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

Notice 2014–52, page 712. This notice describes regulations that the IRS and the Treasury Department will issue with respect to inversions and related transactions.

Notice 2014–57, page 723. This notice provides the 2014–2015 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. The notice includes (1) the special transportation industry rate, (2) the rate for the incidental expenses only deduction, and (3) the rates and list of high-cost localities for the high-low substantiation method.

EMPLOYEE PLANS

T.D. 9695, page 707. This treasury decision contains final regulations relating to the requirements for filing certain employee retirement benefit plan statements, returns, and reports on magnetic media. The term magnetic media includes electronic filing, as well as other magnetic media specifically permitted under applicable regulations, revenue procedures, publications, forms, instructions, or other guidance on the IRS gov Internet website. These regulations affect plan administrators and employers maintaining retirement plans that are subject to various employee benefit plan reporting requirements under the Internal Revenue Code.

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