Wednesday, February 8, 2012

IRS Issues 2011-2012 Priority Guidance Plan

The IRS has issued the priority guidance plan for 2011-2012. The payroll related items relating to executive compensation, health care, and benefits are below.

(1) Guidance under Code Sec. 51(d) on whether a state workforce agency may accept a Form 8850 Pre-Screening Notice and Certification Request for the Work Opportunity Credit with faxed signatures of the job applicant and the employer.

(2) Revenue ruling under Code Sec. 62(c) on wage recharacterization.

(3) Regulations under Code Sec. 83 to incorporate the holding in Revenue Ruling 2005-48.

(4) Revenue procedure providing model language on Code Sec. 83(b) elections.

(5) Final regulations on cafeteria plans under Code Sec. 125.

(6) Guidance on the $2,500 annual limit on salary reduction contributions to cafeteria plan health Flexible Spending Arrangements (health FSAs) under Code Sec. 125(i), as added by §9005 of the Patient Protection and Affordable Care Act (ACA).

(7) Notice on the applicability of Code Sec. 132(d) and (e) to employer-provided cell phones following enactment of §2043 of the Small Business Jobs Act of 2010. Published: 9/19/11 in IRB 2011-38 as Notice. 2011-72 (Released 9/14/11).

(8) Guidance under Code Sec. 132(f) on the use of smart cards, debit cards and credit cards in providing qualified transportation fringe benefits.

(9) Guidance under Reg. §162(m) on the application of the deduction limitation to certain payments of dividends or dividend equivalents.

(10) Guidance under Code Sec. 162(m)(6), as added by §9014 of the ACA.

(11) Notice under Code Sec. 223 on the effect of Indian Health Service coverage on eligibility to contribute to a Health Savings Account (HSA).

(12) Revenue ruling under Code Sec. 280G and Code Sec. 4999(a) on change in ownership.

(13) Guidance on application of Code Sec. 402(b) to participants in foreign nonqualified deferred compensation plans.

(14) Guidance under Code Sec. 404 on the application of the "in which or with which ends" rule and the exceptions to that rule in Code Sec. 1.404(a)-12(b).

(15) Final regulations on income inclusion under Code Sec. 409A. Proposed regulations were published on December 8, 2008.

(16) Notice on the application of Code Sec. 409A(b), as amended by the Pension Protection Act of 2006.

(17) Guidance under Code Sec. 419A on the definition of post-retirement medical benefits.

(18) Guidance under Code Sec. 424(c)(1)(B) on whether there is a disposition of Incentive Stock Option or Employee Stock Purchase Plan shares on receipt of boot by a target shareholder in a Code Sec. 368(a)(1) reorganization.

(19) Regulations under Code Sec. 457(f) on ineligible plans.

(20) Regulations under Code Sec. 512 explaining how to compute unrelated business taxable income of voluntary employees' beneficiary associations described in Code Sec. 501(c)(9).

(21) Guidance on the employee retention credit under Code Sec. 1400R.

(22) Regulations under Code Sec. 3101(b), Code Sec. 3102(f), and Code Sec. 1401(b) on additional Medicare tax on employees and self-employed individuals as added by §9015 of the ACA.

(23) Revenue ruling under Code Sec. 3121(q) updating Revenue Ruling 95-7 on tips.

(24) Regulations under Code Sec. 3127, Code Sec. 3121(b)(3)(A) and Code Sec. 3306(c)(5) making certain FICA exemptions available for disregarded entities.

(25) Regulations under Code Sec. 3504 designating certain parties who file employment tax returns under their employer identification numbers (EINs) for their clients' workers as persons required to perform acts of employers.

(26) Regulations under Code Sec. 4980G on interaction of Code Sec. 4980G and Code Sec. 125 with respect to comparable employer contributions to employees' HSAs.

(27) Guidance on shared responsibility for employers regarding health coverage under Code Sec. 4980H, as added by §1513 of the ACA. Published: 10/3/11 in IRB 2011-40 as Notice 2011-73 (Released 9/13/11).

(28) Guidance on the reporting requirements under Code Sec. 6056, as added by §1514 of the ACA.

(29) Guidance on the tax treatment of health insurance premium rebates under Public Health Service Act Code Sec. 2718(b), as added by §1001 of the ACA. (Treasury Office of Tax Policy and Internal Revenue Service,Second Quarter 2011-2012 Priority Guidance Plan, January 25, 2012.)

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