Morgan Lewis partner Alexander Reid was quoted in a Tax Notes article about issues surrounding the US Internal Revenue Service (IRS) issuing group exemptions. “I’m glad that the IRS is following the notice and comment procedures for the proposed revenue procedure, because group exemption holders are in many cases extremely large, extremely old, or both,” said Alex. “It will be an arduous process to adapt to any change in procedure, so it is good that the field will have time to consider the impact on their organization and for the IRS to gather that feedback before finalizing any new rules.”
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