These proposed regulations (REG–109086–15) primarily address issues under section 36B of the Internal Revenue Code relating to the health insurance premium tax credit. The proposed regulations amend the computation of the premium tax credit for families with children who enroll in health coverage through Exchanges offering qualified health plans that do not provide pediatric dental benefits, and address information reporting by Exchanges and other issues. These proposed regulations also address the effect of employer opt-out arrangements on the affordability of employer-provided health coverage for purposes of the premium tax credit and the section 5000A individual shared responsibility provision.

This revenue procedure provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner to change to or from the net asset value method of accounting provided in section 1.446 –7 for gain or loss on shares in a money market fund.

These final regulations provide a permissible and simplified method of accounting for gains and losses on shares in money market funds. The final regulations also clarify that an exception to certain information reporting requirements applies to shares in all money market funds.

Final and temporary regulations published in the Rules and Regs section of this issue of the Internal Revenue Bulletin prescribe the manner in which an organization must notify the Internal Revenue Service of intent to operate under section 501(c)(4) of the Internal Revenue Code (Code), as required by section 506, added to the Code by the Protecting Americans from Tax Hikes Act of 2015. The text of the temporary regulations also serves as the text of these proposed regulations.

Rev. Proc. 2016–41 sets forth the procedure for an organization to notify the Internal Revenue Service, consistent with section 506 of the Internal Revenue Code (Code), that it is operating as an organization described in section 501(c)(4) of the Code.

The regulations prescribe the manner in which an organization must notify the Internal Revenue Service of intent to operate under section 501(c)(4) of the Internal Revenue Code (Code), as required by section 506, added to the Code by the Protecting Americans from Tax Hikes Act of 2015. Specifically, the regulations provide that the notification must be submitted on Form 8976, “Notice of Intent to Operate Under Section 501(c)(4),” or its successor.

This document contains corrections to Revenue Procedure 2016–34, as published on Monday, June 27, 2016 (I.R.B. 2016 –26, 1072 In particular, this announcement corrects one administrative item.