HIGHLIGHTS OF THIS ISSUE — Internal Revenue Bulletin 2014-33

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

REG–104579–13, page 370. These proposed regulations provide further guidance on the premium tax credit. In particular, the regulations allow certain victims of domestic abuse or spousal abandonment to claim the premium tax credit while filing a return using the Married Filing Separately filing status. In addition, the proposed regulations provide special allocation rules for reconciling advance credit payments, address the indexing in future years of certain amounts used to compute the credit, and describe the coordination between the credit and the deduction under section 162(l) for health insurance costs of self-employed individuals. Comments and requests for a public hearing must be received by October 27, 2014.

REG–107012–14, page 371. These proposed regulations provide a permissible method of accounting for gains and losses on shares in certain money market funds. They also clarify that an exception to certain information reporting requirements applies to sales of shares in these money market funds. Written or electronic comments must be received by October 27, 2014.

Rev. Proc. 2014–37, page 363. This Revenue Procedure provides the methodology to determine the applicable percentage table in § 36B(b)(3)(A) of the Internal Revenue Code used to calculate an individual’s premium assistance credit amount for taxable years beginning after calendar year 2014. It also provides the methodology to determine the required contribution percentage in § 36B(c)(2)(C)(i)(II) used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage for purposes of § 36B for plan years beginning after calendar year 2014. Additionally, Revenue Procedure 2014–37 reproduces the required contribution percentage, as determined under

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