• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

No more ‘comfort’ in IRS private rulings

by on
in Small Business Tax

Budget cuts at the IRS are being felt in several places. In addition to closing its doors for several extra days this summer, the agency has announced it is cutting back on private letter rulings. (IRS Revenue Procedure 2013-32)

To conserve its resources, the IRS is limiting the scope of rulings to corporate transactions like tax-free reorganizations, corporate formations and liquidations and spin-offs. Thus, it will no longer issue “comfort” rulings on issues where the outcome is settled, but it will continue to rule privately on major issues where the tax law isn’t clear.

The changes apply to private letter ruling requests postmarked after Aug. 23, 2013.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/36382/no-more-comfort-in-irs-private-rulings "

Related Articles...

    No matches

Leave a Comment