IRS Wants Input on Easier Business Tax Elections
Published Date: 3/4/2025
Notice
Summary
The IRS wants your thoughts on new rules to make it easier for businesses to file important tax elections electronically. These changes affect companies in controlled groups and aim to cut down paperwork and confusion. Comments are due by May 5, 2025, so businesses can help shape smoother, faster filing processes without extra costs.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Simplifying electronic filing and reporting burdens
TD 9329 contains final regulations that simplify, clarify, or eliminate reporting burdens and remove regulatory impediments to the electronic filing of certain statements that taxpayers must include on or with their Federal income tax returns.
Limits on importing net built-in losses
TD 9759 provides guidance to prevent the importation of loss when a U.S.-taxable corporation acquires loss property tax-free in certain transactions by requiring the bases of the assets received to be equal to value.
How to allocate tax benefits in controlled groups
TD 9304 provides guidance on how to allocate amounts of tax benefit items under section 1561(a) among component members of a controlled group of corporations that have an apportionment plan in effect.
Final rules on who counts as a controlled group
TD 9451 provides guidance to taxpayers for determining which corporations are included in a controlled group of corporations, i.e., it finalizes controlled group qualification rules.
Estimated paperwork burden for businesses
The notice estimates 225,000 respondents, an average of 1 hour 40 minutes per respondent, and a total annual burden of 375,000 hours for the collections covered by OMB Control Number 1545-2019.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-20447, Transparency in Coverage
Starting soon, health plans and insurers must share clearer, easier-to-understand price info for medical services and drugs. This helps you see what in-network and out-of-network costs really look like, with more details and better updates. These changes affect most group and individual health plans and kick in with new reporting rules to make healthcare pricing more transparent and fair.
2026-20277, Federal Scholarship Tax Credit
The IRS is proposing new rules for a tax credit that rewards people who donate to groups giving scholarships for K-12 education. This affects donors, states that approve these groups, and the groups themselves. Comments are open until December 1, 2026, with a public hearing on December 15, so get ready to share your thoughts and maybe save some money on your taxes!
2026-20027, Trump Accounts
The IRS is rolling out new rules for Trump accounts, which affect trustees, beneficiaries, and donors. These rules cover how to set up accounts, automatic enrollment, and special contributions like qualified stock. Comments on these changes are open until November 30, 2026, so get ready to weigh in!
2026-20026, Trump Accounts
Starting September 30, 2026, the IRS is rolling out new temporary rules for Trump accounts, which work like special retirement accounts. The government will automatically set up your first Trump account, and there are new ways to contribute, including using qualified stock. These changes affect account trustees, beneficiaries, and donors, making it easier and clearer to manage and fund Trump accounts.
2026-18219, Car Loan Interest Deduction
This document contains final regulations regarding the deduction for certain taxpayers for an amount up to $10,000 of qualified passenger vehicle loan interest. This document also contains final regulations regarding new information reporting requirements for certain persons who, in a trade or business, receive from any individual interest aggregating $600 or more for any calendar year on a specified passenger vehicle loan, including applicable penalties for failures to file information returns or furnish payee statements as required. These regulations affect taxpayers that may deduct qualified passenger vehicle loan interest, and also persons subject to these information reporting requirements.
2026-17622, Federal Independent Dispute Resolution Operations; Correction
This document corrects typographical errors and omissions in the final rule that appeared in the June 4, 2026, Federal Register titled "Federal Independent Dispute Resolution Operations" (referred to hereafter as the "IDR final rule"). The effective date of the IDR final rule was August 3, 2026.
Previous / Next Documents
Previous: 2025-03475, Steel Propane Cylinders From Thailand: Final Results of Antidumping Duty Administrative Review; 2022-2023
The U.S. Department of Commerce found that Sahamitr Pressure Container from Thailand sold steel propane cylinders in the U.S. at unfairly low prices between August 2022 and July 2023. This means they’ll face extra duties to level the playing field. The final decision is effective March 4, 2025, with money impacts coming soon for importers and sellers.
Next: 2025-03478, Proposed Collection; Comment Request for Regulation Project
The IRS wants your thoughts on a paperwork rule about low-income housing tax credits. If you’re a taxpayer who used to keep a bond or special account to avoid extra taxes, this affects you. No new paperwork changes, but comments are due by May 5, 2025, so don’t miss your chance to speak up!