Daily Tax Update - August 23, 2013: IRS Releases Guidance on Small Employer Tax Credit Under Affordable Care Act

IRS Releases Guidance on Small Employer Tax Credit Under Affordable Care Act:  Today, the IRS issued proposed regulations that provide guidance on the tax credit available to certain small employers that offer health insurance coverage to their employees under section 45R, which was enacted by the Patient Protection and Affordable Care Act.  These proposed regulations affect certain taxable and tax-exempt employers.

IRS Announces New Director of International Strategy:  Today, the IRS announced the selection of Diana Wollman as the agency's Director, International Strategy.  Wollman will join the IRS on September 16 and report to Michael Danilack, Deputy Commissioner (International).  According to the announcement, “As you know, enhancing our international strategy is one of the Service’s top priorities.  As the Director, International Strategy, Diana will serve as the principal advisor to the Deputy Commissioner (International) on a wide range of high-level and sensitive international issues and will oversee the development and implementation of all aspects of our international strategic program, including risk assessment, data management, trend analysis, training, and knowledge management capabilities.  Diana will also assist in developing and maintaining key contacts outside the Service.”

Miscellaneous Guidance Released:
Revenue Ruling 2013-18 provides various prescribed rates for income tax purposes for September 2013.