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

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.
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.