IRS brings corrections for s. 403(b) plan qualification failures into the comprehensive coordinated Employee Plans Compliance Resolution System (EPCRS)
Article Abstract:
The IRS in Revenue Procedure 99-13 stated that IRC section 403(b) employee benefit plans would be included in its Employee Plans Compliance Resolution System (EPCRS). The retirement plan correction system provides greater flexibility to section 403(b) administrators in making plan corrections which previously were limited to the Tax Sheltered Annuity Voluntary Correction (TVC) program.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
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BMW cannot use IRS' special valuation rules to determine the value of cars provided as fringe benefits to employees
Article Abstract:
The US New Jersey District Court ruled in favor of the IRS regarding the valuation of automobiles used as employee fringe benefits in BMW of North America, Inc. v. United States. BMW's fair market valuation was too low and BMW would not be allowed to use IRS special valuation tables to determine the amount to be included in employees' income under IRC section 61(a)(1).
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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