IRS issues revenue procedures on determination letters and rulings

Article Abstract:

The IRS has issued revenue procedures that modify several procedures related to employee benefits and exempt organizations. One of these provisions, outlined in Revenue Procedure 92-1, makes changes in procedures for issuing rulings and information and determination letters. The ruling also modifies the procedures for entering into closing agreements on such issues as those related to income taxes, executive compensation and employment taxes. Revenue Procedures 92-3, 92-4, 92-6 and 91-66 are discussed.

Taxation

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Service provides procedures for automatic change in accounting method to comply with Code s. 404(a)(11)

Article Abstract:

The IRS issued procedures for automatic accounting method changes for certain employee benefit plans in Notice 99-16. The procedures are aimed at compliance with IRC section 401(a)(11) which controls characterization and timing regarding deferred compensation. Section 401(a)(11) was enacted by Congress as a response to a Tax Court ruling and allows compensation to be excluded from employees' income until actual receipt.

Accounting Methods, Accounting and auditing, Accounting, Deferred compensation

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Internal procedures for Walk-In CAP compliance program published by IRS

Article Abstract:

Internal IRS administrative procedures for closing agreements processed under the Walk-In Closing Agreement Program which were issued to field offices have been published. The program concerns voluntary disclosures by retirement plan administrators of qualification failures and includes the application of an excise tax. The IRS's publication of such internal procedures is useful and welcome.

Management, Qualified benefit plans

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