A private letter ruling is a written letter by the IRS to the employer. It is a letter of guidance on the complex issue of the specific tax situation. Once the IRS issue a private letter ruling, the agency is bound to follow it.

A PLR is specifically applicable only to the specific taxpayer who had applied for the same request. It helps to sort out all kinds of tax matters regardless of whether a nonprofit corporation or account qualifies for tax deferral or other business expenditure. Depending on the complexity of the case IRS takes 6-12 months to approve the PLR. It gets public after removing the personal detail of the tax payee.

The major three types of public letter ruling:
• There are lots of tax situations where tax law is not clear.
• The letter was published by the IRS for taxpayers to use in their tax return filing.
• The confidential letter ruled that the taxpayer should not share with anyone including other taxpayers.

It is a very beneficial letter to individuals and businesses contemplating the transaction or activities that may cost hefty charges. Because of the involvement of cost, most of the ruling requests tend to come from wealthy taxpayers with complex transactions. The most common kind of PLR includes estate tax matters, income tax and gift issues, and employment and excise tax issues.

A PLR is not published by the IRS. It is only distributed to the taxpayers requested by the representative. In hypothetical situations, you cannot apply for PLR. Some other cases are there where you need the help of an expert to get into the play. Getting a private letter ruling is a time-consuming and tedious process. It is necessary to take proper guidance from a qualified private letter ruling attorney.

Know more about submitting a request by consulting the experts of our company. The attorneys of Kreig LLC are experienced in presenting private letter ruling to the IRS. We have years of experience in submitting the PLR and ensure that the request is submitted in a way that will bind the IRS by the ruling. We are here to guide you before the end to entertain a transaction. Along with PLR, our attorneys are experienced to sort out all kinds of tax issues.

Contact us and start your private letter ruling today! Book your schedule now.


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