for the payor’s client pursuant to a service
agreement between the payor and the client.” Correction –
FR31219 (6/2/14) |
|
Information
Reporting for Affordable
Insurance
Exchanges
ACA |
Final regs |
TD 9663 (5/7/14) |
36B |
“final regulations
relating to requirements for Affordable Insurance Exchanges (Exchanges)
to report information relating to the health insurance premium tax
credit enacted by the Patient Protection and Affordable Care Act and the
Health Care and Education Reconciliation Act of 2010. These final
regulations apply to Exchanges that make qualified health plans
available to individuals.” IRS
website IRS
Q&As |
|
Acquiring
Corporation for Purposes of Section 381 |
Prop regs |
REG–131239–13 (5/7/14) |
381 |
“modify the
definition of an acquiring corporation for purposes of section 381 with
regard to certain acquisitions of assets. The proposed regulations
affect corporations that acquire the assets of other corporations in
corporate reorganizations.” Final regs –
TD 9700 (11/10/14) |
|
Limitations on
Estates or Trusts |
Final regs |
TD 9664 (5/9/14) |
67 |
“guidance on which
costs incurred by estates or trusts other than grantor trusts
(non-grantor trusts) are subject to the 2-percent floor for
miscellaneous itemized deductions under section 67(a) of the Internal
Revenue Code. These regulations affect estates and non-grantor trusts.” Amended
FR 41636 (7/17/14) to change effective date to be for tax years
beginning on or after January 1, 2015 (rather than for tyba 5/9/14, as
originally called for). |
|
Tax Treatment of
Qualified Retirement Plan Payment of Accident or Health Insurance
Premiums |
Final regs |
TD 9665 (5/12/14) |
72
105
106
401
402
403 |
“final regulations
clarifying the rules regarding the tax treatment of payments by
qualified retirement plans for accident or health insurance. The final
regulations set forth the general rule under section 402(a) that amounts
held in a qualified plan that are used to pay accident or health
insurance premiums are taxable distributions unless described in certain
statutory exceptions. The final regulations do not extend this result to
arrangements under which amounts are used to pay premiums for disability
insurance that replaces retirement plan contributions in the event of a
participant’s disability. These regulations affect sponsors,
administrators, participants, and beneficiaries of qualified retirement
plans.” Correction –
FR 38247 (7/7/14) |
|
Definitions of Real
Estate Investment Trust Real Properties |
Prop regs |
REG-150760-13 (5/14/14) |
856 |
“proposed
regulations that clarify the definition of real property for purposes of
the real estate investment trust provisions of the Internal Revenue Code
(Code). These proposed regulations provide guidance to real estate
investment trusts and their shareholders.” |
|
Alternative
Simplified Credit Election |
Final and Temp regs
Prop regs |
TD 9666 (6/3/14)
REG-133495-13 (6/3/14) |
41 |
Rules related to the
alternative simplified research tax credit, particularly with respect to
how to elect this method. Correction –
FR 38809 (7/9/14) |
|
Requirements for
Filing Form 5472 |
Final regs
Prop regs |
TD 9667 (6/6/14)
REG-114942-14 (6/6/14) |
6038A |
“final regulations
on Form 5472, ‘‘Information Return of a 25% Foreign-Owned U.S.
Corporation or a Foreign Corporation Engaged in a U.S. Trade or
Business.’’ The final regulations affect certain 25-percent
foreign-owned domestic corporations and certain foreign corporations
that are engaged in a trade or business in the United States that are
required to file Form 5472. Contemporaneously, new proposed regulations
are being issued that would remove a current provision for timely filing
of Form 5472 separately from an income tax return that is untimely
filed. As a result, the proposed regulations would require Form 5472 to
be filed in all cases only with the filer’s income tax return for the
taxable year by the due date (including extensions) of that return.” |
|
Regulations
Governing Practice before the Internal Revenue Service (Circular 230) |
Final regs |
TD 9668 (6/12/14) |
Circular 230 |
“final regulations
revising the regulations governing practice before the Internal Revenue
Service (IRS). These final regulations affect individuals who practice
before the IRS. These final regulations modify the standards governing
written advice and update other related provisions of the regulations.” |
|
Participation in a
Summons Interview |
Temp regs
Prop regs |
TD 9669 (6/18/14)
REG-121542-14 (6/18/14) |
7602 |
“temporary
regulations modifying regulations promulgated under section 7602(a) of
the Internal Revenue Code relating to administrative summonses.
Specifically, these temporary regulations clarify that persons with whom
the IRS or the Office of Chief Counsel (Chief Counsel) contracts for
services described in section 6103(n) and its implementing regulations
may be included as persons designated to receive summoned books, papers,
records, or other data and to take summoned testimony under oath. These
temporary regulations may affect taxpayers, a taxpayer’s officers or
employees, and any third party who is served with a summons, as well as
any other person entitled to notice of a summons.” Note: IRC �6103(n)
states: “(n) Certain other persons
Pursuant to regulations prescribed by the Secretary, returns and return
information may be disclosed to any person, including any person
described in section 7513(a), to the extent necessary in connection with
the processing, storage, transmission, and reproduction of such returns
and return information, the programming, maintenance, repair, testing,
and procurement of equipment, and the providing of other services, for
purposes of tax administration.”
IRC �7513(a) provides: “(a) In
general The Secretary is authorized to have any Federal agency or
any person process films or other photoimpressions of any return,
document, or other matter, and make reproductions from films or
photoimpressions of any return, document, or other matter.”
Appears to allow certain contractors connected with the IRS to participate
in certain summons interviews. |
|
Disregarded
Entities; Religious and Family Member FICA and FUTA Exceptions; Indoor
Tanning Services Excise Tax
ACA |
Final regs and removal of temp regs |
TD 9670 (6/26/14) |
1361
3121
3127
3306
7701 |
“final regulations
relating to disregarded entities (including qualified subchapter S
subsidiaries) and the indoor tanning services excise tax. These final
regulations affect disregarded entities responsible for collecting the
indoor tanning services excise tax and owners of those disregarded
entities. The final regulations also relate to disregarded entities and
certain exceptions from taxes under the Federal Insurance Contributions
Act and the Federal Unemployment Tax Act, as well as backup withholding
rules and related information reporting requirements. These final
regulations affect individual owners of disregarded entities. These
regulations also affect the owners of disregarded entities subject to
backup withholding rules.” |
|
Ninety-Day Waiting
Period Limitation ACA |
Final rules
Issued jointly by Treasury, HHS and DOL |
TD 9671 (6/25/14) |
9815 |
“clarify the maximum
allowed length of any reasonable and bona fide employment-based
orientation period, consistent with the 90-day waiting period limitation
set forth in section 2708 of the Public Health Service Act, as added by
the Patient Protection and Affordable Care Act (Affordable Care Act), as
amended, and incorporated into the Employee Retirement Income Security
Act of 1974 and the Internal Revenue Code.” As noted in the
proposed regulations, one month
is the maximum period for a “reasonable and bona fide
employment-based orientation period.” These rules explain how to measure
one month (add one calendar month and then subtract one calendar day).
Example: Employee’s start date is May 3. Last day for the orientation
period is June 2. Regulations apply to
group health plans and group health insurance issuers for plan years
beginning on or after 1/1/15. |
|
Legal Process
for the Enforcement of a Tax Levy or Criminal Restitution Order Against
a Participant Account
Note – this is
not an IRS regulation; it was issued by the Federal Retirement Thrift
Investment Board |
Prop rule |
5 CFR Part 1653 (6/27/14) |
|
“The Federal
Retirement Thrift Investment Board (Agency) proposes to amend its
regulations to explain the Board’s procedures for responding to tax
levies and criminal restitution orders that comply with statutory
requirements.” Issued in response
to P.L. 112-267 (1/14/13) that amends 5 USC “to make clear that accounts
in the Thrift Savings Fund are subject to certain Federal tax levies.” |
|
Tax Credit for
Employee Health Insurance Expenses of Small Employers ACA |
Final regs |
TD 9672 (6/30/14) |
45R |
“final regulations
on the tax credit available to certain small employers that offer health
insurance coverage to their employees. The credit is provided under
section 45R of the Internal Revenue Code (Code), enacted by the Patient
Protection and Affordable Care Act. These regulations affect small
employers, both taxable and tax-exempt that are or might be eligible for
the tax credit.” IRS
website on the credit with links to Form 8941. |
|
Longevity Annuity
Contracts |
Final regs |
TD 9673 (7/2/14) |
401
403
408
408A
6047 |
“final regulations
relating to the use of longevity annuity contracts in tax qualified
defined contribution plans under section 401(a) of the Internal Revenue
Code (Code), section 403(b) plans, individual retirement annuities and
accounts (IRAs) under section 408, and eligible governmental plans under
section 457(b). These regulations will provide the public with guidance
necessary to comply with the required minimum distribution rules under
section 401(a)(9) applicable to an IRA or a plan that holds a longevity
annuity contract. The regulations will affect individuals for whom a
longevity annuity contract is purchased under these plans and IRAs (and
their beneficiaries), sponsors and administrators of these plans,
trustees and custodians of these plans and IRAs, and insurance companies
that issue longevity annuity contracts under these plans and IRAs." Correction –
FR 45682 (8/6/14) Correction –
FR 45683 (8/6/14) Treasury Dept
press release of 7/1/14.
|
|
Guidelines for the
Streamlined Process of Applying for Recognition of Section 501(c)(3)
Status |
Final and temp regs
Prop regs |
TD 9674 (7/2/14)
REG-110948-14 (7/2/14) |
501
508 |
“final and temporary
regulations that provide guidance to eligible organizations seeking
recognition of tax-exempt status under section 501(c)(3). The final and
temporary regulations amend current regulations to allow the
Commissioner to adopt a streamlined application process that eligible
organizations may use to apply for recognition of tax-exempt status
under section 501(c)(3).” Correction –
FR 39311 (7/10/14) Correction –
FR 41886 (7/18/14) |
|
Individual
Retirement Plans and Simplified Employee Pensions |
Partial withdrawal of prop regs |
REG–209459–78 (7/11/14) |
408 |
“withdraws part of a
notice of proposed rulemaking that specifically relates to rollovers
from individual retirement arrangements (IRAs). The partial withdrawal
of the proposed regulation will affect individuals who maintain IRAs and
financial institutions that are trustees, custodians, or issuers of
IRAs.” The proposed
regulations withdrawn are from 1981 - �1.408–4(b)(4)(ii) (46 FR 36198
(7/14/81)). The regulations are
withdrawn in response to
Bobrow, TC Memo 2014–21, with held that �408(d)(3)(B) should be
interpreted as allowing one IRA rollover per taxpayer per 12 month
period rather than one per IRA per 12-month period as stated in the 1981
proposed regulations and IRS Pub 590. Also see
Announcement
2014-15 where the IRS says it will not follow the interpretation of
the Bobrow case to any rollover distribution until after 2014. Also see
Announcement
2014-32. As noted in the
Bobrow case, the IRS observes:
“This interpretation of the rollover rules under section 408(d)(1)(B)
does not affect the ability of an IRA owner to transfer funds from one
IRA trustee or custodian directly to another, because such a transfer is
not a rollover and, therefore, is not subject to the one rollover-per
year limitation of section 408(d)(3)(B). See Rev. Rul. 78–406, 1978–2
C.B. 157.” |
|
IRS Truncated
Taxpayer Identification Numbers |
Final
regs |
TD 9675 (7/15/14) |
6042
6043
6044
6045
6049
6050A
6050E
6050N
6050P
6050S
6109 |
“final regulations
regarding an IRS truncated taxpayer identification number, or a TTIN.
Where not prohibited by the Internal Revenue Code, applicable
regulations, other guidance published in the Internal Revenue Bulletin,
forms, or instructions, these regulations allow use of a TTIN in lieu of
a taxpayer’s social security number (SSN), IRS individual taxpayer
identification number (ITIN), IRS adoption taxpayer identification
number (ATIN), or employer identification number (EIN) on payee
statements and certain other documents. The TTIN displays only the last
four digits of a taxpayer identifying number; either asterisks (*) or Xs
replace the first five digits of the identifying number. These
regulations affect persons that furnish or receive payee statements and
other documents that the Internal Revenue Code, regulations, or other
published guidance requires to be furnished to another person to the
extent that a TTIN may appear in lieu of the SSN, ITIN, ATIN, or EIN of
the payee or document recipient.” Generally applicable
to payee statements due after 2014. |
|
Allocation and
Apportionment of Interest Expense |
Final
regs
Removal of temp regs |
TD 9676 (7/16/14) |
861 |
“final regulations
that provide guidance concerning the allocation and apportionment of
interest expense by corporations owning a 10 percent or greater interest
in a partnership, as well as the allocation and apportionment of
interest expense using the fair market value method. These regulations
also update the interest allocation regulations to conform to the
statutory changes made by section 216 of the legislation commonly
referred to as the Education Jobs and Medicaid Assistance Act (EJMAA),
enacted on August 10, 2010, affecting the affiliation of certain foreign
corporations for purposes of section 864(e). These regulations affect
taxpayers that allocate and apportion interest expense.” Correction
FR49682 (8/22/14) |
|
Disclosures of
Return Information Reflected on Returns to Officers and Employees of the
Department of Commerce for Certain Statistical Purposes and Related
Activities |
Temp
regs Prop
regs |
TD 9677 (7/15/14)
REG–120756–13 (7/15/14) |
6103 |
“temporary
regulations that authorize the disclosure of certain items of return
information to the Bureau of the Census (Bureau) pursuant to section
6103(j)(1) of the Internal Revenue Code (Code). The temporary
regulations are made pursuant to a request from the Secretary of
Commerce. These regulations require no action by taxpayers and have no
effect on their tax liabilities. Thus, no taxpayers are likely to be
affected by the disclosures authorized by this guidance.” |
|
Mixed Straddles;
Straddle-by-Straddle Identification Under Section 1092 |
Final
regs
Removal of temp regs |
TD 9678 (7/18/14) |
1092 |
“final regulations
relating to section 1092 identified mixed straddles established after
August 18, 2014. The final regulations explain how to account for
unrealized gain or loss on a position held by a taxpayer prior to the
time the taxpayer establishes a mixed straddle using
straddle-by-straddle identification. |
|
Information
Reporting by Passport Applicants |
Final
regs |
TD 9679 (7/18/14) |
6039E |
“final regulations
that provide information reporting rules for certain passport
applicants. These final regulations apply to certain individuals
applying for passports (including renewals) and provide guidance to such
individuals about the information that must be included with their
passport applications.” |
|
Research
Expenditures |
Final
regs |
TD 9680 (7/21/14) |
174 |
“final regulations
to amend the definition of research and experimental expenditures under
section 174. In particular, these final regulations provide guidance on
the treatment of amounts paid or incurred in connection with the
development of tangible property, including pilot models. The final
regulations will affect taxpayers engaged in research activities.” |
|
Partnerships;
Start-Up Expenditures; Organization and Syndication Fees |
Final
regs |
TD 9681 (7/23/14) |
195
708
709 |
“final regulations
concerning the deductibility of start-up expenditures and organizational
expenses for partnerships. The final regulations provide guidance
regarding the deductibility of start-up expenditures and organizational
expenses for partnerships following a termination of a partnership under
section 708(b)(1)(B). These final regulations affect partnerships that
undergo section 708(b)(1)(B) terminations and their partners.” Effective date:
While
TD 9681 says the regulations are effective on 7/23/14, the body of
the TD states that they apply to technical terminations that occur on or
after 12/9/13 (the date the proposed regulations were issued -
REG–126285–12). |
|
Basis of
Indebtedness of S Corporations to their Shareholders |
Final
regs |
TD 9682 (7/23/14) |
108
1366
1367 |
“final regulations
relating to basis of indebtedness of S corporations to their
shareholders. These final regulations provide that S corporation
shareholders increase their basis of indebtedness of the S corporation
to the shareholder only if the indebtedness is bona fide, which is
determined under general Federal tax principles and depends upon all of
the facts and circumstances. These final regulations affect shareholders
of S corporations.”
Effective date – 7/23/14. |
|
Health Insurance
Premium Tax Credit |
Final
and temp regs Prop
regs |
TD 9683 (7/28/14)
REG-104579-13 (7/28/14) |
36B
162(l) |
“final and temporary
regulations relating to the health insurance premium tax credit enacted
by the Patient Protection and Affordable Care Act and the Health Care
and Education Reconciliation Act of 2010, as amended by the Medicare and
Medicaid Extenders Act of 2010, the Comprehensive 1099 Taxpayer
Protection and Repayment of Exchange Subsidy Overpayments Act of 2011,
and the Department of Defense and Full- Year Continuing Appropriations
Act of 2011 and the 3% Withholding Repeal and Job Creation Act. These
regulations affect individuals who enroll in qualified health plans
through Affordable Insurance Exchanges (Exchanges) and claim the premium
tax credit, and Exchanges that make qualified health plans available to
individuals.” |
|
Branded Prescription
Drug Fee |
Final
regs Temp
regs
Removal of temp regs |
TD 9684 (7/28/14)
REG-123286-14 (7/28/14) |
51
6302 |
“final regulations
that provide guidance on the annual fee imposed on covered entities
engaged in the business of manufacturing or importing branded
prescription drugs. This fee was enacted by section 9008 of the Patient
Protection and Affordable Care Act, as amended by section 1404 of the
Health Care and Education Reconciliation Act of 2010. This document also
withdraws the Branded Prescription Drug Fee temporary regulations and
contains new temporary regulations regarding the definition of
controlled group that apply beginning on January 1, 2015. The final
regulations and the new temporary regulations affect persons engaged in
the business of manufacturing or importing certain branded prescription
drugs.” |
|
Method of Accounting
for Gains and Losses on Shares in
Certain Money Market Funds;
Broker Returns With Respect to
Sales of Shares in Money Market Funds |
Prop
regs |
REG-107012-14 (7/28/14) |
446
6045 |
“proposed
regulations that provide a simplified method of accounting for gains and
losses on shares in money market funds (MMFs) that distribute, redeem,
and repurchase their shares at prices that reflect market-based
valuation of the MMFs’ portfolios and more precise rounding than has
been required previously (floating net asset value MMFs, or floating-NAV
MMFs). The proposed regulations also provide guidance regarding
information reporting requirements for shares in MMFs. The proposed
regulations respond to Securities and Exchange Commission (SEC) rules
that change how certain MMF shares are priced. The proposed regulations
affect floating- NAV MMFs and their shareholders.” Also see
Rev. Proc.
2014-45.
Fact Sheet released by Treasury on 7/23/14. |
|
Segregation Rule
Effective Date |
Final
and temp regs Prop
regs |
TD 9685 (7/31/14)
REG-105067-14 (7/31/14) |
382 |
“temporary
regulations under section 382 that modify the effective date provision
of recently published regulations. These regulations affect corporations
whose stock is or was acquired by the Department of the Treasury
(Treasury) pursuant to certain programs under the Emergency Economic
Stabilization Act of 2008 (EESA).” |
|
Material Advisor
Penalty for Failure to Furnish Information Regarding Reportable
Transactions |
Final
regs
Removal of temp regs |
TD 9686 (7/31/14) |
6707 |
“final regulations
relating to the assessment of penalties against material advisors who
fail to timely file a true and complete return. The regulations
implement amendments made by the American Jobs Creation Act of 2004.
These regulations affect material advisors responsible for disclosing
reportable transactions.” |
|
Awards for
Information Relating to Detecting Underpayments of Tax or Violations of
the Internal Revenue Laws |
Final
regs |
TD 9687 (8/12/14) |
6103
7623 |
“comprehensive
guidance for the award program authorized under Internal Revenue Code
(Code) section 7623. The regulations provide guidance on submitting
information regarding underpayments of tax or violations of the internal
revenue laws and filing claims for award, as well as on the
administrative proceedings applicable to claims for award under section
7623. The regulations also provide guidance on the determination and
payment of awards, and provide definitions of key terms used in section
7623. Finally, the regulations confirm that the Director, officers, and
employees of the Whistleblower Office are authorized to disclose return
information to the extent necessary to conduct whistleblower
administrative proceedings. The regulations provide needed guidance to
the general public as well as officers and employees of the IRS who
review claims under section 7623.” |
|
Retail Inventory
Method |
Final
regs |
TD 9688 (8/15/14) |
471 |
"final regulations
relating to the retail inventory method of accounting. The regulations
restate and clarify the computation of ending inventory values under the
retail inventory method and provide a special rule for certain taxpayers
that receive margin protection payments or vendor allowances that are
required to reduce only cost of goods sold. The regulations affect
taxpayers that are retailers and use a retail inventory method." See
Rev Proc 2014-48
for the related accounting method change guidance. |
|
Guidance Regarding
Dispositions of Tangible Depreciable Property |
Final
regs and removal of temp regs |
TD 9689 (8/18/14) |
165
168
263
1016 |
"final regulations
regarding dispositions of property subject to depreciation under section
168 of the Internal Revenue Code (Code) (Modified Accelerated Cost
Recovery System (MACRS) property). The final regulations also amend the
general asset account regulations and the accounting for MACRS property
regulations. The final regulations provide rules for determining gain or
loss upon the disposition of MACRS property, determining the asset
disposed of, and accounting for partial dispositions of MACRS property.
The final regulations affect taxpayers that dispose of MACRS property.
The final regulations also remove temporary regulations under section
168 regarding general asset accounts and disposition of MACRS property." Correction –
FR 78696 (12/31/14) Related method
changes – see
Rev. Proc. 2014-54. |
|
Coverage of Certain
Preventive Services under the Affordable Care Act ACA |
Interim final rules
Proposed rules |
TD 9690 (8/27/14)
REG 129786-14 (8/27/14) |
9815 |
“interim final
regulations regarding coverage of certain preventive services under
section 2713 of the Public Health Service Act (PHS Act), added by the
Patient Protection and Affordable Care Act, as amended, and incorporated
into the Employee Retirement Income Security Act of 1974 and the
Internal Revenue Code. Section 2713 of the PHS Act requires coverage
without cost sharing of certain preventive health services by
non-grandfathered group health plans and health insurance coverage.
Among these services are women’s preventive health services, as
specified in guidelines supported by the Health Resources and Services
Administration (HRSA). As authorized by the current regulations, and
consistent with the HRSA Guidelines, group health plans established or
maintained by certain religious employers (and group health insurance
coverage provided in connection with such plans) are exempt from the
otherwise applicable requirement to cover certain contraceptive
services. Additionally, under current regulations, accommodations are
available with respect to the contraceptive coverage requirement for
group health plans established or maintained by eligible organizations
(and group health insurance coverage provided in connection with such
plans), and student health insurance coverage arranged by eligible
organizations that are institutions of higher education, that
effectively exempt them from this requirement. The regulations establish
a mechanism for separately furnishing payments for contraceptive
services on behalf of participants and beneficiaries of the group health
plans of eligible organizations that avail themselves of an
accommodation, and enrollees and dependents of student health coverage
arranged by eligible organizations that are institutions of higher
education that avail themselves of an accommodation. These interim final
regulations augment current regulations in light of the Supreme Court’s
interim order in connection with an application for an injunction in
Wheaton College v. Burwell, 134 S. Ct. 2806 (2014) (Wheaton
order). These interim final regulations provide an alternative
process that an eligible organization may use to provide notice of its
religious objections to providing contraceptive coverage, while
preserving participants’ and beneficiaries’ (and enrollees’ and
dependents’) access to coverage for the full range of Food and Drug
Administration (FDA)-approved contraceptives, as prescribed by a health
care provider, without cost sharing.” Effective 8/27/14. |
|
Debt That Is a
Position in Personal Property That Is Part of a Straddle |
Final
regs and removal of temp regs |
TD 9691 (8/27/14) |
1092 |
“final regulations
relating to the application of the straddle rules to a debt instrument.
The final regulations clarify that a taxpayer’s obligation under
a debt instrument can be a position in personal property that is part of
a straddle. The final regulations primarily affect taxpayers that issue
debt instruments that provide for one or more payments
that reference the value of personal property or a position in
personal property.” |
|
Authority for
Voluntary Withholding on Other Payments |
Final
regs and removal of temp reg |
TD 9692 (9/16/14) |
3402 |
“final regulations
under section 3402(p) relating to voluntary withholding agreements. The
final regulations allow the Secretary to issue guidance in the Internal
Revenue Bulletin to describe payments for which the Secretary finds that
income tax withholding under a voluntary withholding agreement would be
appropriate. The regulations affect persons making and persons receiving
payments for which the IRS issues subsequent guidance authorizing the
parties to enter into voluntary withholding agreements.” |
|
Additional Rules
Regarding Hybrid Retirement Plans |
Final
regs |
TD 9693 (9/19/14) |
411 |
“final regulations
providing guidance relating to applicable defined benefit plans.
Applicable defined benefit plans are defined benefit plans that use a
lump sum-based benefit formula, including cash balance plans and pension
equity plans, as well as other hybrid retirement plans that have a
similar effect. These regulations provide guidance relating to certain
provisions that apply to applicable defined benefit plans that were
added to the Internal Revenue Code (Code) by the Pension Protection Act
of 2006, as amended by the Worker, Retiree, and Employer Recovery Act of
2008. These regulations affect sponsors, administrators, participants,
and beneficiaries of these plans.” |
|
Market Rate of
Return Rules for Hybrid Retirement Plans; Transitional Amendments |
Prop
regs |
REG–111839–13 (9/19/14) |
411 |
“proposed
regulations that would provide guidance regarding certain amendments to
applicable defined benefit plans. Applicable defined benefit plans are
defined benefit plans that use a lump sum-based benefit formula,
including cash balance plans and pension equity plans, as well as other
hybrid retirement plans that have a similar effect. These proposed
regulations would permit an applicable defined benefit plan that does
not comply with the requirement that the plan not provide for interest
credits (or equivalent amounts) at an effective rate that is greater
than a market rate of return to comply with that requirement by changing
to an interest crediting rate that is permitted under the final hybrid
plan regulations, without violating the anti-cutback rules of section
411(d)(6). These regulations would affect sponsors, administrators,
participants, and beneficiaries of these plans. This document also
provides a notice of a public hearing on these proposed regulations.” |
|
Removal of
Allocation Rule for
Disbursements
From Designated Roth
Accounts to
Multiple Destinations |
Prop
regs |
REG–105739–11 (9/19/14) |
402A |
“proposed amendments
to the regulations that address the tax treatment of distributions from
designated Roth accounts under tax favored retirement plans. The
proposed regulations would limit the applicability of the rule regarding
the allocation of after-tax amounts when disbursements are made to
multiple destinations so the allocation rule applies only to
distributions made before the earlier of January 1, 2015 or a date
chosen by the taxpayer that is on or after September 18, 2014. These
regulations would affect administrators of, employers maintaining,
participants in, and beneficiaries of designated Roth accounts under
tax-favored retirement plans.” |
|
The $500,000
Deduction Limitation for Remuneration Provided by Certain Health
Insurance Providers ACA |
Final
regs |
TD 9694 (9/23/14) |
162(m) |
“final regulations
on the application of the $500,000 deduction limitation for remuneration
provided by certain health insurance providers under section 162(m)(6).
These regulations affect certain health insurance providers providing
remuneration that exceeds the deduction limitation.“ |
|
Employee Retirement
Benefit Plan Returns Required on Magnetic Media |
Final
regs |
TD 9695 (9/29/14) |
6057
6058
6059 |
“final regulations
relating to the requirements for filing certain employee retirement
benefit plan statements, returns, and reports on magnetic media. The
term magnetic media includes electronic filing, as well as other
magnetic media specifically permitted under applicable regulations,
revenue procedures, publications, forms, instructions, or other guidance
on the IRS.gov Internet Web site. These regulations affect plan
administrators and employers maintaining retirement plans that are
subject to various employee benefit reporting requirements under the
Internal Revenue Code (Code).” |
|
Local Lodging
Expenses |
Final
regs |
TD 9696 (10/1/14) |
162
262 |
“final regulations
relating to the deductibility of expenses for lodging when an individual
is not traveling away from home (local lodging). The regulations affect
taxpayers who pay or incur local lodging expenses.” Correction –
FR 65142 (11/3/14) |
|
Excepted Benefits
Amendments ACA |
Final
regs |
TD 9697 (10/1/14) |
9831 |
“amend the
regulations regarding excepted benefits under the Employee Retirement
Income Security Act of 1974, the Internal Revenue Code (the Code), and
the Public Health Service Act. Excepted benefits are generally exempt
from the health reform requirements that were added to those laws by the
Health Insurance Portability and Accountability Act and the Patient
Protection and Affordable Care Act. In addition, eligibility for
excepted benefits does not preclude an individual from eligibility for a
premium tax credit under section 36B of the Code if an individual
chooses to enroll in coverage under a Qualified Health Plan through an
Affordable Insurance Exchange. These regulations finalize some but not
all of the proposed rules with minor modifications; additional guidance
on limited wraparound coverage is forthcoming.” Effective 12/1/14. |
|
Removal of 36-Month
Non-Payment Testing Period Rule |
Prop
regs |
REG-146676-13 (10/15/14) |
6050P |
“proposed
regulations that will remove a rule that a deemed discharge of
indebtedness for which a Form 1099–C, ‘‘Cancellation of Debt,’’ must be
filed occurs at the expiration of a 36-month non-payment testing period.
The Department of the Treasury and the IRS are concerned that the rule
creates confusion for taxpayers and does not increase tax compliance by
debtors or provide the IRS with valuable third party information that
may be used to ensure taxpayer compliance. The proposed regulations will
affect certain financial institutions and governmental entities.”
Issued in response to the
IRS request via
Notice 2012-65 to obtain comments on the 36-month identifiable event
rule for issuing a Form 1099-C (one of several possible identifiable
events). |
|
Highway Use
Tax; Sold Vehicles and
Electronic
Filing; Taxable Period
Beginning July
1, 2011 |
Final
regs
Removal of temp regs |
TD 9698 (10/29/14) |
4481
4483
6001
6011
6071
6151
6156 |
“final regulations
that provide guidance on the mandatory electronic filing of Form 2290,
‘‘Heavy Highway Vehicle Use Tax Return,’’ for 25 or more vehicles;
credits or refunds for sold, destroyed, or stolen vehicles; and the tax
liability and computation of tax on the use of certain second-hand
vehicles. The regulations affect owners and operators of highway motor
vehicles with a taxable gross weight of 55,000 pounds or more. These
final regulations also remove the temporary regulations that provide
guidance on the filing of Form 2290 and payment of the associated
highway use tax for the taxable period beginning July 1, 2011.” |
|
Removal of the
Qualified Payment Card Agent Program |
Final
regs |
TD 9699 (10/27/14) |
3406
6724 |
“final regulations
that will remove regulations relating to information reporting and
backup withholding for the Qualified Payment Card Agent (QPCA) Program.
This document also amends regulations to remove references to the QPCA
Program. Enactment of the payment card and third party network reporting
requirements in the Housing Assistance Tax Act of 2008 made the QPCA
Program obsolete. Because no payors have applied to be designated as a
QPCA (and no payors have been designated as a QPCA), no taxpayers will
be affected by these final regulations.” |
|
Certain
Distributions Treated as Sales or Exchanges |
Prop
regs |
REG-151416-06 (11/3/14) |
617
704
732
736
751
995
1231
1245
1248
1250
1252
1254
6050K |
“proposed
regulations that prescribe how a partner should measure its interest in
a partnership’s unrealized receivables and inventory items, and that
provide guidance regarding the tax consequences of a distribution that
causes a reduction in that interest. The proposed regulations take into
account statutory changes that have occurred subsequent to the issuance
of the existing regulations. The proposed regulations affect partners in
partnerships that own unrealized receivables and inventory items and
that make a distribution to one or more partners.”
|
|
Allocation of
Earnings and Profits in
Tax-Free
Transfers From One
Corporation to
Another; Acquiring
Corporation for
Purposes of Section
381 |
Final
regs |
TD 9700 (11/10/14) |
381 |
“final regulations
under section 312 that clarify the regulations under section 312
regarding the allocation of earnings and profits in tax-free transfers
from one corporation to another. These regulations affect corporations
involved in these transfers and their shareholders. This document also
contains final regulations under section 381 that modify the definition
of an acquiring corporation for purposes of section 381 with regard to
certain acquisitions of assets. These regulations affect corporations
that acquire the assets of other corporations in corporate
reorganizations.” |
|
Arbitrage Rebate
Overpayments on Tax-Exempt Bonds |
Final
regs |
TD 9701 (11/13/14) |
148 |
“final regulations
that provide guidance on the recovery of overpayments of arbitrage
rebate on tax-exempt bonds and other tax-advantaged bonds. These final
regulations provide the deadline for filing a claim for an arbitrage
rebate overpayment and certain other rules. These final regulations
affect issuers of tax-exempt and tax-advantaged bonds.” |
|
Allocation of Basis
in All Cash D Reorganizations |
Final
regs and removal of temp regs |
TD 9702 (11/12/14) |
358 |
“final regulations
regarding the determination of the basis of stock or securities in
certain reorganizations where no stock or securities of the issuing
corporation is issued and distributed in the transaction. These final
regulations clarify that only a shareholder that owns actual shares in
the issuing corporation in such a reorganization can designate the
actual share of stock of the issuing corporation to which the basis, if
any, of the stock or securities surrendered will attach. These
regulations affect corporations engaging in such transactions and their
shareholders.” Effective 11/12/14. |
|
Balanced System for
Measuring Organizational and Employee Performance within the Internal
Revenue Service |
Temp
and final regs Prop
regs |
TD 9703 (11/13/14)
REG-138605-13 (11/13/14) |
Reg 801 |
Relate “to the IRS
system for measuring organizational and employee performance within the
IRS, by measuring customer satisfaction, employee satisfaction, and
business results. The temporary regulation will eliminate the
requirement that information measuring employee satisfaction must be
reported to the first level supervisor in addition to other levels
throughout the organization, thus permitting the IRS to stop using the
IRS specific Workforce Questionnaire and, instead, use the same employee
satisfaction survey that is used government-wide.” |
|
Failure To File Gain
Recognition Agreements or Satisfy Other Reporting Obligations |
Final
regs, temp regs and removal of temp regs |
TD 9704 (11/19/14) |
367
6038B |
“final and temporary
regulations relating to the consequences to U.S. and foreign persons for
failing to file gain recognition agreements (GRAs) or related documents,
or to satisfy other reporting obligations, associated with certain
transfers of property to foreign corporations in nonrecognition
exchanges. The regulations are necessary to update and clarify the rules
that apply when a U.S. or foreign person fails to file a GRA or related
documents or to satisfy other reporting obligations. These regulations
affect U.S. and foreign persons that transfer property to foreign
corporations in nonrecognition exchanges.” Correction –
FR 166 (1/5/15) |
|
Minimum Essential
Coverage Regarding the Shared Responsibility Payment for Individuals ACA This is the
individual mandate (penalty) for not having minimum essential coverage
for any month, starting 1/1/14. If an exemption is met for any month,
the penalty is not owed. |
Final
regs |
TD 9705 (11/26/14) |
5000A |
“final regulations
relating to the requirement to maintain minimum essential coverage
enacted by the Patient Protection and Affordable Care Act and the Health
Care and Education Reconciliation Act of 2010, as amended by the TRICARE
Affirmation Act and Public Law 111– 173 (collectively, the Affordable
Care Act). These final regulations provide individual taxpayers with
guidance under section 5000A of the Internal Revenue Code on the
requirement to maintain minimum essential coverage and rules governing
certain types of exemptions from that requirement.”
Adds 1.5000A-3(h)(3) allowing a
hardship exemption without certification in certain situations.
Effective on 11/26/14. “For
date of applicability, see � 1.5000A–5(c).”
See instructions and
worksheets with Form 8965 to calculate the penalty. And see IRS
website. |
|
HHS ACA Regs on
Minimum Value ACA [I included this in
this list of 2014 tax regulations to help illustrate the
interconnectedness of ACA guidance from HHS, DOL and IRS. These lengthy
proposed regulations also address what is considered minimum value and
minimum essential coverage which is relevant for the premium tax credit,
and individual and employer mandates.] |
Proposed rule |
CMS-9944-P (11/26/14) |
|
“would set forth
payment parameters and provisions related to the risk adjustment,
reinsurance, and risk corridors programs; cost sharing parameters and
cost-sharing reductions; and user fees for Federally-facilitated
Exchanges. It would also provide additional standards for the annual
open enrollment period for the individual market for benefit years
beginning on or after January 1, 2016, essential health benefits,
qualified health plans, network adequacy, quality improvement
strategies, the Small Business Health Options Program, guaranteed
availability, guaranteed renewability, minimum essential coverage, the
rate review program, the medical loss ratio program, and other related
topics.” Also see
Notice 2014-69.
The agencies will tighten up the rules on what is considered MV
for tax years ending on or after 1/1/15 (apparently once these regs are
finalized). To see the
connection between minimum value (MV) and both the employer shared
responsibility payment and the premium tax credit. The agencies are
concerned that an earlier interpretation of MV allowed exclusion of
inpatient hospital or physician services to be excluded from policies.
This enabled ALEs to offer MV coverage (but that employees unlikely
want), which if affordable, would deny full-time employees the ability
to claim a PTC thus preventing the ALE from having a 4980H penalty. |
|
Reporting of
Specified Foreign Financial Assets |
Final
regs and removal of temp regs |
TD 9706 (12/12/14) |
6038D |
“final regulations
providing guidance relating to the provisions of the Hiring Incentives
to Restore Employment (HIRE) Act that require specified foreign
financial assets to be reported to the Internal Revenue Service for
taxable years beginning after March 18, 2010. In particular, the final
regulations provide guidance relating to the requirement that
individuals attach a statement to their income tax return to provide
required information regarding specified foreign financial assets in
which they have an interest. The final regulations affect individuals
required to file Form 1040, ‘‘U.S. Individual Income Tax Return,’’ or
Form 1040–EZ, ‘‘Income Tax Return for Single and Joint Filers With No
Dependents,’’ and certain individuals required to file Form 1040– NR,
‘‘Nonresident Alien Income Tax Return,’’ or Form 1040NR–EZ, ‘‘U.S.
Income Tax Return for Certain Nonresident Aliens with No Dependents.’’” Effective 12/12/14. |
|
Amendments to
Excepted Benefits ACA |
Prop
regs |
REG–132751–14 (12/23/14) |
9831 |
“proposed rules that
would amend the regulations regarding excepted benefits under the
Employee Retirement Income Security Act of 1974, the Internal Revenue
Code (the Code), and the Public Health Service Act related to limited
wraparound coverage. Excepted benefits are generally exempt from the
requirements that were added to those laws by the Health Insurance
Portability and Accountability Act and the Patient Protection and
Affordable Care Act.” |
|
Nonrecognition
of Gain or Loss on
Certain
Dispositions of Installment
Obligations |
Prop
regs |
REG–109187–11 (12/23/14) |
351
361
453B
721 |
“proposed
regulations relating to the nonrecognition of gain or loss on certain
dispositions of an installment obligation. In general, under the
proposed regulations a transferor does not recognize gain or loss on
certain dispositions of an installment obligation if gain or loss is not
recognized on the disposition under another provision of the Internal
Revenue Code. The proposed regulations also provide that this general
rule does not apply to the satisfaction of an installment obligation.
For example, an installment obligation of an issuer, such as a
corporation or partnership, is satisfied when the holder transfers the
obligation to the issuer for an equity interest in the issuer.” |
|
Filing of Form 5472 |
Final
regs |
TD 9707 (12/24/14) |
6038A |
“final regulations
concerning the manner of filing
Form 5472, ‘‘Information Return of a 25% Foreign-Owned U.S.
Corporation or a Foreign Corporation Engaged in a U.S. Trade or
Business.’’ The final regulations affect certain 25- percent
foreign-owned domestic corporations and certain foreign corporations
that are engaged in a trade or business in the United States that are
required to file Form 5472.” Effective on
12/24/14. |
|
Summary of Benefits
and Coverage and Uniform Glossary ACA |
Prop
regs |
REG–145878–14 (12/30/14) |
9815 |
“proposed
regulations regarding the summary of benefits and coverage (SBC) and the
uniform glossary for group health plans and health insurance coverage in
the group and individual markets under the Patient Protection and
Affordable Care Act. It proposes changes to the regulations that
implement the disclosure requirements under section 2715 of the Public
Health Service Act to help plans and individuals better understand their
health coverage, as well as to gain a better understanding of other
coverage options for comparison. It proposes changes to documents
required for compliance with section 2715 of the Public Health Service
Act, including a template for the SBC, instructions, sample language, a
guide for coverage example calculations, and the uniform glossary.” Additional
information from. |
|
Additional
Requirements for Charitable Hospitals: Community Health Needs
Assessments for Charitable Hospitals; Requirement of a Excise Tax Return
and Time for Filing the Return |
Final
regs and removal of temp regs |
TD 9708 (12/31/14) |
501(f)
4959
6011
6012
6033
6071 |
“final regulations
that provide guidance regarding the requirements for charitable hospital
organizations added by the Patient Protection and Affordable Care Act of
2010. The regulations will affect charitable hospital organizations.” |
| This page last updated January 26, 2015 |
|
Page maintained by Professor Annette Nellen. |