Daily Tax Update - December 3, 2014: IRS Provides Information on Realignment of Tax Exempt and Government Entities Division

IRS Provides Information on Realignment of Tax Exempt and Government Entities Division and Office of Associate Chief Counsel:  In Announcement 2014-34 the IRS provides information regarding the transfer of responsibility for certain issues involving exempt organizations, qualified retirement plans, and individual retirement annuities and accounts (IRAs).  Effective January 2, 2015 the authority to prepare revenue rulings, revenue procedures, announcements, and notices, and to issue technical advice, certain letter rulings, and certain information letters on matters involving exempt organizations, qualified retirement plans, and IRAs will be transferred from the Tax Exempt and Government Entities Division (TE/GE) to the Office of Associate Chief Counsel (Tax Exempt and Government Entities).  TE/GE will retain the authority to issue determination letters relating to exempt status, letter rulings on certain matters relating to employee plans, and letter rulings on miscellaneous determinations that are requested using Form 8940.  The annual revenue procedures that address these matters will be updated to reflect the changes.

Joint Committee on Taxation Provides Estimate for Cost of Tax Extenders:  In a report out today, the Joint Committee on Taxation estimates that the ten-year cost of the tax extenders legislation that is currently being considered by the House is $41.6 billion.

Treasury Updated Model Intergovernmental Agreements:  Treasury has updated model intergovernmental agreements for jurisdictions that reached an agreement in substance on or after July 1, 2014.