The IRS on Aug. 24 updated the Internal Revenue Manual (IRM) to
reflect changes to the way the Appeals Division functions, In
Notice 2016-59, the IRS provided changes to Rev. Proc. 2016-1,
which governs the procedures and cost for obtaining a private
letter ruling (PLR) from the IRS Office of Chief Counsel.
Under Rev. Proc. 2016-1, the current user fee for a PLR is
$28,300. Taxpayers requesting a PLR may qualify for a reduced user
fee for a substantially identical PLR if the subsequent PLR is
requested for multiple entities with a common member or sponsor, or
multiple members of a common entity. The reduced user fee for each
substantially identical PLR is $2,700.
The notice expands the availability of the reduced user fee to
include substantially identical PLRs requested by parties that are
engaged together in the same transaction affecting all requesting
taxpayers. The change is effective immediately and will be
reflected in Rev. Proc. 2017-1, which is typically published in
early January of each year. Finally, the notice also
decreases the user fee for a request for a Foreign Insurance Excise
Tax Waiver Agreement from $8,000 to $7,200, for requests received
after Feb. 4, 2016. The IRS said the reduced fee was omitted
inadvertently from Rev. Proc. 2016-1.
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8 Dec 2016, Webinar, Washington, DC, United States
As organizations gear up for the April 10, 2017 implementation deadline, they are making changes to product line ups, pricing, technology, business processes, distribution, their workforce – and in some cases are even changing their business models themselves. Is your organization ready? This webcast will discuss key trends and tactics that have emerged as financial service organizations tackle implementation challenges and highlight emerging best practices.
Program Content: Continued efforts to reform state and local tax (SALT) regimes by state legislatures, courts, tax authorities and the Multistate Tax Commission are transforming the way businesses are reporting their income tax obligations to the states. Evidence of those changes includes the shift to market-based sourcing, mandatory unitary combined reporting and other provisions. Businesses are also trying to come up with approaches to handle indirect tax complexity in light of legislation and litigation challenging the Quill physical presence rule. In addition, the recent federal and state elections’ effect on the SALT landscape will come into focus.
After holding at $118,500 for 2016 and 2015, the Social Security Administration (SSA) has announced that the maximum amount of earnings subject to Old-Age, Survivors and Disability Insurance (OASDI) Social Security tax will rise to $127,200 in 2017.
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