HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

Rev. Rul. 2012–32, page 762. Interest rates; underpayment and overpayments. The rates for interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 2013, will be 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for the underpayments, and 5 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 0.5 percent.

Notice 2012–54, page 773. Qualified plug-in electric drive motor vehicle credit; update of Notice 2009–89. This notice modifies Notice 2009–89, 2009–2 C.B. 714, by changing the address to which a manufacturer (or, in the case of a foreign manufacturer, its domestic distributor) sends certifications and quarterly reports under Notice 2009–89. Notice 2009–89 modified.

Notice 2012–65, page 773. The notice invites public comments regarding guidance to be provided to governmental and financial entities (applicable entities) described under section 6050P(c) of the Code, who discharge indebtedness and may be required to furnish Form 1099–C information returns pursuant to section 6050P and Treasury regulations section 1.6050P.

EMPLOYEE PLANS

T.D. 9602, page 746. Final regulations under sections 4375, 4376, and 4377 of the Code provide guidance on determining which health insurance

Finding Lists begin on page ii. Index for July through December begins on page iv.