Daily Tax Update - December 30, 2014: IRS Announces Voluntary Closing Agreement Program

IRS Announces Voluntary Closing Agreement Program:  The IRS announced a simplified process for issuers of qualified 501(c)(3) bonds to request a closing agreement in situations in which the borrower of the proceeds of the bonds received prospective reinstatements after its tax-exempt status was automatically revoked under Section 6033(j)(1).

Corrections to Tangible Depreciable Property Regulations:  Today, the IRS and Treasury issued corrections to final regulations regarding dispositions of tangible depreciable property under Section 168.  The IRS noted that the final regulations published on August 18, 2014 contained errors that required clarifications.