Search Results for keywords:"partnership tax rules"

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Search Results: keywords:"partnership tax rules"

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  • 2024-29654 — Election To Exclude Certain Unincorporated Organizations Owned by Applicable Entities From Application of the Rules on Partners and Partnerships; Correction
    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.

  • 2025-02251 — Administrative Requirements for an Election To Exclude Applicable Unincorporated Organizations From the Application of Subchapter K; Hearing Cancellation
    Type:Proposed Rule
    Citation:90 FR 9013
    Reading Time:about a minute or two

    The Internal Revenue Service (IRS), part of the Treasury Department, planned a public hearing on February 7, 2025, concerning proposed rules for unincorporated organizations related to partnership tax rules. However, since no requests to testify were received by the deadline, the hearing has been cancelled. This cancellation was officially announced in the Federal Register on February 5, 2025.

    Simple Explanation

    The people in charge of taxes planned a meeting to talk about new rules that might change how some groups pay their taxes, but because nobody asked to speak at the meeting, they decided not to have it.

  • 2024-29653 — Administrative Requirements for an Election To Exclude Applicable Unincorporated Organizations From the Application of Subchapter K; Correction
    Type:Proposed Rule
    Citation:89 FR 102841
    Reading Time:about 2 minutes

    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.

    Simple Explanation

    The Treasury Department and IRS are making a change to some rules about taxes for certain businesses that don't have a formal company setup. They're fixing a mistake in the rules they shared earlier, and they would love to hear what people think about these rules until January 21, 2025. There will also be a meeting to talk more about it on February 7, 2025.