Consolidated Group Rules ‘Extremely Far Along’ for IRS

An IRS regulatory project to remove obsolete rules and update other rules to reflect changes to the code for groups of companies that file a single return “is extremely far along for us,” an official said.

The agency plans to finalize July 2020 temporary rules (T.D.9900; RIN 1545–BP84) for consolidated groups seeking to partially waive their ability to carry back losses after acquisitions of new members, Julie Wang, an IRS senior counsel, said Thursday. during an event hosted by the D.C. Bar.

• “We do have rules on the books right now,” she said. “That’s why this ...