5 Mar 2025
📄IRS Notice on Partner Liability Assumption and Comment Request
Agency Collection Activities; Comment Request for Treasury Decision (TD) 9207
Summary
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning final regulations in TD 9207 relating assumption of partner liabilities.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The notice seeks public comments on the IRS's regulation which involves the assumption of partner liabilities, potentially affecting business partnerships and tax reporting obligations. Businesses must comply with the regulations regarding partner liability notifications, impacting their financial records and reports.