IRS Issues guidance concerning new procedures for processing employment tax cases involving worker classification and section 530 of the Revenue Act of 1978
Article Abstract:
The IRS in Notice 98-43 provides employers with procedures to be followed when petitioning the Tax Court for review of IRS employment tax determinations regarding worker classification and section 530 of the Revenue Act of 1978. IRS section 7436, which was enacted as part of the Taxpayer Relief Act of 1997, authorizes the Tax Court to review specified determinations. The notice includes the requirement that a Notice of Determination be issued which mailing suspends the assessment statute of limitations for a specified period.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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Qualified retirement plan for public school teachers funded using unused sick leave approved by IRS
Article Abstract:
The IRS in Private Letter Ruling 9827040 allowed a public school district to fund a qualified defined employee contribution plan with unused sick leave benefits. The ruling did not discuss the issue of plan qualification. Employees would not realize gain on the mandatory transfer of their benefits in trust. The same arrangement may be usable by voluntary employee beneficiary associations.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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Treasury seeks comments concerning paperless transactions in administering retirement plans
Article Abstract:
The US Treasury Dept and the IRS has issued Announcement 98-62 which requests comments regarding the use by retirement plan administrators of paperless technologies in plan administration and communications. Congress in the Taxpayer Relief Act of 1997 mandated the issuance of agency guidance which protects plan participants and is consistent with Tax Code provisions.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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