IRS LIBERALIZES INTEREST SUSPENSION RULE

By Anonymous
Publication: California CPA
Date: Tuesday, March 1 2005

IRS Revenue Ruling 2005-4 liberalizes the rule for interest owed on additional taxes voluntarily reported by taxpayers.

An existing regulation suspends interest accrual for individuals on taxes due if the 1RS does not notify a taxpayer of the potential liability within 18 months after the filing

of the return. This interest suspension continues for 21 days after the 1RS notifies the taxpayer of additional taxes due.

Now, Revenue Ruling 2005-4 extends the scope of the existing regulation to include additional taxes voluntarily reported by taxpayers on amended returns or in 1RS correspondence.

For more, visit www.irs.gov/ newsroom/article/0,,id=133732,00.html.

In addition, make sure to read these articles:

IRS liberalizes interest suspension rule.

IRS Revenue Ruling 2005-4 liberalizes the rule for interest owed on additional taxes voluntarily reported by taxpayers. An existing regulation suspends interest accrual for individuals ......

FTB notice 2005-4: interest suspension on amended returns.

IRS Revenue Ruling 2005-4, released Jan. 7, 2005, held that the interest suspension period of Sec. 6404(g) applies to deficiency notices and self-assessed amounts shown ......

SENIOR HOUSING RULES EASED.

The Department of Housing and Urban Development issued a new rule effective April 2 that liberalizes the requirements that properties must meet to limit residents ......

IRS ruling liberalizes S limits on number of shareholders.

The IRS has recently issued a favorable revenue ruling that should give corporations more flexibility in the structuring of corporate entities by allowing business groups ......

Facing trade challenges

HEADNOTE Pakistan The new trade policy announced on july 19th seeks to provide generous institutional support to exporters, and at the same time, further liberalizes ......

Consider protective claims for refund when IRS liberalization possible.

When the IRS issues proposed regulations for taxpayers to follow in preparing income tax returns, a protective claim for refund may be appropriate, if the ......

RE Investment Opportunities in India Abound, Panelists Agree

Although India has made headlines lately as one of the emerging economic powerhouses globally, real estate investment interest has been cautionary due in large part ......

Italy Liberalizes Funding Of Arts

Italy's new culture minister, Giovanna Melandri, confirmed indications that she will follow the pro-arts policy set by her predecessor, Walter Veltroni, when she announced measures ......

S&P Affirms 'BBB+' Rtg on Taiwan Life; Outlook Stable.

Business Editors HONG KONG--(BUSINESS WIRE)--Standard & Poor's Dec. 16, 2002--Standard & Poor's said today that it had affirmed its 'BBB+' insurer financial strength and counterparty ......

Securities Offering Reform

Or, "How I Stopped Worrying and Learned to Love Free Writing Prospectuses..." ...

Prudential Select Brokerage Liberalizes Impaired RiskRatings for Colon Cancer; Offers New...

NEWARK, N.J.--(BUSINESS WIRE)--July 8, 1999-- Prudential Select Brokerage, a unit of The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ, has announced new ......

Globalization and India.

The Fraser Institute is an independent public policy organization which focuses on the role competitive markets play. The Fraser Institute has been changing the ......

QTIPing an IRA.

Rev. Rul. 2000-2 liberalizes the rules for designating a qualified terminable interest property (QTIP) trust as the beneficiary of an individual retirement account (IRA) set ......

Can it be that the home office deduction is available again?

The 1997 Tax Act changed the home office rules. Under the new law, thousands of self-employed taxpayers who run their own businesses from their homes ......

T T T

Digg It

del.icio.us

Medical Practices: Why a Good Accountant and Bookkeeper Are Important

Interview with Peter Lucash, AllBusiness.com's Medical Practice Advisor

IRS LIBERALIZES INTEREST SUSPENSION RULE

In addition, make sure to read these articles:

Business Resources

Sponsored Links