Today the IRS released final rules regarding the agent for an affiliated group of corporations that files a consolidated return (consolidated group). Specifically, the final rules provide guidance concerning rules for identifying and communicating with the agent, and determining the scope of the agent’s authority. The final rules are accompanied by Revenue Procedure 2015-26, which provides instructions for all communications relating to the identification of the agent to act on behalf of the consolidated group.
The final rules apply to consolidated return years beginning on or after April 1, 2015. Regulations in effect before that date will continue to apply to consolidated tax years beginning before April 1.