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.

Management, Tax administration and procedure, Tax administration

---

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).

Laws, regulations and rules, Automobiles, Valuation

---

Similar abstracts:

• Abstracts: In overseas pacts, ADR lets parties pick forum; customized arbitration clauses in international contracts make dispute resolution less risky
• Abstracts: Anti-avoidance principles - new directions for tax and business resulting from the High Court decision in Spotless
• Abstracts: Section 183 election extends the refund period. District court bars service's employer-only FICA assessment
• Abstracts: How to fix a broken plan: VCR, CAP or bended knee. Extracts from testimony at DOL hearings held February 17, 18 and 19, 1999, on DOL proposed claims procedure regulations

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.