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Certain group ruling-holders must submit updates to IRS by April 1

Lists of subsidiary and parent accounts to report

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.

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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 | ruthmadrigal@kpmg.com

Preston Quesenberry | +1 202 533 3985 | pquesenberry@kpmg.com

Randall Thomas | +1 202 533 3786 | randallthomas@kpmg.com

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