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U.S. Department of the Internal Revenue Service (3,849 Books)


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: Section 412(l) of the Code and section 302(d) of ERISA provide additional funding requirements for certain defined benefit pension plans. The additional funding requirements for a plan are in part based upon the current liability under a plan as defined in 412(l)(7) of the Code and section 302(d)(7) of ERISA. Section 412(l)(7)(C) of the Code and section 302(d)(7)(C) of ERISA provide for the interest rate and mortality table to be used to determine the current liability of a plan.

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Announcement and Request for Comments on Certain Plans of State an...

By: Internal Revenue Service

Excerpt: Section 457 plans are nonqualified deferred compensation plans established by state and local government and tax-exempt employers. Under section 457(e)(11) of the Internal Revenue Code, certain bona fide sick, vacation, compensatory time, severance pay, disability pay or death benefit plans are treated as not providing for the deferral of compensation and are therefore excluded from section 457. If a plan is not a bona fide plan described in section 457(e)(11), ...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Treasury Department and Internal Revenue Service today issued three sets of temporary and proposed regulations requiring promoters to register confidential corporate tax shelters and to maintain lists of investors and requiring corporate taxpayers to disclose large transactions that have characteristics common to tax shelters. In addition, the Service has created an Office of Tax Shelter Analysis to serve as the focal point for efforts to gather and analyze ...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service is expanding its Tip Rate Determination/Education Program (TRD/EP), which is designed to enhance tax compliance among tipped employees through taxpayer education and voluntary advance agreements instead of traditional audit techniques. This announcement solicits comments on a draft agreement for use in industries other than the food and beverage industry and the cosmetology and barber industry. The agreement is entitled Tip Reporting...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service is expanding its Tip Rate Determination/Education Program (TRD/EP), which is designed to enhance tax compliance among tipped employees through taxpayer education and voluntary advance agreements instead of traditional audit techniques. This announcement solicits comments on a draft agreement for use in industries other than the food and beverage industry and the gaming industry. This agreement is entitled Tip Rate Determination Agree...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service is expanding its Tip Rate Determination/Education Program (TRD/EP), which is designed to enhance tax compliance among tipped employees through taxpayer education and voluntary advance agreements instead of traditional audit techniques. This announcement solicits comments on a draft agreement entitled Tip Reporting Alternative Commitment (For use in the cosmetology and barber industry).

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service is expanding its Tip Rate Determination/Education Program (TRD/EP), which is designed to enhance tax compliance among tipped employees through taxpayer education and voluntary advance agreements instead of traditional audit techniques. This announcement solicits comments on a draft agreement entitled Tip Reporting Alternative Commitment (For use in the food and beverage industry).

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service is expanding its Tip Rate Determination/Education Program (TRD/EP), which is designed to enhance tax compliance among tipped employees through taxpayer education and voluntary advance agreements instead of traditional audit techniques. This announcement solicits comments on a draft agreement entitled Tip Rate Determination Agreement (For Use in the Food and Beverage Industry). OVERVIEW The Service developed its TRD/EP in 1993 as a me...

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Announcement and Report Concerning Advance Pricing Agreements, Iss...

By: Internal Revenue Service

Excerpt: This Announcement is issued pursuant to Section 521(b) of Pub. L. 106-170, the Ticket to Work and Work Incentives Improvement Act of 1999, requiring that the Secretary of the Treasury annually report to the public concerning Advance Pricing Agreements (?APAs?) and the APA Program. As this is the first report issued under Section 521(b), it includes information about APAs and the APA Program with respect to calendar years 1991 through 1999. Section 521(b)(4).

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Test of Arbitration Procedure for Appeals

By: Internal Revenue Service

Summary: The Internal Revenue Service Office of Appeals (Appeals) is conducting a two-year test of a binding arbitration procedure. This procedure allows taxpayers to request binding arbitration for factual issues that are already in the Appeals administrative process. Under the procedure, the taxpayer and Appeals must first attempt to negotiate a settlement. If those negotiations are unsuccessful, the taxpayer and Appeals may jointly request binding arbitration. Binding...

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Announcement 2000-48

By: Internal Revenue Service

Excerpt: Revenue Procedure 2000-12, 2000-4 I.R.B. 387 sets forth a qualified intermediary (QI) withholding agreement that governs the withholding and information reporting obligations of certain financial institutions. This announcement provides guidance for financial institutions that are considering the qualified intermediary regime. The QI system is a significant step forward for both taxpayers and the IRS. It does, however, represent a paradigm shift to greater self-...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: This announcement informs the public of a delay in finalizing proposed regulations under 6212(b) of the Internal Revenue Code regarding a taxpayer?s last known address published in the Federal Register (64 FR 63768) on November 22, 1999. When finalized, the regulations will modify the definition of ?last known address? to include an address obtained from the United States Postal Service National Change of Address database (NCOA database). The regulations were pr...

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Part IV : B - Items of General Interest

By: Internal Revenue Service

Excerpt: In Announcement 2000-12, 2000-12 I.R.B. 835, the Internal Revenue Service announced the formation of the Office of Tax Shelter Analysis, to serve as a clearinghouse for information that comes to the attention of the Service relating to potentially improper tax shelter activity by corporate and noncorporate taxpayers. That announcement provided a mailing address to be used by persons who wish to submit information to the Office of Tax Shelter Analysis relating to...

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Announcement 2000-58

By: Internal Revenue Service

Excerpt: The Internal Revenue Service announces today a settlement initiative under which taxpayers may resolve an issue under the Targeted Jobs Tax Credit (the ATJTC), formerly section 51 of the Internal Revenue Code of 1986, as in effect prior to January 1, 1995 (A section 51). The issue relates to whether a taxpayer may claim the TJTC with respect to an employee for whom it has not received a certification or denial from a designated local agency that the employee is ...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Service would like to bring to the attention of prototype plan sponsors and employers that currently maintain, or are considering adopting, 401(k) plans the availability of automatic enrollment features in pre-approved 401(k) plans. In general, 401(k) plans that have automatic enrollment features reportedly have had significantly higher employee participation rates than 401(k) plans without such features. Under an automatic enrollment feature in an employer'...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Final regulations under 411(d)(6) of the Code were published in the Federal Register on September 6, 2000. The regulations grant relief under 411(d)(6) by permitting qualified defined contribution plans to be amended, under certain conditions, to eliminate some alternative forms of payment and to eliminate or limit the right to receive certain in-kind distributions. The final regulations also permit certain transfers between plans that were not previously permit...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The purpose of this announcement is to assist practitioners and plan sponsors in filing determination letter applications for volume submitter plans where the volume submitter specimen plan has not received an advisory letter that considers all the changes in the qualification requirements made by GUST. The announcement provides guidance on the types of plan amendments that may be needed to obtain a favorable determination letter. It also discusses certain proce...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: This announcement sets forth a clarification to the proposed Treasury Regulations dealing with qualified transportation fringes (Prop. Treas. Reg. ' 1.132-9, 65 F.R. 4388). Specifically, when finalized, the regulations will clarify that transit passes may be distributed in advance for more than one month (such as for a calendar quarter). The applicable statutory monthly limit under section 132(f)(2) on the combined amount of transit passes and transportation in ...

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Toll - Free Number for the Appeals Officer (Customer Service / Out...

By: Internal Revenue Service

Excerpt: The toll-free number for contacting an Appeals Officer. The new toll-free system will automatically send the call to the nearest Appeals Officer (Customer Service/Outreach). This new service emphasizes Appeal's commitment to advancing its customer service program under the Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. No. 105-206, 112 Stat. 685, Appeals Policy Statement P-8-1, and Treasury Directive 63-01. Appeals presently has an Appeal...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Notice 2000-24, 2000-17 I.R.B. 952, advises organizations that pay premiums on ?personal benefit contracts,? as that term is used in section 170(f)(10) of the Internal Revenue Code, of the need to file the Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts. For taxable years, beginning prior to January 1, 2000, such organizations must file the Form 8870 by the later of 90 days after the date of the Service?s announceme...

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