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. 2014–29, page 960. Interest rates: underpayment and overpayments. The rates for interest determined under section 6621 of the code for the calendar quarter beginning January 1, 2015, will be 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for the underpayments, and 5 percent for large corporation underpayments. The rate of interest paid on the portion of a corporation overpayment exceeding $10,000 will be 0.5 percent.

Rev. Rul. 2014–33, page 957. 2014 Base Period T-Bill Rate. The table of interest factors that Rev. Rul. 2014–27 provided for compounding the “base period T-bill rate” under section 995(f) of the Internal Revenue Code is replaced by the table in this revenue ruling. Rev. Rul. 2014–27 modified.

EMPLOYEE PLANS

Rev. Rul. 2014–34, page 954. 2015 covered compensation tables; permitted disparity. The covered compensation tables under section 401 of the Code for the year 2015 are provided for use in determining contributions to defined benefit plans and permitted disparity.

Announcement 2014–41, page 979. This announcement extends to June 30, 2015, the deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans for the plans’ second six-year remedial amendment cycle. This announcement also provides a two day extension (from Saturday, January 31, 2015, to Monday, February 2, 2015) for Cycle D on-cycle submissions (primarily individually designed plans including multiemployer plans).

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