Internal Revenue Bulletin: 2014-40
September 29, 2014
This Revenue Ruling establishes the interest rates on overpayments and underpayments of tax. The rates for interest determined under section 6621 of the code for the calendar quarter beginning October 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.
This Revenue Ruling provides 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 2014 are set forth.
Notice 2014–51 provides an exception from the filing requirements under section 1298(f) of the Internal Revenue Code (Code) and § 1.1298–1T, pursuant to which shareholders in passive foreign investment companies (PFICs) are required to file annual reports. This notice generally provides an exception from the filing requirements for shareholders that hold PFIC stock that is marked to market under a provision of chapter 1 of the Code other than section 1296.
Final regulations under section 3402(p)(3) relating to voluntary withholding agreements allow the Secretary to issue guidance in the Internal Revenue Bulletin to describe payments for which the Secretary finds that income tax withholding under a voluntary withholding agreement would be appropriate.
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