Bulletin No. 2014–3 January 13, 2014

Rev. Proc. 2014–13, page 419. This revenue procedure provides guidance to foreign financial institutions (FFIs) entering into an FFI agreement with the Internal Revenue Service under section 1471(b) of the Internal Revenue Code and § 1.1471–4 of the Treasury Regulations (the FFI agreement) to be treated as participating FFIs. The revenue procedure also provides guidance to FFIs and branches of FFIs treated as reporting financial institutions under an applicable Model 2 intergovernmental agreement (IGA) (reporting Model 2 FFIs) on complying with the terms of an FFI agreement, as modified by the IGA.

EXEMPT ORGANIZATIONS

Notice 2014–2, page 407. This notice confirms that tax-exempt hospitals can rely on proposed regulations under § 501(r) contained in notices of proposed rulemaking (NPRMs) issued on June 26, 2012, and April 5, 2013, pending the publication of final or temporary regulations or other applicable guidance.

Notice 2014–3, page 408. This notice contains a proposed revenue procedure that provides correction and disclosure procedures under which certain failures to meet the requirements of § 501(r) of the Code will be excused for purposes of § 501(r)(1) and 501(r)(2)(B). Comments requested by March 14, 2014.

Rev. Proc. 2014–11, page 411. This revenue procedure provides procedures for reinstating the tax-exempt status of organizations that have had their tax-exempt status automatically revoked under section 6033(j) of the Internal Revenue Code for failure to file required annual returns or notices for three consecutive years. Notice 2011– 44, modified and superseded.