IRS T.D.: BEAT Regulations Preamble Effective Date Language Updated (IRC §59A)

Effective date language in preamble clarified, the IRS stated February 27. The sentence “The Treasury Department and the IRS recognize that section 59A will require taxpayers to develop new systems to properly report QDPs; therefore, the final regulations extend the transition period for meeting the complete QDP reporting requirements until taxable years beginning Monday, June 7, 2021.” is corrected to add “on or after” in front of “Monday.” In addition, the sentence “Section 1.6038A–2(b)(7)(ix) applies to taxable years beginning Monday, June 7, 2021.” is corrected to add “on or after” in front of “Monday.” [T.D. 9885, RIN 1545-BO56, 85 Fed. ...