Dive into IRS Bulletin 2024-49 for the latest tax updates, including 2025 interest rates, employee plan metrics, PCORTF fee adjustments, and December's federal rate tables.
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The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
EMPLOYEE PLANS
Notice 2024-80, page 1120.
Section 415 of the Internal Revenue Code (the Code) provides for dollar
ADMINISTRATIVE
Rev. Rul. 2024-25, page 1181.
Interest rates: underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning January 1, 2025, will be 7 percent for overpayments (6 percent in the case of a cor-poration), 7 percent for underpayments, and 9 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 4.5 percent.
EMPLOYEE PLANS
Notice 2024-81, page 1203.
This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for October 2024 used under § 417(e)(3)(D), the 24-month average segment rates applicable for November 2024, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
EXCISE TAX
Notice 2024-83, page 1206.
Sections 4375 and 4376 impose a fee on issuers of speci-fied health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Trust Fund (PCORTF). The PCORTF fee is determined by multiplying the applicable dollar amount for that year by the average number of lives covered during the year. The applicable dollar amount is based on increases in the projected per capita amount of National Health Expendi-tures, as most recently released by HHS. Notice 2023-70 provided that the adjusted applicable dollar amount for policy years and plan years ending on or after October 1, 2023, and before October 1, 2024, is $3.22. This notice provides that the adjusted applicable dollar amount that applies for determining the PCORTF fee for policy years and plan years ending on or after October 1, 2024, and before October 1, 2025, is $3.47. This amount has been determined by Treasury economists using the percentage increase in the projected per capita amount of National Health Expenditures published by HHS last year in June 2024 (Table 3) and the adjustment, as determined by Treasury economists, for year to year variations.
INCOME TAX
Rev. Rul. 2024-26, page 1201.
Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for December 2024.