A man enters the Internal Revenue Service (IRS) building in Washington, D.C., U.S., on Friday, May 7, 2010. Americans seeking reward money are turning in neighbors, clients and employers they suspect of cheating on taxes to the IRS at a rate of nearly eight per day, the director of the agency's whistleblower program said. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The IRS has released Revenue Procedure 2017-52, which introduces an 18-month pilot program to accept letter ruling requests addressing the general federal income tax consequences of transactions intended to qualify as tax-free stock distributions.
This rev proc introduces the program expanding the scope of letter rulings available from the IRS to include for a period of time rulings on the tax consequences of a distribution of stock, or stock and securities, of a controlled corporation under § 355 of the IRC.
It provides procedures for taxpayers requesting these rulings, and clarifies procedures for taxpayers requesting rulings on significant issues relating to these transactions.
Rev. Proc. 2017-52 will be in IRB 2017-41, dated Oct. 10.
The numbers look gaudy, but potential estate taxes and prohibitions on future strategies make the big retirement accounts much less appealing, two experts said.
The Internal Revenue Service, the Treasury and other parts of the government plan to phase out the use of paper checks for payments by the end of this month.
The internal audit profession has been grappling with a greater array of responsibilities beyond checking up on corporate finances, including vetting companies' cybersecurity and use of artificial intelligence.
Plus, AuditDashboard announces 8.0 release with Microsoft 365 and Copilot integration; Audit Sight releases new analytics module for insights; and other accounting tech updates.
