Audit guidelines and a correction program focus on section 403(b) plans
Article Abstract:
The IRS has released audit guidelines that identify the areas of focus in auditing IRC section 403(b) tax-sheltered annuity plans for tax-exempt organizations and has established a voluntary compliance program to allow these entities to correct defects. Audits will focus on distribution restrictions, coverage, nondiscrimination, transfers, contributions, investments and whether the entity is an eligible employer. The Tax Sheltered Annuity Voluntary Correction Program provides plans with the opportunity to correct enumerated defects without plan disqualification.
Publication Name: Journal of Taxation of Investments
Subject: Law
ISSN: 0747-9115
Year: 1996
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Final regulations simplify S corporation one-class-of-stock rule
Article Abstract:
IRC Section 1361(b)(1)(D) requires that there is only one class of stock for S corporations, that is, that all stock issued has identical rights to proceeds of distribution and liquidation. Sometimes corporations inadvertently violate this section by certain buy-sell or stock transfer arrangements. State governments can sometimes cause a corporation to be in violation of the Section. Pronouncements by the state securities commissioner which change rights to liquidation and distribution can create a second class of stock.
Publication Name: Journal of Taxation of Investments
Subject: Law
ISSN: 0747-9115
Year: 1993
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