The IRS has issued a private letter ruling on Section 301.9100-3 granting taxpayer, a foreign entity, an extension of time of 120 days to file Form 8832, Entity Classification Election, to elect to be ...

Forbes contributors publish independent expert analyses and insights. Matthew Roberts is a tax attorney who covers tax litigation and fraud. The passive foreign investment company (PFIC) rules are ...

A limited liability company (LLC) can change its entity classification for tax purposes by filing Form 8832, Entity Classification Election, or by incorporating under state law. These and other ...

Selecting the appropriate business structure is a critical decision that impacts tax obligations, liability, and operational efficiency. The check-the-box regulations issued by the IRS, offer ...

The Internal Revenue Service began furloughing nearly half its staff Wednesday because of the ongoing government shutdown, sparking chaos and confusion among employees as the news rippled through ...

The IRS will not immediately be impacted by the partial government shutdown that began on Wednesday, Oct. 1. Congressional leaders failed to agree on funding legislation necessary for the U.S.

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

The IRS continues to roll out drafts of some 2026 tax forms, including a draft of Form W-9, Request for Taxpayer Identification Number and Certification. Here’s a look at what’s new—and why it matters ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

The Internal Revenue Service is no longer planning to pursue layoffs as it seeks to rebuild parts of its workforce. The tax agency is now working to plug staffing holes with hiring, reassignments and ...

The Internal Revenue Service began sharing sensitive taxpayer data this week with immigration authorities searching for undocumented migrants, according to two sources familiar with the matter. As ...