Revenue Procedure 2015–20 permits small business taxpayers to make certain tangible property changes in methods of accounting with an adjustment under § 481(a) of the Internal Revenue Code that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014. In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115. This revenue procedure also requests written comments by April 21, 2015, on whether it is appropriate to increase the de minimis safe harbor limit provided in § 1.263(a)–1(f)(1)(ii)(D) of the Income Tax Regulations for a taxpayer without an applicable financial statement to an amount greater than $500, and, if so, what amount.

This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I). The rates in this notice reflect the application of § 430(h)(2)(C)(iv), which was added by the Moving Ahead for Progress in the 21st Century Act, Public Law 112–141 (MAP-21) and amended by section 2003 of the Highway and Transportation Funding Act of 2014, Public Law 113–159 (HATFA).

The Announcement addresses the application of the government’s win in United States v. Quality Stores, Inc., 134 S.Ct. 1395 (2014), to claims for refund of employment taxes. The primary intent of the Announcement is to inform taxpayers that the Service will take no further action on appeal requests that were suspended pending the resolution of Quality Stores. The Announcement tells taxpayers who to contact if the appeal request included an additional or different basis for the claim for refund, or if the claim for refund concerned payments that satisfied Revenue Ruling 90–72. The Announcement also informs taxpayers that the Service will continue to disallow claims for refund of Federal Insurance Contributions Act (FICA), Railroad Retirement Tax Act (RRTA), and Federal Unemployment Tax Act (FUTA) taxes paid with respect to severance payments that are not otherwise excluded from such taxes pursuant to Revenue Ruling 90–72.

This notice contains a proposed revenue procedure providing guidance to employers on employee consents used to support a claim for refund under § 6402 of the Internal Revenue Code and § 31.6402(a)–2 of the Employment Tax Regulations for overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA).