Memo #
27467

IRS and Treasury Release 2013-2014 Priority Guidance Plan
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[27467]

August 15, 2013

TO: 529 PLAN MEMBERS No. 7-13
ACCOUNTING/TREASURERS MEMBERS No. 22-13
INTERNATIONAL MEMBERS No. 35-13
PENSION MEMBERS No. 37-13
TAX MEMBERS No. 27-13
TRANSFER AGENT ADVISORY COMMITTEE No. 60-13 RE: IRS AND TREASURY RELEASE 2013-2014 PRIORITY GUIDANCE PLAN

The IRS and Treasury Department have released their 2013-2014 Priority Guidance Plan listing their priorities for tax regulations and other administrative guidance through June 2014.  [1] We are pleased to report that the following projects requested by the Institute [2] have been or continue to be included on the plan:

Items of Interest to Funds and Fund Shareholders

  • Guidance under the RIC Mod act of 2010, including a Notice updating Notice 97-64 to reflect changes to §852 by the Regulated Investment Company Modernization Act of 2010.
  • Notice requesting comments on a proposed revenue procedure that describes the circumstances in which the Internal Revenue Service will not treat a redemption of shares in a money market fund as part of a wash sale under §1091. (Published 07/29/13)
  • Regulations revising the RIC asset test examples in §1.851-5.
  • Regulations under §7701 to coordinate the entity classification election with the regulated investment company (RIC) election.
  • Regulations relating to accruals of interest (including discount) on distressed debt, including a Revenue Procedure that will modify Revenue Procedure 2011-16 relating to the treatment of distressed debt under §856.
  • Regulations under §446 on notional principal contracts (NPC) relating to the inclusion in income or deduction of a contingent nonperiodic payment and guidance relating to the character of payments made pursuant to an NPC.
  • Regulations on prepaid forward contracts.
  • Final regulations on the application of §1256 to certain derivative contracts.
  • Final regulations under §368 on measuring continuity of interest in corporate reorganizations.
  • Final regulations under §382 regarding the application of the segregation rules to small shareholders.
  • Final regulations under §337(d) related to RICs. 
  • Final regulations providing guidance under §171 for a bond premium carryforward on certain debt instruments, such as a Treasury bill acquired at a premium.
  • Final regulations on the application of §1256 to certain derivative contracts.
  • Final regulations providing guidance under §6049 for the reporting of premium.
  • Regulations under §1012 regarding basis rules for stock and debt.

Retirement Savings Items

  • Guidance under §402(c) on distributions that are disbursed to multiple destinations.
  • Guidance under §402A on in-plan rollovers from qualified plans to designated Roth accounts under §902 of American Taxpayer Relief Act of 2012 (ATRA).
  • Regulations under §411(a)(11).

The 2013-2014 Priority Guidance Plan also includes numerous other projects that relate to funds, fund shareholders, and retirement savings. These projects include:

Items of Interest to Funds and Fund Shareholders

  • Guidance under §141 relating to private activity bonds.
  • Final regulations on public approval requirements for private activity bonds under §147(f).
  • Final regulations addressing when a transfer or assignment of certain derivative contracts does not result in an exchange to the nonassigning counterparty for purposes of §1.1001-1(a).
  • Guidance updating existing regulations regarding basis to include references to §1022 as appropriate.
  • Final regulations under §1411, as added by §1402 of the Health Care and Education Reconciliation Act, regarding net investment income tax.
  • Final regulations under §7701 regarding Series LLCs and cell companies.
  • Guidance under §954(c), including guidance related to the treatment of transactions involving commodities and nonfunctional currency.
  • Final regulations on the treatment of upfront payments on swaps under §956.
  • Guidance under §905, including final regulations under §905(c) on foreign tax redeterminations.
  • Guidance under §894 on issues under income tax treaties, including the application of various treaty provisions to payments through hybrid entities.
  • Guidance updating Revenue Procedure 2006-54 on procedures for taxpayers requesting Competent Authority assistance.
  • Miscellaneous Announcements, e.g., on agreements under Mutual Agreement Procedures (MAP) and of Reciprocal Exemption Agreements.

Retirement Savings Items

  • Regulations on exceptions to additional tax under §72(t) on early distributions from retirement plans and IRAs.
  • Revenue Procedure under §§401(a) and 403(a) updating interim amendment procedures in Revenue Procedure 2007-44.
  • Revenue Procedure under §§401(a) and 403(a) updating Revenue Procedure 2007-44 for determination letters for individually designed and pre-approved plans.
  • Final regulations under §401(a)(9) on deferred annuities.
  • Final regulations on suspension or reduction of safe harbor contributions under §401(k) and (m).
  • Regulations under §402A on distributions from designated Roth accounts that are disbursed to multiple destinations.
  • Guidance on rules applicable to IRAs under §§408 and 408A.
  • Guidance updating regulations for service credit and vesting under §411.
  • Regulations on the definition of governmental plan under §414(d).
  • Regulations on eligible combined plans under §414(x), as added by the Pension Protection Act of 2006.
  • Guidance under §3405 regarding distributions made to payees with an address outside the United States.
  • Guidance concerning §4975.
  • Guidance under §§6057, 6058, and 6059 for late filers of Form 5500 series.
  • Regulations under §§6057, 6058, and 6059 regarding electronic filing of Form 5500.
  • Guidance on group trusts under Revenue Rulings 81-100 and 2011-1.
  • Guidance facilitating rollovers into retirement plans.
  • Additional guidance on issues relating to lifetime income from retirement plans.
  • Guidance on certain issues related to multiple employer plans.
  • Revenue Procedure amending Revenue Procedure 2013-12 relating to Employee Plans Compliance Resolution System to provide guidance with regard to certain corrections.

 

Ryan Lovin
Assistant Counsel Tax Law

Elena Barone Chism
Associate Counsel

 

endnotes

[1] The 2013-2014 Priority Guidance Plan is available at: http://www.irs.gov/pub/irs-utl/2013-2014_pgp.pdf.

[2] See Institute Memorandum 27212 for Tax items and Institute Memorandum 27210 for Retirement Plan items.