Daily Tax Update - April 11, 2016: Miscellaneous Guidance Released

Miscellaneous Guidance Released: 
Today, the IRS issued Revenue Procedure 2016-24, which provides indexing adjustments for provisions under sections 36B and 5000A for the required contribution percentage under the Affordable Care Act.
 
Notice 2016-29 provides an update to the corporate bond monthly yield curve, the 24-month average segment rates, the 30-year Treasury securities interest rate, the 30-year Treasury weighted average rate, and the minimum present-value segment rates.

Revenue Ruling 2016-10 announces the cents-per-mile rates and terminal charges to be used in valuing noncommercial flights on employer-provided aircraft in calculating the taxable value as a fringe benefit under Treasury regulations section 1.61-21(g)(5). 

DTU IN DEPTH

The IRS Wants Your Suggestions for Upcoming Guidance:  Recently, the IRS released a request for recommendations for its 2016-2017 Priority Guidance Plan (PGP).  The PGP is the list of issues on which the IRS intends to develop guidance in the upcoming year.  For taxpayers, it is a road map of where the IRS intends to devote its limited resources in the next year. While unfinished items from the prior year are generally carried over, the addition of new items (or removal of old) can be an early signal of the IRS’s priorities.   

Many taxpayers do not realize how important taxpayer engagement is in helping the IRS with the guidance process.  This is true of providing input on specific guidance projects, but it is also true of providing input on where the IRS should devote its resources in the upcoming year.  For more in-depth coverage, click here.