Internal Revenue Bulletin: 2014-27
June 30, 2014
Interest rates: underpayment and overpayments. The rates for interest determined under section 6621 of the code for the calendar quarter beginning July 1, 2014, 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.
General rules and specifications for substitute Form 941 and Schedule B (Form 941), and Schedule R (Form 941). This procedure provides general rules and specifications from the Service for paper and computer-generated substitutes for Form 941, Schedule B (Form 941) and Schedule R Form (941). This procedure will be reproduced as the next revision of Publication 4436, General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), and Schedule R (Form 941). Rev. Proc. 2012–46 superseded.
This procedure provides specifications for the private printing of red-ink substitutes for the 2013 revisions of certain information returns. This procedure will be reproduced as the next revision of Publication 1179. Rev. Proc. 2012–38 is superseded.
2014 Section 45Q Inflation Adjustment Factor Notice. The notice publishes the inflation adjustment factor for the carbon dioxide (CO2) sequestration credit under Section 45Q for calendar year 2014. The notice also includes a statement of the amount of qualified CO2 that has been taken into account by taxpayers filing an annual report pursuant to section 6 of Notice 2009–83, 2009–2 C.B. 588.
This document contains final regulations that modify the standards governing written advice, clarify recent amendments to Circular 230, and update certain provisions as appropriate. These regulations are effective on June 12, 2014.
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