Daily Tax Update - December 23, 2014: Treasury Releases Final Regulations on Form 5472 Filing

Treasury Releases Final Regulations on Form 5472 Filing:  In final regulations, Treasury removed the untimely filed return provisions in Treasury regulations under Section 6038A.  The change in the regulations require Form 5472 to be filed only with the filer’s income tax return for the taxable year by the due date of the return.  The prior regulations allowed for timely filing of Form 5472 separately from an income tax return that was untimely filed.

Proposed Regulations on Summary of Benefits and Coverage Released:  Proposed regulations from the IRS, Department of the Treasury, Employee Benefits Security Administration, Department of Labor, Centers for Medicare & Medicaid Services, and the Department of Health and Human Services provide additional guidance on the required summary of benefits and coverage that group health plans and health insurance issuers must provide to applicants, enrollees, and policyholders.  The proposed regulations clarify certain provisions in the final regulations issued in 2012.