Daily Tax Update - February 26, 2015: Alternative Simplified Credit Election Final Regulations Issued

Alternative Simplified Credit Election Final Regulations Issued:  Today, Treasury and the IRS issued final regulations relating to the election of the alternative simplified credit (ASC) under Section 41(c)(5).  These final regulations provide guidance on the time and manner of electing the ASC under Section 41(c)(5) and allow taxpayers to elect the ASC on an amended return.  The final regulations will be effective February 27, 2015.

Miscellaneous Guidance:
Revenue Procedure 2015-22 changes the addresses to which applications for opinion and advisory letters for Section 403(b) pre-approved plans should be submitted and inserts a user fee that was omitted from Rev. Proc. 2015-8.