IRS Ditches Tax Hearing: No One Signed Up to Yell
Published Date: 2/5/2025
Proposed Rule
Summary
The IRS is updating rules for certain unincorporated groups that want to skip partnership tax rules. If you’re part of these groups, new steps will guide how to make this election. Heads up: a public hearing set for February 7, 2025, got cancelled since no one signed up to speak—so no delays or extra costs right now!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Administrative Rules for Exclusion Elections
If you operate an applicable unincorporated organization and want to elect to be excluded from Subchapter K (the partnership tax rules), the IRS published proposed regulations that would set out administrative requirements you must follow to make that election. These are proposed regulations (REG-116017-24); the public comment period for them closed January 21, 2025.
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