Internal Revenue Service November 2014 – Federal Register Recent Federal Regulation Documents

Minimum Essential Coverage and Other Rules Regarding the Shared Responsibility Payment for Individuals
Document Number: 2014-27998
Type: Rule
Date: 2014-11-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains 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.
Proposed Collection; Comment Request for Form 928
Document Number: 2014-27724
Type: Notice
Date: 2014-11-24
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 928, Fuel Bond.
Failure To File Gain Recognition Agreements or Satisfy Other Reporting Obligations
Document Number: 2014-27365
Type: Rule
Date: 2014-11-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains 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.
Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities; Correction
Document Number: 2014-27248
Type: Rule
Date: 2014-11-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final and temporary regulations (TD 9657), which were published in the Federal Register on Thursday, March 6, 2014 (79 FR 12812). The regulations relate to information reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities.
Balanced System for Measuring Organizational and Employee Performance Within the Internal Revenue Service
Document Number: 2014-26781
Type: Proposed Rule
Date: 2014-11-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS and the Treasury Department are issuing a temporary regulation modifying the regulations governing the IRS Balanced System for Measuring Organizational and Employee Performance. The section being modified, Employee satisfaction measures, collects information from employees to measure and report on employee satisfaction. The temporary regulation provides for the reporting of this information to a higher agency level, to be consistent with other government-wide employee satisfaction surveys. The text of the temporary regulation serves as the text of the proposed regulation.
Balanced System for Measuring Organizational and Employee Performance Within the Internal Revenue Service
Document Number: 2014-26739
Type: Rule
Date: 2014-11-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary and final regulations relating 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. The text of the temporary regulation also serves as the text of proposed regulation set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.
Arbitrage Rebate Overpayments on Tax-Exempt Bonds
Document Number: 2014-26738
Type: Rule
Date: 2014-11-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains 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
Document Number: 2014-26780
Type: Rule
Date: 2014-11-12
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains 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.
Allocation of Earnings and Profits in Tax-Free Transfers From One Corporation to Another; Acquiring Corporation for Purposes of Section 381
Document Number: 2014-26546
Type: Rule
Date: 2014-11-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under section 312 of the Internal Revenue Code (Code) 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 of the Code 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.
Proposed Collection; Comment Request for Form 3491
Document Number: 2014-26218
Type: Notice
Date: 2014-11-05
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 3491, Consumer Cooperative Exemption Application.
Local Lodging Expenses; Correction
Document Number: 2014-26068
Type: Rule
Date: 2014-11-03
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations (TD 9696) that were published in the Federal Register on October 1, 2014 (79 FR 59112). The final regulations are relating to the deductibility of expenses for lodging when an individual is not travelling away from home (local lodging).
Certain Distributions Treated as Sales or Exchanges
Document Number: 2014-25487
Type: Proposed Rule
Date: 2014-11-03
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains 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.