Type:Rule
Citation:89 FR 101881
Reading Time:about a minute or two
The document is a correction to final regulations issued by the Internal Revenue Service (IRS) and published in the Federal Register. These regulations allow certain unincorporated organizations owned by applicable entities to be excluded from partnership tax rules. The correction involves a change in a specific regulatory citation from “§ 1.6417-1(c)” to “§ 1.6417-1(k)” within the regulations. The correction will take effect on January 19, 2025.
Simple Explanation
The IRS made a small correction to a rule about taxes that affects certain type of businesses so they don't have to follow the same rules as partnerships, changing one tiny code number so it matches everywhere.