As highlighted in a prior September 10, 2020
LawFlash on this same topic, the IRS had announced on August 28, 2020 the temporary approval of the use of digital signatures in a news release (
IR-2020-194, the News Release). This News Release allowed a limited number of IRS forms to be digitally signed. The Memorandum is broader in scope and provides some clarity on what type of signatures are acceptable. In addition to digital signatures, the Memorandum specifically includes electronic signatures, and the IRS acknowledges that both electronic and digital signatures can appear in “many forms” and “may be created by many different technologies.” The Memorandum further states that the IRS is not requiring any specific technology for purposes of producing an electronic or digital signature during this temporary acceptance period. Thus, it appears the IRS is accepting images of signatures (scanned or photographed) and digital signatures (those using encryption techniques). Altho
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The list of Internal Revenue Service (IRS) forms that can be digitally signed continues to grow. On August 28, 2020, the IRS issued a memorandum indicating that it would accept the use of digital signatures on various IRS forms because of the restrictions involved with the COVID-19 pandemic. In September 2020, it announced the addition of several more forms. Then, on April 15, 2021, the IRS announced it is extending the authorization to a large number of IRS forms until December 31, 2021. The IRS has not specified which digital signature product tax professionals must use but has advised that there are several commercial products available.
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On Jan. 19, 2021, the Internal Revenue Service and the Treasury Department published final regulations on the Section 1061 “carried interest” rules (T.D. 9945). The final regulations generally adopt proposed regulations issued in July 2020 (please see our alert from Aug. 18, 2020) but make significant changes to (i) the exception for capital interests, (ii) the look-through rule that applies to certain dispositions of partnership interests and (iii) the rule for non-recognition transfers to certain related persons. While the new rules generally are taxpayer-favorable, they are not without uncertainty.
Background
A carried interest is an interest in partnership profits that is transferred to a service provider, such as a fund manager, in exchange for investment- and management-related services. Section 1061 extends the applicable long-term capital gain holding period for an “applicable partnership interest” (API)
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