Drake Software blog for tax pros, covering tax, IRS news, and more

IRS Publishes Technical Guidance On Four Issues

IRS Publishes Technical Guidance On Four Issues

The Internal Revenue Service has issued technical guidance for the following issues: 

  • Notice 2014-78 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates, and the 24-month average segment rates.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities. Notice 2014-78 will be publishes in Internal Revenue Bulletin 2014-53 on Dec. 29, 2014. 
  • Notice 2014-79 provides the optional standard mileage rates for substantiating the amount of deductible expenses for using an automobile for business, moving, medical, or charitable purposes.  For 2015, the standard mileage rates are 57.5 cents for business use of an automobile, 14 cents for use of an automobile as a charitable contribution, and 23 cents for use of an automobile as a medical or moving expense. Notice 2014-79 also provides the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.  The rules for using the optional standard mileage rates to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51.  Notice 2014-79 will be in IRB IRB 2014-53, dated December 29, 2014. 
  • 2012 Tax-Exempt Bond Tables updates tax-exempt bond data for both governmental and private activity bonds issued in Calendar Year 2012 are now available on Tax Stats. Data include the term of issue, purpose, bond size, and uses of bond proceeds. 
  • 2011 Exempt Organizations' Unrelated Business Income Tax offers eight tables presenting statistics for Tax Year 2011 from Forms 990-T, Exempt Organization Unrelated Business Income Tax Returns, are now available. The tables include statistics for the number of returns, gross unrelated business income, deductions, unrelated business taxable income, and total tax of these organizations. The statistics are classified by Internal Revenue Code section, size of gross unrelated business income, size of unrelated business taxable income or deficit, primary unrelated business activity, and type of entity.



Source:  Internal Revenue Service

admin taxing_subjects