IRS Seeks New Issues for the Industry Issue Resolution Program

The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit tax issues for the Industry Issue Resolution (IIR) Program. The submission of business tax issues where the tax treatment is uncertain, frequently disputed, or burdensome must be received by March 31, 2005.

The objective of the IIR program is to resolve business tax issues common to significant numbers of taxpayers through new and improved guidance. In past years, issues have been submitted by associations and others representing both small and large business taxpayers, resulting in tax guidance that has affected thousands of taxpayers. Recent results of the IIR program include:

Adding a new Schedule D (Form 941), making it easier for taxpayers to provide IRS information about employment tax discrepancies created by an acquisition, statutory merger or consolidation (Revenue Procedure 2004-53).

Providing guidance that eliminates the controversy on when insurance companies making incentive payments to health care providers will be permitted to deduct those payments. (Revenue Procedure 2004-41)

For each issue selected, an IIR team of IRS and Treasury personnel gather relevant facts from taxpayers or other interested parties affected by the issue. The goal is to recommend guidance to resolve the issue. This benefits both taxpayers and the IRS by saving time and expense that would otherwise be expended on resolving the issue through examinations.

The IRS reviews submissions semi-annually, after March 31 and August 31 of each year.

All requests received by March 31, 2005, will be considered for IIR project selections that are expected to be included in the 2005-2006 Treasury and IRS Guidance Priority List.

The IIR project submission procedures and selection criteria are in Revenue Procedure 2003-36 which is available on the IIR program web page on IRS.gov.

You may like these other stories...

British financial watchdog to investigate Tesco accounting scandalBritain’s financial watchdog, the Financial Conduct Authority (FCA), has launched a full investigation into the Tesco accounting scandal that has now...
The law makes it difficult for itemizers to deduct medical expenses. To reap any write-off, you must pay bills that aren't covered by insurance, reimbursed by employers or otherwise satisfied by, for example, a company-...
Drug patents held overseas can pare makers’ tax billsAs the Obama administration tries to stop companies from avoiding taxes by moving their headquarters overseas, the makers of some of the world’s most lucrative...

Already a member? log in here.

Upcoming CPE Webinars

Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.