Internal Revenue Bulletin:  2013-40 

September 30, 2013 

INCOME TAX


Rev. Rul. 2013-16 Rev. Rul. 2013-16

Interest rates: underpayment and overpayments. The rates for interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 2013, 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. 2013-20 Rev. Rul. 2013-20

Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the Income Tax Regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the second half of 2013 are set forth.

T.D. 9634 T.D. 9634

Final regulations and removal of temporary regulations under section 901 of the Code provide guidance relating to the determination of the amount of taxes paid for purposes of the foreign tax credit.

T.D. 9635 T.D. 9635

Temporary regulations provide that a taxpayer’s obligation under a debt instrument can be a position in personal property that is part of a straddle.

REG-111753-12 REG-111753-12

Proposed regulations provide that a taxpayer’s obligation under a debt instrument can be a position in personal property that is part of a straddle. Comments requested by November 4, 2013. A public hearing is scheduled for January 15, 2014.

Notice 2013-54 Notice 2013-54

This notice provides guidance on the application of the market reform provisions and other provisions of the Affordable Care Act to certain healthcare arrangements, including health reimbursement arrangements (HRAs), employer payment plans, and health flexible spending arrangements (health FSAs). The notice also provides guidance on section 125(f)(3) of the Code and on employee assistance programs or EAPs. The guidance in the notice is being issued in substantially identical form by the Department of Labor, and guidance is being issued by the Department of Health and Human Services to reflect that HHS concurs with the guidance in this notice.

Notice 2013-59 Notice 2013-59

This notice provides guidance to taxpayers that elect under §179(f) to treat as an expense the costs of certain real property placed in service during any taxable year beginning in 2010, 2011, 2012 or 2013.

Announcement 2013-41 Announcement 2013-41

This announcement contains corrections to final regulations (TD 9610) that were published in the Federal Register on January 28, 2013 (78 FR 5874). Sections 1471 through 1474 of the Code, commonly known as FATCA, were added by the Hiring Incentives to Restore Employment Act of 2010, Pub. L. 111-147. The final regulations under FATCA provide guidance to persons making certain U.S.-related payments to foreign financial institutions (FFIs) and nonfinancial foreign entities and payments by FFIs to other persons.


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