Search Results for keywords:"statutory changes"

The final regulations clarify the application of excise taxes on payments made for air transportation services. Specifically, they address the exemption for payments made for certain aircraft management services, including maintenance and support of an aircraft owner's plane, ensuring that the tax does not apply to amounts paid for these services. The regulations also discuss rules related to aircraft charters and the responsibilities of various parties in collecting the air transportation taxes. These changes aim to incorporate statutory updates and simplify compliance for taxpayers and IRS examiners.

The Pension Benefit Guaranty Corporation (PBGC) is proposing a rule to make technical corrections, clarifications, and improvements to its regulations. These changes involve rules about premium rates, premium payments, and the termination of single-employer plans, stemming from PBGC's review of its existing regulations and adjustments needed due to recent statutory changes. Key updates include revisions to premium rate calculations to align with the SECURE Act, clarifications on termination processes for pension plans, and the push for more electronic submission of forms and documents. These proposals aim to enhance clarity and efficiency while remaining cost-neutral overall.

The Treasury Department and the Internal Revenue Service (IRS) have issued final regulations to update the rules for corporations that file consolidated federal income tax returns. These new regulations aim to bring the language up to date, clarify the existing rules, and reflect recent legal changes. They also remove outdated regulations and adjust tax rules, such as how losses are carried back or forward, considering a corporation's at-risk amount. These changes will mainly affect larger corporations that often file these types of consolidated returns.