Guam Internal Revenue Service Ruling Letter
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How to fill out Internal Revenue Service Ruling Letter?
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FAQ
Private Letter Rulings are written decisions by the Internal Revenue Service (IRS) in response to a Taxpayer's requests for guidance. A Private Letter Ruling binds only the IRS and the requesting Taxpayer. Thus, a Private Ruling may not be cited or relied upon as precedent.
Revenue rulings are published in the Internal Revenue Bulletin for the information of and guidance to taxpayers, IRS personnel and tax professionals.
There are three problems with requesting a PLR. By that time, it may be too late for the PLR to provide any meaningful relief. Second, PLRs are expensive. As of July 1, 2022, the filing fee for requesting a PLR increased from $10,000 to $12,500.
The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or smaller refund. We have a question about your tax return.
Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes any steps the taxpayer needs to take. A notice may reference changes to a taxpayer's account, taxes owed, a payment request or a specific issue on a tax return.
Taxpayers requesting a private letter ruling should consult the Revenue Procedure published by the IRS at the start of each calendar year, which describes guidelines and updates for the process and includes sample request letter templates and a checklist of over 50 questions that must be answered.
Rev. Proc. 2023-1 retains 2022 user fees (typically, $38,000 for private letter ruling requests; reduced fees of $3,000 and $8,500 for certain ?small? organizations).