IRS issues welcome guidelines regarding relief for late S corporation - related elections

Article Abstract:

Even though taxpayers have been provided with procedures to seek relief from late S corporation elections, a number of them fail to seek relief on time and are forced to go to the National Office of the IRS through private letters, which is very expensive. Recognizing this, the IRS has widened the situation in which taxpayers can seek relief from service centers.

S corporations, Allocation (Taxation), Tax allocation

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Revenue ruling addresses deferred like-kind exchanges

Article Abstract:

The IRS has provided guidelines to partnerships in which the partnership property is subject to a liability to a partner in a tax year and gets replacement property subject to a liability in the following year. The IRS considered two situations, one owned property with a fair market value of $300x and the other owned property with a fair share of $340x.

Product standards, safety, & recalls, Partnerships, Taxes, Standards, Taxation, Partnership

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K-1 matching program continues

Article Abstract:

In an effort to improve tax payer compliance regarding proper reporting of income from schedules K-1 on other tax returns, the IRS has provided appropriate tips for this purpose. In addition, the IRS intends to renew and improve this program too.

Tax returns

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