Issue Number: 2013-37Inside This Issue
- Online PTIN System Downtime
- Work Opportunity Tax Credit
- Technical Guidance
1. Online PTIN System Downtime
The online preparer tax identification number (PTIN) system will be unavailable today through Sunday. The downtime is necessary to prepare for PTIN renewal season, which will begin in mid-October. Back to top
2. Work Opportunity Tax Credit
Remind your business customers to claim the Work Opportunity Tax Credit for all of the targeted group employee categories, including veterans, listed on Form 5884, if they were hired on or after Jan. 1, 2011, or are hired by Dec. 31, 2013. Back to top
3. Technical Guidance
Notice 2013-54 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 the notice. Notice 2013-54 will be published in Internal Revenue Bulletin 2013-40 on Sept. 30, 2013. Notice 2013-57 clarifies that preventive care required to be provided under section 2713 of the Public Health Service Act, as enacted by the Affordable Care Act, qualifies as preventive care that may be provided without application of the minimum deductible of a high deductible health plan (required to contribute to a Health Savings Account (HSA)). Notice 2013-58 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I), and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007. The rates in this notice reflect certain changes implemented by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21). Notice 2013-58 will be published in Internal Revenue Bulletin 2013-40 on Sept. 30. Notice 2013-59 provides guidance to taxpayers who choose 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. It defines which real property is eligible for the election, and explains how excess §179(f) deductions are carried over and taken into account in future years. It also provides allocation methodologies for determining §1245 and §1250 recapture upon the sale or other disposition of qualified real property where the unadjusted basis is reduced by the §179 deduction. Notice 2013-59 will be published in Internal Revenue Bulletin 2013-40 on Sept. 30. Back to top
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2013-9-15
