IRS Updates Procedures To Request Exemption From E-Filing
The IRS updated the procedure for eligible corporations to request a waiver for e-filing forms in a notice. In February, the agency released final rules on the e-filing requirements as part of the implementation of the Taxpayer First Act. The rules allow some corporations and organizations to request a waiver from the e-filing requirement if they have undue hardship. In the new notice, the IRS said it would update how to request a waiver in applicable IRS revenue procedures on the website.
IRS Issues Proposed Consolidated Return Cleanup Rules
The IRS released proposed rules to update regulations for corporate filing of consolidated returns by revising and removing obsolete text. The proposed rules seek to update the existing regulations under Code Section 1502, adding a reference to the corporate alternative minimum tax. Also, issues regarding the substantive operation of the alternative minimum tax will be addressed in the upcoming guidance according to the proposed rules.
PA Governor Signs Bill To Boost Property Tax Rebates
Pennsylvania Governor Josh Shapiro signed legislation raising the income limits for a state property tax and rent rebate program. The rebate program relieves individuals aged 65 and above, widows and widowers over 50, and individuals with disabilities aged 18 and over. The program increases the income limits to $45,000 for homeowners and renters, which is expected to extend the program’s benefits to more than 170,000 additional residents.
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