The IRS announced that beginning June 15, 2017, the Pay.gov electronic payment website will be available for taxpayers to make the required user fee payments when requesting certain IRS rulings. After August 15, Pay.gov will become the only permissible payment method for those fees. Online fees can be paid with Form 1128, Form 2553, Form 3115, Form 8716, Private Letter Rulings and Closing Agreements.
When businesses dispose of assets, gain or loss must generally be recognized on tax returns, depending on the nature of the disposition (by sale, exchange, or involuntary conversion). In a private letter ruling, the IRS approved how a Formula 1 auto racing team handled its auto parts disposition for gain and loss purposes. Due to the unique nature of auto racing, the IRS ruled that each part used to build race cars for each specific race was the appropriate asset to be valued for disposition purposes. (PLR 201710006)
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