The AICPA recently sent a letter to Treasury and the IRS with recommendations to clarify and expand certain provisions of Rev. Proc. 2022-19 to increase its utility and widen its scope.
The IRS issued Rev. Proc. 2022-19 last year to allow S corporations and their shareholders to resolve frequently encountered issues with certainty and without requesting a private letter ruling issued by the IRS.
“AICPA’s comments aim to broaden the scope and applicability of the relief contained within the Revenue Procedure and provide additional clarity,” said Jon Williamson, Senior Manager – AICPA Tax Policy & Advocacy. See the recommendations.