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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: The Internal Revenue Service reminds sponsors of master and prototype (M&P) plans and practitioners who sponsor volume submitter specimen plans that the deadline for applying for GUST opinion and advisory letters for their plans is December 31, 2000. This deadline also applies to M&P sponsors and volume submitter practitioners who use mass submitter or lead specimen plans. This deadline does not require employers who have adopted or intend to adopt M&P or volume...

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Iv. Items of General Interest New Code V for Form W-2, Box 12 Is O...

By: Internal Revenue Service

Excerpt: Items of General Interest: New Code V for Form W-2, Box 12 is Optional for the 2001 Form W-2 Announcement 2001-7...

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Part Iii. Administrative, Procedural and Miscellaneous

By: Internal Revenue Service

Excerpt: The Internal Revenue Service has finalized pro forma Tip Rate Determination Agreements (TRDA) and Tip Reporting Alternative Commitment (TRAC) agreements for use in its Tip Rate Determination/Education Program (TRD/EP). The TRD/EP is designed to enhance tax compliance among tipped employees through taxpayer education and voluntary advance agreements instead of traditional audit techniques.

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Disaster Relief for Issuers of Tax-Exempt Bonds Affected by the Se...

By: Internal Revenue Service

Excerpt: Disaster relief for issuers of tax-exempt bonds affected by the September 11, 2001, Terrorist Attack.

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The Internal Revenue Service (IRS), the Department of Labor's Pension and Welfare Benefits Administration (PWBA), and the Pension Benefit Guaranty Corporation (PBGC) provide relief from certain penalties relating to Forms 5500 for defined benefit and money purchase pension plans that are required to be filed on or before October 15, 2001. This announcement also includes PBGC?s statement of relief from penalties relating to premiums, reporting and disclosure, and certifications.

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Generally, an employer who, by the end of the 2001 plan year (December 31, 2001, for calendar-year plans), either adopts or certifies its intent to adopt a timely submitted M&P plan or volume submitter specimen plan will have until the later of December 31, 2002, or 12 months after the date of the last opinion or advisory letter issued to the M&P plan sponsor or volume submitter practitioner to adopt the GUST-approved plan. An M&P plan or volume submitter specim...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: The saver?s credit is a nonrefundable income tax credit for certain taxpayers with adjusted gross income that does not exceed $50,000. It is equal to a specified percentage of certain employee contributions made to an employer-sponsored retirement plan or of certain individual or spousal contributions to an individual retirement arrangement (IRA) for taxable years beginning after December 31, 2001, and before January 1, 2007. The saver?s credit is contained in 2...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: In Announcement 2001-77, 2001-30 I.R.B. 83, July 23, 2001, the Service described changes that were being made to simplify its application procedures for determination letters on the qualification of pension, profit-sharing, stock bonus and annuity plans under 401(a) and 403(a) of the Internal Revenue Code. Part of the simplification of the application procedures described in Announcement 2001-77 involves the revision of the determination letter application forms...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Many taxpayers have informed the Internal Revenue Service (IRS) that their income for the current year will be substantially less than previously expected because of economic disruptions resulting from the September 11, 2001 Terrorist Attack. Some taxpayers who made estimated income tax payments now believe their tax liability for their current taxable year will be lower than the sum of the estimated tax payments they have already made. Several of these taxpayer...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Notice 2001-61 provided filing and paying extensions and postponements for taxpayers affected by the September 11, 2001, Terrorist Attack. An affected taxpayer for purposes of Notice 2001-61 includes, among others, business entities whose principal place of business is located in a covered disaster area, and business entities whose principal place of business is not located in a covered disaster area but whose records necessary to meet a filing or paying deadlin...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: This announcement provides a notice in Spanish that employers can use to inform Spanish-speaking employees of the new saver's credit available to eligible employees beginning next year. Previously, in Announcement 2001-106, 2001-44 I.R.B. 416, the Internal Revenue Service published a series of questions and answers concerning the saver's credit. That announcement also provided a notice to employees in English. Employers are encouraged to tell their employees abo...

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Part IV : Items of General Interest

By: Internal Revenue Service

Excerpt: Items of General Interest: Extension of Cut-Off Date for Use of Prior Revision of Determination Letter Application Forms...

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Part IV : Items of General Interest Additional Disaster Relief in ...

By: Internal Revenue Service

Excerpt: This announces additional relief in connection with the September 11, 2001, terrorist attack for partners, shareholders, and beneficiaries of passthrough entities that are affected taxpayers as defined in Notice 2001-61, 2001-40 I.R.B. 305 (October 1, 2001). This announcement modifies and expands the relief granted by Announcement 2001-117. Under section 301.7508A-1(d)(1)(vii) of the Procedure and Administration Regulations, the IRS may determine whether any per...

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Part Vi. Items of General Interest Request for Ideas for Exempt Or...

By: Internal Revenue Service

Excerpt: The Exempt Organizations function of the Tax Exempt and Government Entities Division (TE/GE) is requesting comments in two areas directly related to its increased emphasis on enhancing voluntary compliance. As part of its reorganization, a new Customer Education and Outreach office has been created within Exempt Organizations. This office will be responsible for coordinating and redesigning the means by which Exempt Organizations interacts with its community. Ex...

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Extended Time for Use of the Revised Form W-9 Announcement 2001-15

By: Internal Revenue Service

Excerpt: This is to advise persons required to file information returns of the availability and required use of Form W-9, Request for Taxpayer Identification Number and Certification (Rev. December, 2000). In response to payor concerns about implementing the new certification requirements, the use of revised Form W-9 is optional until July 1, 2001. Certification of U.S. Status: The major change to the form is that under Part III, Certification, a payee must now certify t...

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Part IV : Items of General Interest Guidance to Federally Recogniz...

By: Internal Revenue Service

Excerpt: This announcement provides guidance to federally recognized Indian tribal governments, including any subdivision, subsidiary, or wholly-owned business enterprise, about their Federal Unemployment Tax Act (FUTA) obligations for 2000. The announcement is being made because the recent enactment of Section 166 of the Community Renewal Tax Relief Act of 2000 (H.R. 5662, incorporated in H.R. 4577, the Consolidated Appropriations Act, 2001) (Pub. L. No. 106-554, 114 St...

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Part IV : Items of General Interest Model Amendment for Retirement...

By: Internal Revenue Service

Excerpt: Proposed regulations under 401(a)(9) of the Internal Revenue Code, relating to required minimum distributions from retirement plans, were published in the Federal Register on January 17, 2001 (the 2001 Proposed Regulations). The 2001 Proposed Regulations are proposed to be effective for distributions for calendar years beginning on or after January 1, 2002. The preamble to the 2001 Proposed Regulations states that taxpayers may rely on regulations under 401(a)(9...

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Part IV : Items of General Interest Cpi Adjustment for Below - Mar...

By: Internal Revenue Service

Excerpt: As published, Rev. Rul. 2000-56, 2000-52 I.R.B. 598, which lists the inflation adjusted amounts that a taxpayer may lend to a qualified continuing care facility without incurring imputed interest under ' 7872(g) of the Internal Revenue Code for years 1987- 2001, contained a numerical error. Table 1 of Rev. Rul. 2000-56 incorrectly lists the year 2001 inflation-adjusted limit under ' 7872(g)(2) as $144,111. Section 7872(g)(5)(A) of the Code requires any increase ...

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Revision of Form 8851, Summary of Archer Msas

By: Internal Revenue Service

Excerpt: This announcement advises trustees and custodians of medical savings accounts of the requirement to file Form 8851, Summary of Archer MSAs, and changes for magnetic and electronic filing. Background Sections 201 and 202 of Public Law 106-554, enacted December 21, 2000, change the name of medical savings accounts to Archer MSAs, extend the Archer MSA program through 2002, and reinstate the reporting requirement for trustees and custodians of Archer MSAs.

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Part IV : Items of General Interest Change of Address for Submissi...

By: Internal Revenue Service

Excerpt: Rev. Proc. 96-15, 1996-1 C.B. 627, informs taxpayers how to request from the Internal Revenue Service a Statement of Value that can be used to substantiate the value of art for income, estate, or gift tax purposes. Section 10 of Rev. Proc. 96-15 sets forth the address for submission of requests for Statements of Value. The address has been changed, and the new address, effective immediately, is as follows: Internal Revenue Service, POB 27720 McPherson Station, W...

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