The IRS released proposed regulations and a Revenue Ruling providing guidance on the newly created Qualified Opportunity Zones.
IRS has informally announced their intent to delay and eventually eliminate FATCA withholding on certain gross proceeds.
In two recent private rulings, a taxpayer who mistakenly failed to file Form 7004 and 1120 was allowed 120 days to make late elections.
Proposed regulations eliminate Reg. section 1.451-5, which provides a method of deferring revenue from advance payments.
The IRS has extended Oct. 15 and other upcoming deadlines to provide tax relief for victims of Hurricane Michael.
A recent IRS private letter ruling highlights the need for caution when LLCs elect to be treated as S corporations.
Legislation enacted through a veto override extends and amends certain credit programs, and creates a new agribusiness credit.
The IRS, in a recent PLR, has allowed a taxpayer to change its entity classification election inside the general 60-month no change period.