List of Countries with U.S. Exchange of Information Agreements Updated, Rev. Proc. 2022-35
The IRS has supplemented the list of countries with which the U.S. has an agreement relating to the exchange of […]Read More
The IRS released standards that a limited liability company (LLC) must satisfy to receive a determination letter recognizing it as tax-exempt under Code Secs. 501(a)(1) and 501(c)(3). This does not affect the status of organizations currently recognized under Code Sec. 501(c)(3).
The IRS would issue said letter only if an LLC’s articles of organization and its operating agreement each include:
Finally, comments could be made electronically via the Federal eRulemaking Portal at www.regulations.gov (type IRS-2020-0042 in the search field on regulations.gov to find this Notice and submit comments). Alternatively, send comments by mail: Internal Revenue Service, CC:PA:LPD:PR (Notice 2021-56), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
The IRS has clarified that qualified opportunity zone businesses should not file Form 8996. Form 8996 is filed only by […]Read More
The recently announced tuition debt relief program will not add to the tax burden of individuals who are able to […]Read More
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]Read More
The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]Read More
The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]Read More
The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]Read More