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U.S. Department of the Internal Revenue Service


U.S. Department of the Internal Revenue Service, Statutory Authority: The IRS is organized to carry out the responsibilities of the secretary of the Treasury under section 7801 of the Internal Revenue Code. The secretary has full authority to administer and enforce the internal revenue laws and has the power to create an agency to enforce these laws. The IRS was created based on this legislative grant.

 
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Announcement and Report Concerning Advance Pricing Agreements

By: Sean F. Foley

Excerpt: IRC 482 provides that the Secretary may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among two or more commonly controlled businesses if necessary to reflect clearly the income of such businesses. Under the regulations, the standard to be applied in determining the true taxable income of a controlled business is that of a business dealing at arm?s length with an unrelated business. The arm?s length standard also ...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service (IRS) requests comments on the nature and extent of information about certain compensation arrangements that tax-exempt organizations should report on their annual information returns. The IRS seeks comments on whether Forms 990, 990EZ, and 990PF should continue to require tax-exempt organizations to report payments for contracted management services as if the organization had directly paid the individuals providing the services.

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Announcement No. 2001-34 Administration U. S. Korean Agreement

By: Internal Revenue Service

Excerpt: On June 23, 1999, the Internal Revenue Service and the Korean Ministry of Finance and Economy entered into a mutual agreement pursuant to Article 27 of the U.S. - Republic of Korea Income Tax Convention regarding gains from the disposition of shares of certain Korean real property corporations by U.S. persons. Under the Individual Income Tax Act and Corporate Income Tax Act of Korea, the income from the disposition of shares of a corporation are treated as deriv...

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Announcement and Report Concerning Pre-Filing Agreements

By: Internal Revenue Service

Excerpt: This Announcement is issued pursuant to the Conference Report to H.R. 4577 (Pub. L. 106-554), The Community Renewal Tax Relief Act of 2000, which requires that the Secretary of the Treasury make publicly available an annual report relating to the Pre- Filing Agreement (PFA) program operations for the preceding calendar year. The Conference Report states that the report is to include: (1) the number of pre-filing agreements completed, (2) the number of applicatio...

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Foia Administrative Appeals Transferred to Appeals

By: Internal Revenue Service

Summary: Responsibility for an administrative appeal under the Freedom of Information Act from a denial of a request for information, for a fee waiver, for determination of a favorable fee category, or for expedited processing by a disclosure officer of the Internal Revenue Service (i.e., a FOIA administrative appeal) has been transferred to the Chief, Appeals (Appeals). Previously, the Assistant Chief Counsel (Disclosure & Privacy Law) was responsible for the FOIA admin...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Provides a general summary of the rules for determining the GUST remedial amendment period for employers who use master and prototype (M&P) plans or volume submitter specimen plans. This summary is followed by answers to questions the Service has received regarding the application of these rules. // Describes circumstances under which the Service will waive the requirement that employers certify their intent to adopt a sponsor or practitioner?s M&P or volume sub...

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Part IV : Items of General Interest New Alternatives for Defined B...

By: Internal Revenue Service

Excerpt: Rev. Rul. 98-1, 1998-1 C.B. 249, provides guidance concerning changes to 415 of the Internal Revenue Code that were made by the Uruguay Round Agreements Act, which included the Retirement Protection Act of 1994, and by the Small Business Job Protection Act of 1996. Section 415 limits the contributions and benefits under qualified pension, profit-sharing, etc., plans. Q&A-12 of Rev. Rul. 98-1 provides that a defined benefit plan may provide that changes to 415(b)...

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Part IV : Items of General Interest Simplification of Employee Pla...

By: Internal Revenue Service

Excerpt: Items of General Interest: Simplification of Employee Plans Determination Letter Application Procedures...

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Additional Model Amendment for Retirement Plans for Proposed Regul...

By: Internal Revenue Service

Excerpt: Additional Model Amendment for Retirement Plans for Proposed Regulations under Section 401(a)(9).

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Part IV : Items of General Interest Invitation to Participate in D...

By: Internal Revenue Service

Excerpt: Qualified plans offer significant tax advantages to employers and participants. Determination letters provide assurance to plan sponsors, participants and other interested parties that the terms of employer-sponsored retirement plans satisfy the qualification requirements of the Code. The IRS has maintained an Employee Plans determination letter program for many years, essentially in its present form. Under this program, the Employee Plans (EP) segment of Tax Ex...

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Extension of Test of Mediation Procedure for Appeals

By: Internal Revenue Service

Summary: This document extends the test of the mediation procedure set forth in Announcement 98-99, 1998-2 C.B. 650, for an additional one-year period beginning on January 16, 2001, the date this Announcement is published in the Internal Revenue Bulletin. The mediation procedure allows taxpayers, in certain cases that are already in the Appeals administrative process and that are not docketed in any court, to request mediation of one or more issues as a dispute resolutio...

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Part IV : Items of General Interest the Internal Revenue Service W...

By: Internal Revenue Service

Excerpt: In Announcement 98-27, 1998-1 C.B. 865, the Internal Revenue Service (the ?Service?) announced that it will allow payers to establish a system to electronically receive Form W-9, ?Request for Taxpayer Identification Number and Certification? from payees. The ?Instructions for the Requester of Form W-9? were revised to describe a proper electronic system. The Service will also allow a payer with an electronic system to electronically receive a Form W-9 from an in...

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Part IV : Items of General Interest Separate Reporting of Non - St...

By: Internal Revenue Service

Excerpt: This announcement extends through year 2002, the relief from mandatory reporting of compensation resulting from employer-provided nonstatutory stock options in box 12 of the Form W-2, using Code V. In particular, this announcement provides that, with respect to Forms W-2 issued for the year 2002, the use of Code V is optional. The announcement also invites public comment and suggestions regarding potential methods that would enable more efficient and cost effect...

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Part IV : Items of General Interest Reporting Elective Deferral Ca...

By: Internal Revenue Service

Excerpt: This is to advise employers how to report elective deferral catch-up contributions beginning after December 31, 2001. The Economic Growth and Tax Relief Reconciliation Act of 2001 (P.L. 107-16) added section 414(v) to the Internal Revenue Code of 1986. For 2002, section 414(v) enables applicable employer plans to allow eligible participants who are age 50 or over to make additional elective deferrals, i.e., ?catch-up? contributions. Reporting on Form W-2 For 200...

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Changes to the Requirements for Excise Tax Returns, Payments and D...

By: Internal Revenue Service

Excerpt: The IRS has issued final regulations on the requirements for excise tax returns, payments, and deposits, effective for calendar quarters beginning after September 30, 2001. This announcement is to advise taxpayers who file Form 720, Quarterly Federal Excise Tax Return, of the revised filing and deposit requirements. These changes will be reflected on the 4th quarter Form 720 and its instructions. Filing Dates All Forms 720 must be filed by the last day of the mo...

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Part IV : Items of General Interest Archer Msas

By: Internal Revenue Service

Excerpt: Sections 220(i) and (j) of the Internal Revenue Code provide that if the number of Medical Savings Account (MSA) returns filed for 2000 or a statutorily specified projection of the number of MSA returns that will be filed for 2001 exceeds 750,000, then October 1, 2001, is a ?cut-off? date for the Archer MSA pilot project. The Internal Revenue Service (IRS) has determined that the applicable number of MSA returns filed for 2000 is 36,250 and that the applicable n...

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Part IV : Items of General Interest. Elimination of User Fees for ...

By: Internal Revenue Service

Excerpt: 15 of Notice 2002-1, page [insert page #], this Bulletin, describes a revised Form 8717 that is to be used with section 620 applications, i.e., certain Employee Plans determination letter requests, that are filed after December 31, 2001. The revised form will not be available on the IRS Web Site until late in January 2002. Accordingly, prior to that time employers that meet the requirements described in the notice may use the draft Form 8717 and the related inst...

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Part IV : Items of General Interest Separate Reporting of Non - St...

By: Internal Revenue Service

Excerpt: This announcement reminds taxpayers that as provided in Announcement 2001-92, 2001-39 I.R.B. 301, the reporting of compensation resulting from employer-provided nonstatutory stock options in box 12 of the Form W-2, using Code V, is mandatory for Forms W-2 issued for the year 2003 and subsequent years. This announcement is consistent with the 2003 Form W-2 and its instructions that the Service intends to publish near the same time as the publication of this announcement.

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Part IV : Items of General Interest Extension of Application Perio...

By: Internal Revenue Service

Excerpt: The settlement initiative in Rev. Proc. 2002-67 prescribed two optional methodologies for resolving cases involving Contingent Liability Transactions that are the same as or substantially similar to those described in Notice 2001-17, 2001-1 C.B. 730. Section 4.01 of Rev. Proc. 2002-67 provides that eligible taxpayers who want to participate in one of the resolution methodologies provided under the revenue procedure must mail or deliver a written application to t...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Rul. 2002-2, which set forth the applicable federal rates and various other rates for January 2002, incorrectly labeled table 6 Rate Under Section 7520 for January 2002. The title should read, Deemed Rate for Transfers to New Pooled Income Funds During 2002. The principal author of this announcement is Pat Monahan of the Office of Chief Counsel (Financial Institutions and Products).

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