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IRS PLR: Extension Granted for Decedent’s Estate to Make Portability Election (IRC §2010)
Bloomberg Law· 10 hours agoThe IRS has published a private letter ruling on Section 2010 and Treasury Regulation Section 301.9100, granting a decedent’s estate an extension of time to make a portability ...
IRS PLR: Extension Granted to Make Corporation Tax Classification Election (IRC §7701)
Bloomberg Law· 11 hours agoThe IRS has published a private letter ruling on Treasury Regulation Sections 301.7701 and 301.9100, granting a foreign entity an extension of time to elect to be classified as an ...
Case: Settlement Officer Did Not Abuse Discretion by Not Considering Amended Return Petitioner...
Bloomberg Law· 14 hours agoIRS Settlement Officer (SO) did not abuse his discretion by not considering Petitioner’s alleged amended 2017 tax return, which she claimed would lower her tax liability, ...
IRS PLR: Extension of Time Granted to Make Alternate Valuation Election (IRC §2032)
Bloomberg Law· 10 hours agoThe IRS has published a private letter ruling on Section 2032, and Treasury Regulations Section 301.9100, regarding an extension of time to make an alternate valuation election. [PLR 202425012]
IRS to Reject Billions of Dollars in Covid Employer Tax-Credit Claims
The Wall Street Journal· 5 days agoThe Internal Revenue Service is planning to deny billions of dollars of claims for the pandemic-era...
Treasury and IRS Announce New Attack on Partnership Basis-Shifting Structures and Establishment of...
The National Law Review· 5 days agoOn June 17, 2024, the IRS announced the formation of a dedicated group in the Office of Chief...
Tax Court Has Jurisdiction to Hear Why Bill Challenge Is Late
Bloomberg Law· 10 hours agoThe IRS must face a late lawsuit challenging a tax bill because the taxpayer’s deadline to file a petition doesn’t govern whether the US Tax Court possesses jurisdiction, ...
IRS T.D.: Statutory Disallowance of Deductions for Certain Qualified Conservation Contributions Made...
Bloomberg Law· 13 hours agoThe rules provide guidance regarding the statutory disallowance rule, including definitions, appropriate methods to calculate the relevant basis of a partner or an S corporation shareholder, ...
IRS Can Audit 3 Or 6 Years Back Or Sometimes Forever, States Can Too
Forbes· 6 days agoIf you face a tax audit and can legitimately point to the statute of limitations to head off trouble...
IRS to reject billions of dollars in ‘improper’ pandemic-era small business tax credit claims
CNBC· 5 days agoDanny Werfel, IRS commissioner, speaks after being ceremonially sworn in at the IRS headquarters in...