More accounting method changes granted automatic consent
Article Abstract:
The Rev. Proc. 98-60 contains the latest regulations which taxpayers have to comply with to obtain IRS automatic consent on changes in accounting methods listed in the Appendix of the tax code. It amends, clarifies and supersedes Rev. Proc. 97-37, which stipulated a simple and uniform procedure for obtaining automatic consent. Taxpayers must file Form 3115 in duplicate when requesting for an automatic change. A copy should be attached to the taxpayer's income tax return and the other copy must be sent to the IRS Commissioner. Taxpayers will also be granted automatic six-month extensions provided they file income taxes on time for the year of change. The amended tax returns using the new accounting method must also be filed within the six-month extension period.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
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Prop. regs. clarify reporting payments to attorneys
Article Abstract:
The IRS has proposed regulations under REG-105312-98 stipulating rules for reporting payments to attorneys. The regulations would apply to payments made after 1999 and would incorporate amendments made by the Tax Reform Act of 1997 (TRA '97). Form 1099-MISC, Miscellaneous Income, instead of Form 1099-B, must be used in reporting these payments. The reporting of payments made in the course of a trade or a business to attorneys for their legal services is stipulated under Section 6045(f) of TRA '97. Certain payments that are covered by existing reporting requirements are exempted from the new regulations. For instance, no information return is required for rent, salaries, overhead made to attorneys even if the payments are under $600.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
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