The IRS on March 20, 2019, issued a release reminding group ruling-holders (central organizations) with accounting periods ending June 30, 2019, that they must submit updates by April 1, 2019.
According to an IRS transmittal message, group ruling-holders no longer receive lists of parent and subsidiary accounts from the IRS because as of January 1, 2019, the IRS stopped mailing lists of parent and subsidiary accounts to group ruling-holders for verification and return.
As further explained by the IRS on a website posting, group ruling-holders must still comply with the annual reporting requirements of Rev. Proc. 80-27. Under these requirements, the information must be submitted at least 90 days before the close of the group ruling-holder’s (central organization’s) annual accounting period. For example, if a group ruling-holder (central organization) has a June 30, 2019 year-end, the IRS explained that it must submit its update by April 1, 2019.
The required information includes the names, addresses, and employer identification numbers of subordinate organizations that have terminated, disaffiliated from the group, been added to the group, or changed names or addresses. If there are no changes, the group ruling-holder (central organization) must submit a statement to that effect. Updates are to be sent to the IRS Service Center in Ogden, Utah.
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Ruth Madrigal | +1 202 533 8817 | firstname.lastname@example.org
Preston Quesenberry | +1 202 533 3985 | email@example.com
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.