Bulletin No. 2014–16 April 14, 2014

Announcement 2014–14, page 948. This Announcement is issued pursuant to section 521(b) of Pub. L. 106–170, the Ticket to Work and Work Incentives Improvement Act of 1999, which requires the Secretary of the Treasury to report annually to the public concerning Advance Pricing Agreements (APAs) and the APMA Program. The first report covered calendar years 1991 through 1999. Subsequent reports covered separately each calendar year from 2000 through 2012. This Fifteenth report describes the experience, structure, and activities of the APMA Program during calendar year 2013. It does not provide guidance regarding the application of the arm’s length standard.

EMPLOYEE PLANS

Rev. Proc. 2014–28, page 944. This revenue procedure modifies Rev. Proc. 2013–22, 2013–18 I.R.B. 985, which sets forth the procedures of the Internal Revenue Service (Service) for issuing opinion and advisory letters for § 403(b) pre-approved plans (that is, § 403(b) prototype plans and § 403(b) volume submitter plans). Under the program established by Rev. Proc. 2013–22, as modified by this revenue procedure, the Service will accept applications for opinion and advisory letters regarding the acceptability under § 403(b) of the Internal Revenue Code of the form of prototype plans and volume submitter plans, respectively, through April 30, 2015. This revenue procedure also makes certain modifications to the program established by Rev. Proc. 2013–22 that are intended to allow more plan sponsors and eligible employers to participate in the § 403(b) pre-approved plan program. The appendix to Rev. Proc. 2013–22 is revised accordingly.

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Announcement 2014–15, page 973. This announcement addresses the application to Individual Retirement Accounts and Individual Retirement Annuities (collectively, “IRAs”) of the one-rollover-per-year limitation of § 408(d)(3)(B) of the Internal Revenue Code and provides transition relief for owners of IRAs.

EMPLOYMENT TAX

T.D. 9662, page 933. The final regulations clarify the employment tax obligations of a third party (payor) where the third party enters into a service agreement with an employer to pay wages to employees of the employer and take on other employment tax responsibilities of the employer. Under the final regulations, the Service may designate the payor to perform acts required of the employer. Under the final regulations, both the employer and the payor are liable for the employer’s employment tax obligations. The final regulations also provide exceptions for when a payor will not be designated to perform acts of the employer.

Notice 2014–21, page 938. This notice explains how existing general tax principles apply to transactions using virtual currency.

SELF-EMPLOYMENT TAX

Notice 2014–21, page 938. This notice explains how existing general tax principles apply to transactions using virtual currency.

EXCISE TAX

Notice 2014–24, page 942. This notice provides a temporary safe harbor for an entity that reports expatriate health insurance plans on its Supplemental Health Care Exhibit (SHCE). For the 2014 and 2015 fee years, it allows such an entity to exclude 50% of its direct premiums written for expatriate plans in reporting total direct premiums written to the IRS for purposes of determining its Affordable Care Act (ACA) § 9010 Health Insurance Providers Fee.

ADMINISTRATIVE

Notice 2014–21, page 938. This notice explains how existing general tax principles apply to transactions using virtual currency.

Notice 2014–22, page 940. This notice updates the appendix to Notice 2013–1, which lists the Indian tribes who have settled tribal trust cases against the United States. Notice 2012–60 originally was published in IRB 2012–41 (October 9, 2012). Notice 2012–60 was superceded by Notice 2013–1 IRB 2013–3, and the appendix to Notice 2013–1 was superceded by Notice 2013–16 (IRB 2013–14), then Notice 2013–36, and then Notice 2013–55. However, an additional tribe has settled its case against the United States since the publication of Notice 2013–55, so we are seeking to publish an updated appendix to Notice 2013–1. This notice would supercede Notice 2013–55. Notice 2013–1 Appendix is modified and superseded.