Search Results for keywords:"proposed regulations"

Found 9 results

Search Results: keywords:"proposed regulations"

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  • 2021-02146 — Section 42, Low-Income Housing Credit Average Income Test Regulations; Hearing
    Type:Proposed Rule
    Citation:86 FR 7986
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is holding a public hearing on March 24, 2021, about proposed regulations concerning the average income test related to the low-income housing credit. Those who wish to speak at the hearing must submit an outline of their topics by March 5, 2021. The hearing will be conducted via teleconference, and anyone interested in attending or testifying must email the IRS in advance to receive the necessary access details. The public hearing is related to a previous notice of proposed rulemaking published on October 30, 2020.

    Simple Explanation

    The government is holding a phone meeting where people can talk about rules for making housing more affordable; if someone wants to speak, they must tell the government what they will talk about by March 5, but the rules for choosing who can speak aren't very clear.

  • 2025-00728 — Certain Employee Remuneration in Excess of $1,000,000 Under Internal Revenue Code Section 162(m)
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    Type:Proposed Rule
    Citation:90 FR 4691
    Reading Time:about 44 minutes

    The IRS and Treasury Department have proposed new regulations regarding the deduction limits on high employee salaries, specifically affecting public corporations. According to section 162(m) of the Internal Revenue Code, deductions for employee pay over $1,000,000 are limited, and this proposal incorporates amendments from the American Rescue Plan Act of 2021. The regulations now consider more employees, including those in affiliated corporate groups, as part of this deduction limit. Public feedback is being accepted until March 17, 2025, and organizations are encouraged to comment electronically.

    Simple Explanation

    The government wants to set some new rules to make sure companies can't save money on their taxes by paying certain employees more than $1,000,000 each year, and they want people to share their thoughts about these rules by March 17, 2025.

  • 2024-28217 — Corporate Alternative Minimum Tax Applicable After 2022
    Type:Proposed Rule
    Citation:89 FR 96143
    Reading Time:about 5 minutes

    The Internal Revenue Service (IRS) has extended the deadline for submitting comments on proposed regulations about the corporate alternative minimum tax. Originally due by December 12, 2024, comments are now accepted until January 16, 2025. However, the deadline to request to speak at a public hearing on the regulations remains December 12, 2024, and the hearing itself will still take place on January 16, 2025. Interested individuals can submit their comments electronically via the Federal eRulemaking Portal or by mail.

    Simple Explanation

    The IRS wants to hear what people think about new tax rules for big companies, and they've made more time for people to send in their thoughts. People have until January 16, 2025, to write in, and the discussion about it will happen on the same day.

  • 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.

  • 2021-02183 — Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster; Hearing
    Type:Proposed Rule
    Citation:86 FR 7987
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS), part of the Treasury Department, has announced a public hearing on proposed regulations related to a new rule that gives a 60-day delay on certain tax-related deadlines due to federally declared disasters. The hearing will take place on March 23, 2021, via teleconference, and individuals interested in speaking must submit their outlines by March 15, 2021. Anyone wishing to attend or testify at the hearing should send an email to the IRS to receive dial-in information. For more details on the hearing and participation, individuals can contact the IRS through the provided phone numbers or email.

    Simple Explanation

    The government wants to make a new rule that gives people extra time, 60 days, to do taxes if there is a big disaster. They will have a special phone meeting to talk about it in March, and people can join if they email the government to get the phone number.

  • 2025-00256 — Section 45W Credit for Qualified Commercial Clean Vehicles
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    Type:Proposed Rule
    Citation:90 FR 3506
    Reading Time:about 2 hours

    The Internal Revenue Service (IRS) has proposed regulations to implement the Section 45W credit for qualified commercial clean vehicles as introduced by the Inflation Reduction Act of 2022. These proposals explain how taxpayers can calculate and claim the credit when they place such vehicles in service, with specific details on determining vehicle eligibility, calculating the credit amount, and fulfilling reporting requirements. The regulations also address interactions with other credits, recapture rules, and special provisions for tax-exempt entities. Public comments are invited, and a hearing is scheduled for April 28, 2025.

    Simple Explanation

    The IRS is making rules for how people and companies can get a special money-back bonus when they use clean vehicles like electric trucks for business. These rules help figure out if the vehicles can get the bonus, how much it's worth, and what information needs to be shared, but they can be a bit tricky and confusing.

  • 2021-02653 — Section 42, Low-Income Housing Credit Average Income Test Regulations; Hearing
    Type:Proposed Rule
    Citation:86 FR 8721
    Reading Time:about a minute or two

    The Internal Revenue Service (IRS) announced a correction to its proposed regulations on the average income test related to the low-income housing credit. A public hearing on these regulations will be held via teleconference on March 24, 2021. Interested individuals must submit their speaking topics by March 5, 2021, or the hearing will be canceled. The error corrected involves a regulation identification number in a previous publication of the proposed rule.

    Simple Explanation

    The IRS is fixing a mix-up with their rules about making homes cheaper for people with lower incomes. They want to talk about it on a phone meeting in March, but they need to hear from people who want to join by early March, or they will cancel the meeting.

  • 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.

  • 2025-04757 — Guidance Regarding Certain Matters Relating to Nonrecognition of Gain or Loss in Corporate Separations, Incorporations, and Reorganizations; Technical Correction
    Type:Proposed Rule
    Citation:90 FR 13427
    Reading Time:about 6 minutes

    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.

    Simple Explanation

    The IRS and Treasury Department found some small mistakes, like typos, in their earlier rules about how big companies change their structure to avoid certain taxes, and they fixed them to make sure everything is clear and correct.