Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for December 2014.

This revenue ruling updates previous guidance on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringe benefits to employees. This revenue ruling also provides guidance on the use by employees of debit cards for paying mandatory shipping fees on transit passes. Finally, the revenue ruling provides that after December 31, 2015, employers may no longer provide qualified transit fringe benefits under a bona fide cash reimbursement arrangement in cases in which a terminal-restricted debit card is the only readily available transit pass in the employer’s geographic area.

Rev. Proc. 2014–62 provides the applicable percentage table in § 36B(b)(3)(A) of the Internal Revenue Code used to calculate an individual’s premium assistance credit amount for taxable years beginning after calendar year 2015. It also provides the required contribution percentage in § 36B(c)(2)(C)(i)(II) used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage for purposes of § 36B for plan years beginning after calendar year 2015. Additionally, Revenue Procedure 2014–37 cross-references the required contribution percentage, as determined under guidance issued by the Department of Health and Human Services, used to determine whether an individual is eligible for an exemption from the individual shared responsibility payment because of a lack of affordable minimum essential coverage under § 5000A(e)(1)(A) for plan years beginning after calendar year 2015. This revenue procedure is effective for taxable years and plan years beginning after December 31, 2015.

Notice 2014–76 identifies the hardship exemptions from the individual shared responsibility payment under § 5000A of the Internal Revenue Code that a taxpayer may claim on a Federal income tax return without obtaining a hardship exemption certification from the Health Insurance Marketplace. This notice applies to taxable years beginning after December 31, 2013.

This Treasury decision contains final regulations under sections 367 and 6038B. Upon a U.S. person’s transfer of stock to a foreign corporation, section 367(a) generally conditions nonrecognition treatment on the person properly filing a gain recognition agreement (“GRA”). In addition, the regulations under section 6038B generally require the U.S. person to report the transfer on a Form 926, unless a GRA is properly filed. Under current law, the standard for curing unfiled or deficient GRAs and Forms 926 is the same: a person must demonstrate “reasonable cause.” A NPRM (REG–140649–11) published on January 31, 2013 (78 FR 6772–01) proposed to change the reasonable cause standard to a “not willful” standard for GRAs. In addition, the NPRM proposed to require a Form 926 to be filed in all cases in which a GRA is filed and to generally treat noncompliance with the GRA rules (determined without regard to not willful relief) as a failure to satisfy a section 6038B reporting obligation. Further, the NPRM proposed to apply similar rules to other types of section 367 filings. This Treasury decision adopts the NPRM with modifications.

This notice amends the two safe harbor explanations in Notice 2009–68, 2009–2 C.B. 423, that can be used to satisfy the requirement under § 402(f) of the Internal Revenue Code (“Code”) that certain information be provided to recipients of eligible rollover distributions. Amendments to the safe harbor explanations reflected in this notice relate to the allocation of pre-tax and after-tax amounts, distributions in the form of in-plan Roth rollovers, and certain other clarifications to the two safe harbor explanations. The amendments to the safe harbor explanations (and attached model notices) may be used for plans that apply the guidance in section III of Notice 2014–54, 2014–41 I.R.B. 670, with respect to the allocation of pretax and after-tax amounts.

This revenue ruling updates previous guidance on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringe benefits to employees. This revenue ruling also provides guidance on the use by employees of debit cards for paying mandatory shipping fees on transit passes. Finally, the revenue ruling provides that after December 31, 2015, employers may no longer provide qualified transit fringe benefits under a bona fide cash reimbursement arrangement in cases in which a terminal-restricted debit card is the only readily available transit pass in the employer’s geographic area.