Comply Exchange Logo

IRS Pushes Applicability Date of Certain Provisions Under Sections 1446(a) and (f)

On August 24, 2021, the IRS published Notice 2021-51, intending to defer the applicability date of certain provisions under sections 1446(a) and (f) to January 1, 2023, from January 1, 2022. Those provisions relate to withholding and reporting on transfers of publicly traded partnership interests, withholding on distributions made with respect to publicly traded partnership interest, and withholding by partnerships on distributions to transferees. This deadline shift came as the industry commented on the challenges for implementing these rules including designing, building, testing, and implementing systems and processes to withholding and report under these new rules.

Check out Notice 2021-51 here: https://www.irs.gov/pub/irs-drop/n-21-51.pdf

Make sure to follow Comply Exchange for more industry updates and subscribe to the Comply Catch-up for a full industry round-up at the end of each month!

IRS Pushes Applicability Date of Certain Provisions Under Sections 1446(a) and (f)

You might also enjoy

Join our mailing list!

About Us

Comply Exchange was built to give businesses and individuals alike the support that they need to comply with the complex and ever-evolving regulatory tax burdens imposed by the IRS and other global authorities with respect to information reporting and withholding.

Reach out to our experts today to schedule a demo and see how our software and services can help you streamline and automate your tax compliance needs.