This Week's Internal Revenue Bulletin

HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

ADMINISTRATIVE

Rev. Proc. 2021-36, page 357. This revenue procedure provides the applicable percentage table in § 36B(b)(3)(A) of the Internal Revenue Code for tax-able years beginning in calendar year 2022. This table is used to calculate an individual's premium tax credit under § 36B. This revenue procedure also provides the indexing adjustment for the required contribution percentage in § 36B(c)(2)(C)(i)(II) for plan years beginning in calendar year 2022. This percentage is used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage.

EMPLOYEE PLANS

Notice 2021-50, page 333. This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for Au-gust 2021 used under § 417(e)(3)(D), the 24-month average segment rates applicable for August 2021, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2) (C)(iv).

ESTATE TAX

Rev. Rul. 2021-15, page 331. Special Use Value: Farms: Interest Rates. The 2021 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estate of decedents.

INCOME TAX

Notice 2021-43, page 332. The notice provides transition relief related to the work opportunity credit by giving employers additional time to submit a certification request to a Designated Local Agency for the targeted groups described in section 51(d)(5) and (7) of the Internal Revenue Code.

Rev. Proc. 2021-34, page 337. Rev. Proc. 2021-34 modifies Rev. Proc. 2019-43, 2019-48 I.R.B. 1107, to provide procedures under § 446 of the Internal Revenue Code (Code) and § 1.446-1(e) of the Income Tax Regulations to obtain automatic consent of the Commissioner of Internal Revenue (Commissioner) to change methods of accounting to comply with final regulations under §§ 1.451-3, 1.451-8, and 1.1275-2(l) and to change methods of ac-counting for certain inventory costs to comply with §§ 263A, 461, and 471 if such changes are made in connection with a change to comply with § 1.451-3 and/or § 1.451-8, as applicable. This revenue procedure also modifies Rev. Proc. 2015-13, 2015-5 I.R.B. 419, as clarified and modified by Rev. Proc. 2015-33, 2015-24 I.R.B. 1067, and further modified by Rev. Proc. 2016-1, 2016-1 I.R.B. 1, Rev. Proc. 2017-59, 2017-48 I.R.B. 543, and Rev. Proc. 2021-26, 2021-22 I.R.B. 1163, to provide procedures for a taxpayer to obtain the consent of the Commissioner to change its method of accounting to comply with §§ 1.451-3 and/or 1.451-8, as applicable, by providing rules related to cost offset method changes.

Rev. Proc. 2021-35, page 355. Rev. Proc. 2021-35 modifies Rev. Proc. 2013-26, 2013-22 I.R.B. 1160, to reflect changes made to the treatment of certain credit card fees by section 451(b) and sections 1.451-3 and 1.1275-2(l). Rev. Proc. 2013-26 describes the proportional method of accounting for original issue discount on a pool of credit card receivables.