Overview
IRS Requests Comments on Exclusion of Airline Mileage Awards Not Redeemed for Transportation:Notice 2015-76 invites public comment on whether the IRS should prescribe rules to exclude from the tax imposed by Section 4261(a) certain amounts attributable to frequent flyer miles that are redeemed other than for the taxable transportation of persons by air, such as, but not limited to, redemptions for international air transportation, restaurant gift cards, magazine and newspaper subscriptions, free hotel nights, and items from the airline’s shopping catalog.
Miscellaneous Guidance Released:
Treasury Decision 9742 contains temporary regulations relating to the imposition of certain user fees on tax return preparers.
Revenue Procedure 2015-52 prescribes the loss payment patterns and discount factors for the 2015 accident year, used to compute discounted unpaid losses under Section 846.