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. 2014–8, page 624. Federal rates; adjusted federal rates; adjusted federal longterm rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for March 2014.

Rev. Proc. 2014–21, page 641. This revenue procedure provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2014 and amounts to be included in income by lessees of passenger automobiles first leased during calendar year 2014.

EMPLOYEE PLANS

REG–122706–12, page 647. This document contain proposed regulations concerning the maximum allowed length of any reasonable and bona fide employment-based orientation period, consistent with the 90day waiting period limitation under section 2708 of the Public Health Service Act, as incorporated into the Internal Revenue Code. Written comments must be received by April 25, 2014.

T.D. 9656, page 626. This document contains final regulations to implement the 90-day waiting period limitation under section 2708 of the Public Health Service Act, incorporated into the Internal Revenue Code. The rules also finalize amendments to existing regulations to conform to Affordable Care Act provision including some of the portability provisions added by the Health Insurance Portability and Accountability Act of 1996 (HIPAA) because those provision of the HIPAA regulations have become superseded or require amendment as a result of the market reform protections added by the Affordable Care Act.

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