Search Results for keywords:"IRS proposed regulations"

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Search Results: keywords:"IRS proposed regulations"

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  • 2024-28371 — Accounting for Disregarded Transactions Between a Qualified Business Unit and Its Owner
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    Type:Proposed Rule
    Citation:89 FR 99782
    Reading Time:about 42 minutes

    The Treasury Department and the Internal Revenue Service (IRS) have issued proposed regulations regarding the method of accounting for certain disregarded transactions between a qualified business unit (QBU) and its owner. These regulations allow for a new election option intended to reduce the compliance burden for taxpayers by using a yearly average exchange rate for translating assets involved in frequently recurring transactions in the ordinary course of business. Additionally, the document invites comments on several topics, including the treatment of partnerships and controlled foreign corporations under sections 987 and 989 of the Internal Revenue Code. The regulations aim to provide clarity and simplify the compliance process for affected taxpayers.

    Simple Explanation

    The government wants to make new rules to help people count the money they make or lose when a certain part of their business sells things to another part of the same business, even when they're in different countries. They're asking for ideas on how to make the rules better and easier to follow, especially for little businesses.

  • 2021-00185 — Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster
    Type:Proposed Rule
    Citation:86 FR 2607
    Reading Time:about 39 minutes

    The Treasury Department and Internal Revenue Service (IRS) have proposed new regulations to implement a 60-day delay on certain tax deadlines for those impacted by a federally declared disaster. These proposed regulations also aim to clarify the definition of such a disaster. The rules would affect individuals, businesses, and any taxpayers with necessary tax records in disaster areas. The IRS welcomes public feedback on these proposed regulations.

    Simple Explanation

    The government wants to give people and businesses more time to do their taxes if they're affected by a big disaster, like a huge storm. But since the rules are a bit confusing, they're asking people for ideas on how to make things clearer and better.