Daily Tax Update - March 27, 2014: Sen. Wyden Hoping to Hold Extenders Mark Up Next Week

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS APRIL 2ND.

SEN. WYDEN HOPING TO HOLD EXTENDERS MARK UP NEXT WEEK: Senate Finance Committee Chairman Ron Wyden (D-OR) said that he is hoping to release a tax extenders bill on March 31 and that the committee will mark the bill up later that week.  Wyden said that the provisions in his mark would be renewed through the end of 2015. However, the Chairman did not release specific details on what would be in the package.  According to reports, the bill would not be paid for and would not include all of the expired provisions.

Wyden said, “I personally am attracted to a two-year approach because that would give us a run-up to tax reform, but again I don't want to speak for the committee and any of my colleagues until I've had a chance to talk with them.”  Wyden added, “I want people to understand that there is bipartisan interest and [that I'm] not just saying, 'Let's re-up for all the stuff that's on the books that constitutes these extenders.'"

Today, Wyden said, “I am hopeful that we can reach a bipartisan agreement on extenders in the days ahead.  This means jobs and much needed certainty for families and businesses alike.  But let me be clear – I’m determined that this is the last time we do extenders and would like to leverage this last extension to reform the broken tax code.”

MISCELLANEOUS GUIDANCE RELEASED:
Announcement 2014-16 informs employers that starting May 1, 2014 and ending April 30, 2016, the Service will accept applications for individual determination letters from employers under the second six-year remedial amendment cycle for defined contribution pre-approved plans. Opinion and advisory letters for pre-approved (i.e., master and prototype (M&P) and volume submitter (VS)) defined contribution plans that were restated for changes in plan qualification requirements listed in Notice 2010-90, 2010-52 I.R.B. 909 (2010 Cumulative List) and that were filed with the Service for their second submission period under the remedial amendment cycle under Rev. Proc. 2007-44, 2007-2 C.B. 54 will be issued soon.  Employers using these pre-approved plan documents to restate a plan for the plan qualification requirements in the 2010 Cumulative List will be required to adopt the plan document by April 30, 2016.

Announcement 2014-14, the Advance Pricing Agreement Report for 2013. The Advance Pricing Agreement report is released annually, as required by statute.