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The Internal Revenue Service (IRS) is seeking comments from the public and federal agencies on the burden associated with completing Form 7203 related to S Corporation shareholder stock and debt basis limitations. This request is part of an ongoing effort to reduce paperwork and respondent burden according to the Paperwork Reduction Act of 1995. The IRS has specific areas they want feedback on, including the necessity, accuracy, and enhancement of the information collected, and how to minimize the burden on respondents. Comments are due by April 4, 2025, and should be submitted to Andrés Garcia at the IRS.

This document is a correction to a final regulation initially published in the Federal Register on December 11, 2024, under Treasury Decision 10016. These regulations pertain to how taxable income or loss and foreign currency gain or loss are determined for a qualified business unit. The document corrects specific portions of the published regulation and makes amendments to parts of the tax code under sections 861, 985 through 989, and 1502. These corrections are effective starting January 17, 2025.

The Internal Revenue Service (IRS) has announced a notice and request for public comments regarding the Gaming Industry Tip Rate Compliance Agreement (GITCA). This program is designed to improve compliance with tax regulations related to tip income in the gaming industry. Stakeholders are encouraged to provide feedback on various aspects, such as the necessity and efficiency of the information collection, by May 9, 2025. The current review is for extending an already approved collection, with no changes anticipated in the procedures or burden.

The Internal Revenue Service (IRS) is seeking public comments on the information collection requirements related to passive activity losses and credits. This effort is part of their ongoing attempt to reduce paperwork and simplify processes in adherence to the Paperwork Reduction Act of 1995. The IRS is interested in feedback on the necessity and utility of the information collected, the estimated burden it places on respondents, and potential ways to minimize this burden, possibly through technological solutions. Comments must be submitted by March 24, 2025, and will help improve the procedure and ensure proper compliance.

The Internal Revenue Service (IRS) has canceled a public hearing that was supposed to take place on December 13, 2024. The hearing was on a proposed rule to change the definition of a “coverage month” and other related rules for calculating a person's premium tax credit. Since no one requested to testify at the hearing, it has been called off. The initial notice for this hearing was published in the Federal Register on September 17, 2024.

The Treasury Department and IRS have issued final regulations that update the rules for classifying transactions involving digital content and cloud services. These updates help clarify how transactions like software downloads and streaming services are taxed, especially in international contexts. The new rules replace the previous "de minimis" standard with a "predominant character" rule to simplify determining the main purpose of such transactions. Examples in the regulations provide further guidance, and while the new rules are effective for tax years starting on or after January 14, 2025, businesses can also choose to apply them to earlier years.

The Internal Revenue Service (IRS) is seeking public comments on two information collections related to reducing withholding tax under Section 1446. These are Form 8804-C, which allows foreign partners to potentially reduce or eliminate their share of withholding tax, and TD 9394, which includes final regulations for partnerships to consider certain deductions and losses for the same purpose. The IRS is requesting feedback by April 19, 2021, as part of their ongoing efforts to minimize paperwork and respondent burden.