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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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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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Part IV : Items of General Interest Section 446 - Methods of Accou...

By: Internal Revenue Service

Excerpt: This announcement reflects corrections to Rev. Proc. 2002-9, 2002-3 I.R.B. 327 (Jan. 22, 2002), which provides procedures under which taxpayers may obtain automatic consent of the Commissioner to change certain methods of accounting. Rev. Proc. 2002-9 was released by the Service on January 7, 2002, in advance of its publication in the Internal Revenue Bulletin. Except for items 2, 6, and 8 below, the corrections described in this announcement are already reflect...

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Part IV : Items of General Interest Frequent Flyer Miles Attributa...

By: Internal Revenue Service

Excerpt: Most major airlines offer frequent flyer programs under which passengers accumulate miles for each flight. Individuals may also earn frequent flyer miles or other promotional benefits, for example, through rental cars or hotels. These promotional benefits may generally be exchanged for upgraded seating, free travel, discounted travel, travel-related services, or other services or benefits.

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Part Iii. Administrative, Procedural and Miscellaneous Extension o...

By: Internal Revenue Service

Excerpt: This announcement provides for an extension of time for employers required to furnish Forms W-2 (Wage and Tax Statement) to household employees. Section 6051 of the Internal Revenue Code and section 31.6051-1(d)(1) of the Employment Tax Regulations require an employer to furnish employees a Form W-2 reflecting wages paid and employment taxes withheld by January 31st of the year subsequent to the one in which the wages were paid. Package H (Forms and Instructions...

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Part IV : Items of General Interest Disclosure Initiative for Cert...

By: Internal Revenue Service

Excerpt: The Internal Revenue Service (IRS) announces a disclosure initiative to encourage taxpayers to disclose their tax treatment of tax shelters and other items for which the imposition of the accuracy-related penalty may be appropriate if there is an underpayment of tax. If a taxpayer discloses any item in accordance with the provisions of this announcement before April 23, 2002, the IRS will waive the accuracyrelated penalty under 6662(b)(1), (2), (3), and (4) for ...

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Part IV : Items of General Interest Request for Comments Regarding...

By: Internal Revenue Service

Excerpt: The Internal Revenue Service (IRS) is developing an electronic filing system for tax-exempt organizations? returns. To ensure that this process considers the needs of all who have an interest in the information returns filed by tax-exempt organizations, we are seeking comments from exempt organizations, state regulators, research and oversight organizations, practitioners, software vendors, and others.

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Part IV : Items of General Interest Prohibited Transactions - Prop...

By: Internal Revenue Service

Excerpt: On March 15, 2000, the U.S. Department of Labor (the DOL) published at 65 Fed. Reg. 14164, its interim Voluntary Fiduciary Correction (VFC) program. The DOL has adopted its permanent VFC program. In conjunction with that program, the DOL, which, generally, has the authority to determine whether a transaction is prohibited under 4975 of the Internal Revenue Code, published a notice of a proposed class exemption (Application No. D-10933) from the prohibited transa...

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Agency Internal Revenue Service (Irs), Treasury Extension of Time ...

By: Internal Revenue Service

Excerpt: The IRS has received inquiries regarding the implementation of the new withholding and reporting requirements under 1.1441 and 1.1461 of the Income Tax Regulations (TD 8734, 1997-2 C.B. 109 and TD 8881, 2000-23 I.R.B. 1158). Specifically, the IRS has recently become aware that some taxpayers (including, in particular, small taxpayers) are experiencing difficulty implementing the changes to the Form 1042-S reporting requirements (which require the filing of infor...

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Part IV : Items of General Interest Extension of Comment Period on...

By: Internal Revenue Service

Excerpt: The Service is extending the comment period on its white paper on the long-term future of the Employee Plans (EP) determination letter program. In Announcement 2001-83, 2001-35 I.R.B. 205, the Service invited the public to participate in a dialogue on the future of the EP determination letter program by submitting comments on a white paper that it had published on the Internet in August 2001. The white paper is entitled The Future of the Employee Plans Determina...

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Part IV : Items of General Interest Changes in Method of Accounting

By: Internal Revenue Service

Excerpt: In 1998, the Service published Notice 98-31, 1998-1 C.B. 1165, which proposed procedures for changes in method of accounting imposed by the Service under 446(b) of the Internal Revenue Code and 1.446-1(b) of the Income Tax Regulations (?involuntary changes ), and for accounting method issues resolved by the Service on a nonaccounting-method-change basis. Notice 98-31 also requested comments from the public in connection with these proposed procedures. The final ...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service (the ?Service?), Office of Tax Exempt Bonds, announces a program under which certain issuers of state or local bonds may request a closing agreement pursuant to which bonds (the ?refinancing bonds?) issued to refinance certain outstanding bonds (the ?refinanced bonds?) will be recognized as acquisition bonds (and therefore will not be treated as a refunding issue under 1.150-1(d) of the Income Tax Regulations) and the allocations of ...

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Part Iii. Administrative, Procedural and Miscellaneous Electronic ...

By: Internal Revenue Service

Excerpt: Employers submit Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity and Welfare-to-Work Credits, to State Employment Security Agencies (SESAs) as part of the process of obtaining those tax credits. The Internal Revenue Service will allow the electronic submission of Forms 8850 with SESAs that choose to establish a system to electronically receive this form. In general, the electronic system must meet the requirements described in ...

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Part IV : Items of General Interest Changes in Method of Accounting

By: Internal Revenue Service

Excerpt: Beginning with the publication of Rev. Proc. 2001-10, 2001-2 I.R.B. 272, superseding Rev. Proc. 2000-22, 2000-1 C.B. 1008, the Internal Revenue Service (IRS) and Treasury Department have been working to reduce the administrative and tax compliance burdens on small business taxpayers and to minimize disputes between the IRS and these taxpayers regarding the requirement to use an accrual method of accounting under 446 of the Internal Revenue Code because of the re...

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Explicacion Del Concepto de Refugio Tributario en Los Planes Calif...

By: Internal Revenue Service

Excerpt: Esta notificacion se la envía a usted: Insertar Aquí El Nombre Del Administrador Del Plan O, En El Caso De Una Anualidad Conforme A La Secci›n 403(B), Anualidades Con Pago Del Impuesto Diferido, La Entidad Pagadora (en adelante denominado el ?Administrador del Plan?), porque toda la cantidad o parte del pago que va usted a recibir dentro de poco del Plan podría cumplir con los requisitos establecidos para una reinversion por usted o su Administrador del Plan en ...

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Part IV : Items of General Interest Comments Requested on Possible...

By: Internal Revenue Service

Excerpt: The purpose of this announcement is to solicit comments addressing whether several regulations under Chapter 42 should be revised with respect to excise taxes imposed on foundation and organization managers to conform to recently-issued final regulations under section 4958 of the Internal Revenue Code (TD 8978, 67 Fed. Reg. 3076; IRB 2002-7, p. 500). Section 4958 imposes taxes on any transaction that provides excess economic benefits to a person in a position to...

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Part IV : Items of General Interest Extended Period for Use of Cer...

By: Internal Revenue Service

Excerpt: In Rev. Proc. 2002-10, 2002-4 I.R.B. 401, the Service provided that existing model IRAs, SEPs and SIMPLE IRA plans may not be used after June 1, 2002, to establish new IRAs, SEPs or SIMPLE IRA plans. In response to comments, the Service is extending the June 1 deadline to October 1, 2002. Thus, a financial institution may use an existing model IRA to establish a new IRA for a customer through October 1, 2002. Similarly, an employer may use an existing model SEP ...

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Part IV : Items of General Interest Changes in Annual Accounting P...

By: Internal Revenue Service

Excerpt: This announcement discusses some of the more significant issues raised in connection with finalizing Notice 2001-34, 2001-23 I.R.B. 1302, and Notice 2001-35, 2001-23 I.R.B. 1314, which proposed procedures for obtaining the Commissioner?s approval to adopt, change, or retain an annual accounting period under 441 and 442 of the Internal Revenue Code and the regulations thereunder.

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Announcement and Report Concerning Pre-Filing Agreements Announcem...

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 application...

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Part IV : Items of General Interest Extension of Test of Arbitrati...

By: Internal Revenue Service

Summary: This document modifies and extends the test of the arbitration procedure set forth in Announcement 2000-4, 2000-1 C.B. 317, for an additional one-year period beginning on July 1, 2002, the date this announcement is published in the Internal Revenue Bulletin. This procedure allows taxpayers to request binding arbitration for factual issues that are already in the Appeals process. Under the procedure set forth in Announcement 2000-4, the taxpayer and Appeals must ...

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Part IV : Items of General Interest Announcement 2002 - 63

By: Internal Revenue Service

Excerpt: The Internal Revenue Service is revising its policy concerning when it will request and, if necessary, summon tax accrual and other financial audit workpapers relating to the tax reserve for deferred tax liabilities and to footnotes disclosing contingent tax liabilities (?Tax Accrual Workpapers?) appearing on audited financial statements. This limited expansion of the circumstances in which the Service will seek Tax Accrual Workpapers is necessary to allow the S...

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