Guidance issued on employee benefit areas under TRA '86
Article Abstract:
The Internal Revenue Service has issued Notice 87-13, IRB 1987-4, xx. The Notice discusses employee benefit plan provisions that are affected by the Tax Reform Act of 1986. The Notice is written in a question and answer format. The areas covered by the Notice include: the limits of elective deferrals; the taxation of qualified plan distributions; rollovers of partial distributions; additional taxes on early distributions; estate tax deductions for employee stock ownership plans; the treatment of lump-sum distributions; and deferred compensation plans of tax-exempt organizations.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1987
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Service issues accrued vacation pay election guidelines under Section 463
Article Abstract:
The Internal Revenue Service has issued guidelines for accrual-method taxpayers who deduct vacation pay. The procedure applies to taxpayers who have vested vacation plans in which payments are made within one year after the accrual of the vacation pay. The deduction is conducted through a Section 481(a) adjustment. The rules regarding taxpayers who cease to engage in business and the filing requirements for vacation pay deductions are also discussed.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1987
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Current tax developments
Article Abstract:
Internal Revenue Service (IRS) rulings are discussed concerning real estate corporations, pickups and vans, estate planning (trusts, savings clauses, and valuation), accounting (low-interest loans, property bought from others and bad debts), lump-sum distributions, conversion of interest, personal holding companies, release payments, withholding tax liability, and individual liability for corporate taxes.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1986
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