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The if /then chart consists of four columns and is used to confirm who can sign a POA for an LLC. Reading from left to right, the column headers are: If, And, Then the taxpayer is, and Form 2848 POA is. Each entry in the first column spans multiple rows to describe the various ¡°If¡± scenarios. Each of the rows contains the And, Then the taxpayer is, and Form 2848 POA is information related to each If scenario.

Section 1061 was added to the Internal Revenue Code as part of the Tax Cuts and Jobs Act (TCJA). For taxable years beginning after December 31, 2017, section 1061 recharacterizes certain net long-term capital gains of a partner that holds one or more applicable partnership interests as short-term capital gains. The provision generally requires that a capital asset be held for more than three years for capital gain allocated with respect to any applicable partnership interest (API) to be treated as long-term capital gain.

Transactions of Interest

Learn how to elect out of the BBA centralized partnership audit regime and eligibility rules.

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. There are serious penalties for not reporting these financial assets. This FATCA requirement is in addition to the long-standing requirement to report foreign financial accounts on Form TD F 90.22-1, Report of Foreign Bank and Financial Accounts (FBAR).

Find out if you need an employer identification number (EIN). Get one online, free from the IRS. Don¡¯t pay for an EIN.

Find answers to basic questions about Form 8938, Statement of Specified Foreign Financial Assets.

Find answers to frequently asked questions about various aspects of the Foreign Account Tax Compliance Act (FATCA).

This update supplements the Instructions for Form W-8BEN-E (Rev. June 2014) and provides additional information for foreign entities using the form.

IR-2023-244, Dec. 19, 2023 ¡ª In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.