IRS Fights Paperwork With More Paperwork, Seeks Your Opinion
Published Date: 1/17/2025
Notice
Summary
The IRS is asking for your thoughts on keeping a paperwork rule that helps businesses get extra time to make a special tax election called a 338 election. This affects companies and individuals who buy corporate stock and want to treat it like buying assets. No changes are planned now, but comments are due by March 18, 2025, so don’t miss your chance to weigh in!
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Extra Time to File Section 338 Elections
If you are a business or an individual who buys corporate stock and wants to treat the purchase as an asset acquisition using a Section 338 election, Revenue Procedure 2003-33 provides an extension of time under Sec. 301.9100-3 to file that election. The IRS says there are no changes now and is asking for comments by March 18, 2025.
Paperwork Burden for 338 Election Relief
If you submit a request for Section 9100 relief to make a Section 338(a) or 338(h)(10) election, the IRS estimates each response takes about 5 hours. The IRS estimates 60 responses and a total annual burden of 300 hours, and it is seeking comments by March 18, 2025.
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