IRS Wants More Loss Rule Input, ‘Sensitive’ to Economic Climate

The deadline for comments passed in November, but IRS officials still want the public to weigh in on September 2019 proposed rules for restrictions on the use of losses as tax breaks after a merger or acquisition.

“We’re still welcoming any comments anybody has,” Reid Thompson, an IRS attorney, said Thursday during an American Bar Association webcast. He added that written comments were preferred but even a phone call would suffice.

• Tax professionals and groups like the National Bankruptcy Conference have warned that the proposals, under tax code Section 382(h), could effectively kick struggling companies while they’re down, a ...