
Tax Alert
Final section 6050Y regulations mean new 1099-LS and 1099-SB for many
The IRS has published final section 6050Y regulations requiring reporting of sales and acquisitions of certain life insurance contracts.
The IRS has published final section 6050Y regulations requiring reporting of sales and acquisitions of certain life insurance contracts.
Proposed rules address many open issues and would prescribe complex calculations for taxpayers deducting business interest expense.
IRS Deputy Associate Chief Counsel Daniel McCall said government is working on regulations to correct downward attribution of CFC status.
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