2022-07-26
Yesterday the IRS published a new practice unit titled “Allowance of Deductions and Credits on 1120-F Delinquent Returns.”
Under Code §882(c)(2), an untimely foreign corporation filer is not entitled to deductions and credits. However, Treas. Reg. §1.882-4(a)(3)(ii) permits the filing deadline to be waived. This practice unit explains the deadline waiver process.
This new practice unit has been added to our Practice Units By Topic page.
DISCLAIMER
The posts on this blog have not been verified for accuracy. You should consult an attorney for legal advice regarding your own situation. These posts are not updated for changes in the tax laws. Further, these posts should not be relied upon for any purpose whatsoever.
65 Main Street, Centerbrook, Connecticut, 06409 USA | Ph: (860) 767-4975 | Fax: (860) 756-0954
Copyright © 2004 – 2024, Andrew Mitchel LLC. All rights reserved.