Daily Tax Update - December 19, 2014: President Obama Signs Tax Extenders

President Obama Signs Tax Extenders:  President Obama signed the tax extenders legislation that extends certain tax provisions through the end of 2014.  The provisions expire again at the end of the year.

OECD Releases Additional Discussion Draft:  The OECD released an additional Base Erosion and Profit Sharing discussion draft on transfer pricing guidelines.  The draft provides proposed revisions to Section D of Chapter I of the Transfer Pricing Guidelines and options for special measures to assure that transfer pricing outcomes are in line with value creation.

Proposed Rules to Amend Excepted Benefits:  Proposed rules from the IRS, Treasury, Employee Benefits Security Administration, Department of Labor, Centers for Medicare and Medicaid Services, and the Department of Health and Human Services, would amend regulations regarding excepted benefits related to limited wraparound coverage.  Excepted benefits are generally exempt from certain requirements under HIPAA and the Affordable Care Act.  The proposed rules provide guidance for when limited benefits provided through a group health plan that wrap around individual health insurance constitute excepted benefits.

Miscellaneous Guidance Released:
Announcement 2015-01 provides changes to the processing of employee plans determination letters. 

Revenue Ruling 2015-01 provides the applicable federal rates for January 2015.