
James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Author: James F. McDonough
Date: December 21, 2017
Of Counsel
732-568-8360 jmcdonough@sh-law.comThe Internal Revenue Service (IRS) recently announced a policy change regarding requests for private letter rulings on certain corporate transactions. According to the IRS, it “is reconsidering its views regarding certain issues as to which it has provided favorable rulings in the past.”
The IRS indicated that once it completes its study, it may issue new guidance. In the meantime, the IRS Statement sets forth the following guidelines for the processing of private letter ruling requests while the agency studies the issues:
The IRS Statement advises that private letter rulings previously issued on these issues are not impacted. Corporations that are contemplating any of the above transactions in the future should consult with experienced corporate tax professionals regarding how the IRS statement may impact your tax obligations.
If you have any questions or if you would like to discuss the matter further, please contact me, James McDonough, at 201-806-3364.
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