DC Tax Flash: IRS Issues Proposed Rules on Excise Tax on Aircraft Management Services
The proposed regulations also "amend, revise, redesignate, and remove provisions of existing regulations that are out-of-date or obsolete and generally update the existing regulations to incorporate statutory changes, case law, and other published guidance," the IRS explains. In addition, the proposed regulations withdraw a provision [§40.0-1(d) of proposed rule: REG-155087-05] that was included in a prior notice of proposed rulemaking that was never finalized and re-propose it."
Comments on the regulations will be due by the end of September.
The 54-page text of the proposed regulations is posted here.
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