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The Internal Revenue Service (IRS) published a notice announcing a petition to add sodium chlorite to the list of taxable substances. The petition was filed by Occidental Chemical Corporation and requests public comments on this potential addition, which is not yet confirmed. Sodium chlorite is primarily used in water purification, textile bleaching, and disinfecting meat processing facilities. Comments must be submitted by March 24, 2025, using the Federal eRulemaking Portal or by mail.

The Treasury Department and the Internal Revenue Service published a correction to a proposed rule, initially released on November 20, 2024, associated with partnership tax rules for certain unincorporated organizations. This rule outlines the administrative criteria for these organizations to elect exemption from partnership tax regulations. Public comments are welcome until January 21, 2025, and a public hearing is scheduled for February 7, 2025. Corrections include removal of specific language in the original publication.

The Internal Revenue Service (IRS) and Treasury Department issued a notice that corrects errors found in an earlier proposed rule for corporate separations, incorporations, and reorganizations. These corrections were originally published in the Federal Register on January 16, 2025, and they relate to specifics in the Internal Revenue Code like sections 355 and 361. The changes adjust language in multiple sections of the proposal to clarify terms such as "two taxable years" to "two consecutive taxable years" and correct various typographical errors. These corrections aim to ensure the accuracy and clarity of the proposed regulations.

The Internal Revenue Service (IRS) is inviting public comments on the information collection related to Treasury Decision (TD) 9764, specifically regarding Section 6708, which deals with penalties for not maintaining lists of advisees for reportable transactions. This is part of a broader initiative to reduce paperwork burdens as per the Paperwork Reduction Act of 1995. The IRS is particularly interested in feedback on the necessity, accuracy, and ways to improve the collection process. Comments, due by May 5, 2025, will become public and assist in gaining approval for the collection tools used.

The Treasury Department and Internal Revenue Service have proposed new rules to determine where income from cloud transactions originates for international tax purposes. These rules will impact taxpayers who make money from cloud services and need to know how to report their income under U.S. tax law. The proposal suggests using factors like the location of employees and assets to determine the source of this income and invites public comments on the approach. The proposal aims to provide clear guidelines while staying consistent with existing laws and practices.

The Internal Revenue Service (IRS) is requesting public comments on rules about when and how tax return information can be shared. This involves sharing for quality checks or if a tax preparer can't fulfill their duties due to incapacity or death. Comments must be sent by April 19, 2021, and the IRS aims to lessen paperwork and make sure the information collection remains efficient and useful. The IRS also asks for feedback on improvements, accuracy, and ways to reduce the burden of collecting this information.

The Internal Revenue Service (IRS) and the Treasury Department have issued proposed regulations concerning the base erosion and anti-abuse tax (BEAT), which targets certain payments that large corporations make to foreign-related parties. These regulations provide guidance on how to handle qualified derivative payments, specifically those related to cross-border securities lending transactions. A key element is excluding mark-to-market gains and losses from these transactions from reporting, emphasizing that only payments like substitute dividends will be considered under specific conditions. The proposed rules aim to clarify compliance without imposing extra burdens and are open for public comment before potentially being finalized.

The document is a final rule published by the Internal Revenue Service (IRS) and the Treasury Department that identifies certain related-party transactions involving partnerships as transactions of interest due to potential tax avoidance. These transactions, involving adjustments to the basis of partnership property, must be disclosed to the IRS by material advisors and certain participants. The rule includes specific requirements and thresholds for which transactions must be reported and aims to gather additional information to prevent tax avoidance, while accommodating concerns about administrative burdens and compliance costs for smaller businesses. This rule will take effect on January 14, 2025, with extensions provided for some disclosures.

The Internal Revenue Service (IRS) is seeking comments on Form 8850 as part of its effort to reduce paperwork and the burden on respondents, in line with the Paperwork Reduction Act of 1995. This form, used by employers, helps to certify employees from targeted groups for the Work Opportunity Credit. The deadline for submitting written comments is April 28, 2025. Interested parties can direct their comments to Andres Garcia at the IRS, and any submitted feedback will be considered in the request for approval by the Office of Management and Budget (OMB).

The Internal Revenue Service (IRS), part of the Treasury Department, announced an open meeting of the Taxpayer Advocacy Panel's Tax Forms and Publications Project Committee. The meeting is scheduled for March 11, 2021, and aims to gather public comments and ideas to improve IRS customer service. Members of the public who want to participate must contact Fred Smith. More details can be found on the IRS improvement website.