Income Tax

Notice 2018–68, page 418. The notice provides initial guidance on the application of § 162(m) of the Code, as amended by “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (Act), Public Law 115–97 (2017). Section 162(m)(1) generally limits the allowable deduction for a taxable year for remuneration by any publicly held corporation paid with respect to a covered employee. The Act made significant amendments to § 162(m), and also provided a transition rule applicable to certain outstanding arrangements (commonly referred to as the grandfather rule). The notice provides guidance on the amended rules for identifying covered employees and the operation of the grandfather rule.

REV. PROC. 2018–43, page 425. This revenue procedure provides the monthly national average premium for qualified health plans that have a bronze level of coverage and are offered through Exchanges for taxpayers to use in determining their maximum individual shared responsi

bility payment under § 5000A(c)(1)(B) of the Internal Revenue Code and § 1.5000A–4 of the Income Tax Regulations.

REV. RUL. 2018–23, page 405. Federal rates; adjusted federal rates; adjusted federal longterm rate, the long-term exempt rate, and the blended annual rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for September 2018.

REV. RUL. 2018–24, page 407. This revenue ruling provides that the exchange of mortgagebacked securities pursuant to the Single Security Initiative does not constitute a taxable exchange for purposes of section 1001 of the Internal Revenue Code.