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 Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.
Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.