Internal Revenue Service April 19, 2019 – Federal Register Recent Federal Regulation Documents

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Electing Small Business Trusts With Nonresident Aliens as Potential Current Beneficiaries

Document Number: 2019-07919

Type: Proposed Rule

Date: 2019-04-19

Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury

This notice of proposed rulemaking provides rules regarding the recent statutory expansion of the class of permissible potential current beneficiaries (PCBs) of an electing small business trust (ESBT) to include nonresident aliens (NRAs). In particular, these proposed regulations would ensure that the income of an S corporation will continue to be subject to U.S. Federal income tax when an NRA is a deemed owner of a grantor trust that elects to be an ESBT.

https://regulations.justia.com/regulations/fedreg/2019/04/19/2019-07919.html

Proposed Collection; Comment Request for Revenue Procedure 2013-30, Uniform Late S Corporation Election Revenue Procedure

Document Number: 2019-07869

Type: Notice

Date: 2019-04-19

Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Revenue Procedure 2013-30, Uniform Late S Corporation Election Revenue Procedure.

https://regulations.justia.com/regulations/fedreg/2019/04/19/2019-07869.html