Daily Tax Update - August 9, 2013: IRS, Treasury Release 2013-2014 Priority Guidance Plan and Fourth Quarter Update to 2012-2013 Plan

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS SEPTEMBER 10

IRS, Treasury Release 2013-2014 Priority Guidance Plan and Fourth Quarter Update to 2012-2013 Plan:  Today, the IRS and Treasury released the 2013-2014 priority guidance plan, which includes 324 guidance projects identified as priorities for the July 2013-June 2014 plan year.  The fourth quarter update to the 2012-2013 priority guidance plan was also released.

IRS Postpones August 30 Furlough Day:  The IRS is postponing the furlough day it had planned for August 30, and all IRS offices will be open that day.  The IRS said that it is still evaluating whether a furlough day will be necessary in September.

Camp, Baucus to Visit West Coast on Next Tax Reform Stop:  House Ways and Means Committee Chairman Dave Camp and Senate Finance Committee Chairman Max Baucus announced that they will visit two separate technology companies in San Francisco and the Silicon Valley area on Monday, August 19 and Tuesday, August 20.  The companies the chairmen will be visiting are Square, Inc. and Intel.

Miscellaneous Guidance Released:
Notice 2013-52 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under section 412(b)(5)(B)(ii)(II) as in effect for plan years beginning before 2008.  It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under section 430(h)(2).  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I), and the minimum present value segment rates under section 417(e)(3)(D) as in effect for plan years beginning after 2007.  The rates in this notice reflect certain changes implemented by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21).

Notice 2013-51 provides guidance on the branded prescription drug fee for the 2014 fee year related to (1) the submission of Form 8947, “Report of Branded Prescription Drug Information,” (2) the time and manner for notifying covered entities of their preliminary fee calculation, (3) the time and manner for submitting error reports for the dispute resolution process, and (4) the time for notifying covered entities of their final fee calculation.