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Since this form is time sensitive (with 30 days of the resolution), we'd like not to have to file form which would keep the corporation open for 2015. 6043(b) which relates to a dissolving/liquidating/terminating corporation that within any of the last 5 years was exempt from tax. A new client with a corporation gave me the number for this form saying it needed to be filed.However, in certain circumstances, failure to file a Form 966 may result in the imposition of criminal penalties, see Rev. I've been a CPA for over 40 years and I don't believe I've ever filed this form. Internal Revenue Code that offers significant and powerful incentives to qualifying small insurance companies.831(b) applies only to insurance companies that are U. The special tax treatment of 831(b) captives is a powerful tax incentive for small US insurance companies; it encourages businesses to protect themselves, build loss reserve investments more easily, and make themselves stronger by increasing the probability they will have the needed liquidity within the related entity enterprise group to withstand catastrophic loss events otherwise uninsured. Read this valuable e Book with detailed information on the pros, cons and costs if considering an 831(b) captive or an adviser in such transactions - 831(b) Captive Insurance Companies. Disclaimer: This site is for informational purposes only.Under the old auditing regime, a partnership would designate one of its partners as the “tax matters partner” to act for the entity in proceedings with the IRS.In the BBA regime, that person is called the “partnership representative” and has far greater authority than a TMP.Is this form really necessary to dissolve a corporation? We haven't had any problems in the past not filing this form.

“The partnership representative has a tremendous amount of power and so partnerships should have more flexibility with respect to making changes in that area.” The proposed regulations provide that a partnership representative designation may not be changed—either by resignation or evocation—until the IRS issues a notice of administrative proceeding to the partnership, except when the partnership files a valid administrative adjustment request.

By Allyson Versprille An upcoming IRS hearing on proposed regulations that implement a law overhauling partnership audits will give taxpayers and their advisers the chance to air their concerns and questions about the rules.

“Taxpayers are in a bind because these new rules are coming and they need to get ready for them, but there’s still a lot of uncertainty,” Michael P.

“In these rules it hasn’t been discussed at all, either in the preamble or the body of the regulations themselves.” Greenwald said he would like to know what decisions, if any, can be appealed, including when the IRS finds that an election to opt out of the new auditing regime is invalid, denies a modification to the imputed underpayment, or determines that the partnership has ceased to exist. Bonney, a tax partner and CPA with Citrin Cooperman & Co.

in New York, said all of his remaining questions on the partnership audit rules revolve around the partnership representative.