An LLC can
elect to forgo a passthrough of the audit adjustment and, instead, make an imputed tax payment; in that case, no member reports any adjustment.
Audits of electing large LLCs
However, each eligible employee may also irrevocably
elect to have the employer pay for this coverage on an after-tax basis (i.e.,
elect to be taxed currently on these employer-paid premiums).
Tax-free disability benefits: new IRS ruling allows favorable treatment
An employee may also
elect to have his or her earnings reduced to pay for tax-free benefits over and above the amount the employer is willing to contribute.
Flexible benefits for small employers
As proposed, the regulations would require taxpayers to translate these items at the exchange rate for the last translation period for the taxable year.(2) Unless taxpayers specifically
elect to specify a translation period of less than one month (as permitted under Prop.
Proposed DASTM regulations
2632(c)(5)(A)(ii) allows a taxpayer to
elect to treat a transfer to a trust that otherwise would not be an indirect skip, as an indirect skip and to apply the automatic allocation rules for indirect skips.
New regs. on elections for indirect skips: final regulations on indirect skip transfer elections give taxpayers many generation-skipping transfer tax planning options. This article explains the election rules and available planning opportunities under the new regulations
A taxpayer can irrevocably
elect to waive the five-year carryback period, in the manner prescribed by the IRS, by the loss year return's due date (including extensions).
NOL carrybacks and carryovers: action may be required by Oct. 31, 2002
Many taxpayers are unaware of the distribution options they can
elect to satisfy the required minimum distribution rules.
Planning for individual retirement accounts
26.2632-1 (b)(2) and (3) address three separate elections that can be made--to
elect to (1) not have the automatic allocation rules apply to current transfers to the trust; (2) not have the automatic allocation rules apply to both current and future transfers to the trust; and (3) treat any trust as a GST mast (and, thus, subject to the deemed-allocation rules).
Sec. 2632 prop. regs. on electing out of deemed GST allocations
2513, spouses may
elect to treat a gift made by one spouse to a third person as if the gift had been made one-half by each.
Navigating the revised gift tax return
All other taxpayers must
elect to compute LIFO price indexes from the PPI Detailed Report.
The "simplified" IPIC method
An individual may
elect to treat any trust as a GST trust under Sec.
IRS issues guidance on relief from late allocation of GST exemption. (Estates, Trusts & Gifts)
An "active trader" in securities therefore can
elect to recognize gain or loss on any security held in connection with his trade or business as a trader at the close of the tax year, as if that security was sold for its fair market value on the last business day of that tax year, and thus take into account the gain or loss for the year.
Planning for active trader status and mark-to-market rules in a volatile market
6013 allows a husband and wife to
elect to file a joint return.
Executor may not elect innocent spouse relief on behalf of deceased spouse
To value the cost of its LIFO inventory, a taxpayer may
elect to use the dollar-value LIFO method, which measures inventory quantities in terms of fixed-dollar equivalents.
Rev. proc. simplifies LIFO method for used-vehicle dealers
2032 allows the executor to
elect to value all of the property as of six months after the DOD (the AVD), if such election decreases the gross estate and the sum of the estate and the generation-skipping transfer (GST) taxes after credits.
Sec. 2032(d)(2) time limit for electing AVD