This revenue procedure provides guidance regarding a new, voluntary Annual Filing Season Program designed to encourage tax return preparers who are not attorneys, certified public accountants (CPAs), or enrolled agents (EAs) to complete continuing education courses for the purpose of increasing their knowledge of the law relevant to federal tax returns. In addition, this revenue procedure modifies and supersedes Revenue Procedure 81–38, 1981–2 C.B. 592, regarding limited practice before the IRS by individuals who are not attorneys, CPAs or EAs. Except for section 6, this revenue procedure is effective as of June 30, 2014. Section 6 is effective for tax returns and claims for refund prepared and signed (or prepared if there is no signature space on the form) after December 31, 2015.

Revenue Procedure 2014–38 updates the FFI Agreement applicable to foreign financial institutions (FFIs) wishing to enter into an FFI Agreement with the IRS to be treated as a participating FFI under section 1471(b) of the Code. Rev. Proc. 2014–38 also provides guidance to FFIs and branches of FFIs treated as reporting financial institutions under an applicable Model 2 intergovernmental agreement (IGA) on complying with the terms of the FFI Agreement, as modified by the Model 2 IGA. Rev. Proc. 2014–38 updates the FFI Agreement to reflect the temporary regulations released on February 20, 2014, under chapters 3, 4, and 61 of the Code, and section 3406. Rev. Proc. 2014–38 modifies and supersedes Rev. Proc. 2014–13.

Revenue Procedure 2014–39 updates the Qualified Intermediary (QI) agreement published in Rev. Proc. 2000–12, 2000–1 C.B. 387 (as amended) applicable to foreign intermediaries that wish to enter into a QI withholding agreement with the IRS under § 1.1441–1(e)(5). The QI agreement is being updated to reflect the enactment of Chapter 4 (§§ 1471–1474) of the Code, and the issuance of regulations under section 3406 and chapters 3, 4, and 61 of the Code. Rev. Proc. 2014–39 supersedes Rev. Prov. 2000–12 with respect to the requirements of a QI that apply on or after June 30, 2014, and is effective as of the date of public release. The effective date of this revenue procedure is June 27, 2014.

This document amends regulations concerning the 90 day waiting period limitation as related to a bona fide employment based orientation period for group health coverage, under the Affordable Care Act.

These final regulations extend exceptions/exemptions from FICA and FUTA taxes relating to services performed by certain employees for family members and for services performed by an employee for an employer where both are members of a qualifying religious sect to disregarded entities. These final regulations also clarify that the owner (and not the entity) is the party responsible for backup withholding and certain information reporting. These final regulations add the indoor tanning services excise tax to the list of excise taxes for which qualified subchapter S subsidiaries and disregarded entities are treated as separate entities. These final regulations also treat a single-owner eligible entity that is disregarded as an entity separate from its owner as a corporation with respect to the indoor tanning services excise tax. These regulations are effective on June 26, 2014.

These final regulations extend exceptions/exemptions from FICA and FUTA taxes relating to services performed by certain employees for family members and for services performed by an employee for an employer where both are members of a qualifying religious sect to disregarded entities. These final regulations also clarify that the owner (and not the entity) is the party responsible for backup withholding and certain information reporting. These final regulations add the indoor tanning services excise tax to the list of excise taxes for which qualified subchapter S subsidiaries and disregarded entities are treated as separate entities. These final regulations also treat a single-owner eligible entity that is disregarded as an entity separate from its owner as a corporation with respect to the indoor tanning services excise tax. These regulations are effective on June 26, 2014.

These final regulations extend exceptions/exemptions from FICA and FUTA taxes relating to services performed by certain employees for family members and for services performed by an employee for an employer where both are members of a qualifying religious sect to disregarded entities. These final regulations also clarify that the owner (and not the entity) is the party responsible for backup withholding and certain information reporting. These final regulations add the indoor tanning services excise tax to the list of excise taxes for which qualified subchapter S subsidiaries and disregarded entities are treated as separate entities. These final regulations also treat a single-owner eligible entity that is disregarded as an entity separate from its owner as a corporation with respect to the indoor tanning services excise tax. These regulations are effective on June 26, 2014.

This document amends regulations concerning the 90 day waiting period limitation as related to a bona fide employment based orientation period for group health coverage, under the Affordable Care Act.

This revenue procedure provides guidance regarding a new, voluntary Annual Filing Season Program designed to encourage tax return preparers who are not attorneys, certified public accountants (CPAs), or enrolled agents (EAs) to complete continuing education courses for the purpose of increasing their knowledge of the law relevant to federal tax returns. In addition, this revenue procedure modifies and supersedes Revenue Procedure 81–38, 1981–2 C.B. 592, regarding limited practice before the IRS by individuals who are not attorneys, CPAs or EAs. Except for section 6, this revenue procedure is effective as of June 30, 2014. Section 6 is effective for tax returns and claims for refund prepared and signed (or prepared if there is no signature space on the form) after December 31, 2015.