Daily Tax Update - December 13, 2016: Mazur to Join Urban-Brookings Tax Policy Center

Mazur to Join Urban-Brookings Tax Policy Center:  The Urban-Brookings Tax Policy Center announced today that Mark Mazur, who has served as the Department of Treasury’s Assistant Secretary of Tax Policy since 2012, will take over as the Robert C. Pozen Director beginning on February 1, 2017.  Mazur will replace Len Burman, who co-founded the Tax Policy Center in 2002. 

Miscellaneous Guidance:
Notice 2016-78 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2).  In addition, the Notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) and section 431(c)(E)(ii)(I). 

Notice 2016-80 contains the Required Amendments List for individually-designed qualified retirement plans.  The list identifies certain changes in qualification requirements that became effective in 2016 that may require a retirement plan to be amended in order to remain qualified, and indicates the date by which any necessary amendment must be made. 

IR-2016-169 announces the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.  The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped two cents per mile from 2016.  The charitable rate is set by statute and remains unchanged.