IRS revises procedures and updates user fees and list of issues on which it will provide guidance

Article Abstract:

The IRS has released a series of revenue procedures that detail changes in IRS processing of determination letter and ruling requests. Revenue Procedures 97-4 and 97-5 identify when such rulings may be issued and what offices of the IRS will be involved in the decision-making. Revenue Procedure 97-6 describes the determination letter procedures for benefit plan issues. Revenue Procedure 97-8 provides an updated schedule of user fees for these requests.

Management, United States. Internal Revenue Service

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IRS approves proposal to create new medical savings account product

Article Abstract:

An expansion of allowable forms of medical savings accounts (MSA) is the result of ruling requests to the IRS by a national banking association to modify an IRC section 220 qualifying MSA. The IRS will allow the modified product which combines the qualified MSA with a brokerage account. Transfers to the brokerage account are not deemed distributions.

Tax Law, Insurance Mgmt-Health, Health insurance, Medical savings accounts

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IRS issues additional guidance on obtaining section 457 plan rulings for 1996 and 1997 tax law changes and for adopting model amendments reflecting recent tax law changes

Article Abstract:

The IRS in Revenue Procedures 98-40 and 98-41 issued guidance regarding IRC 457 nonqualified employee retirement plans and changes made by The Taxpayer Relief Act of 1997 and the Small Business Job Protection Act of 1996. The guidance includes procedural rules for ruling requests and assurances regarding plan amendments.

Retirement Benefits, Taxation, Deferred compensation

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