The Internal Revenue Service has indefinitely extended a pilot program for private letter rulings for corporate taxpayers.
Processing Content
The IRS originally created the pilot program in 2017, announcing it in a 2017 revenue ruling that year. It was aimed at taxpayers requesting rulings on whether corporate stock distributions, such as spin-offs, are tax-free under section 355 of the Internal Revenue Code. Participants in the program have been able to get rulings from the IRS on the general federal income tax consequences of these distributions and related transactions. The pilot program also includes procedures for ruling requests on these matters.
The pilot program was originally scheduled to expire on March 21, 2019, but the IRS’s Office of the Chief Counsel said Tuesday that the pilot program has been extended indefinitely. The Senate confirmed Michael Desmond late last month as the IRS's new chief counsel (see Senate confirms new IRS chief counsel).
Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985. Prior to... Read full bio
Paystand announced the general availability of its agentic finance suite, which brings AI agents into accounts receivable, spend management and reporting on its B2B payment network.
Hall CPA, a firm focused on serving real estate investors, acquired Tooth & Coin, marking its first acquisition and expansion into the dental practice industry.
Most Internal Revenue Service employees avoided directly contacting taxpayers who were represented by tax professionals, but there were some misunderstandings.
A growing share of prospects now ask AI questions like "who is the best CPA firm for a small business near me" and act on the three or four names the model gives them.