Paul L. Caron
Dean
Pepperdine Caruso
School of Law
IRS News
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IRS Slams Door on Employee Parking Double Dip
Saturday, October 2, 2004 The IRS yesterday issued Rev. Rul. 2004-98. The accompanying press release (JS-1974) explained that the ruling slammed the door on employees double dipping on employer reimbursement of parking expenses: Generally, employer-provided parking, including employer reimbursements of parking expenses paid by an employee, are excluded from income and wages for employment tax…
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IRS Says Taxes Paid to Iraq Now Eligible for Foreign Tax Credit
Tuesday, September 28, 2004 The Treasury Department announced yesterday (in JS-1960) that the special foreign tax credit restrictions of § 901(j) no longer apply to income and taxes attributable to Iraq: U.S. tax rules allow taxpayers a credit against U.S. income tax for taxes paid to a foreign country. Special rules in §§ 901(j) and…
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IRS Revises List of Tax Shelters
Sunday, September 26, 2004 On Friday, the Treasury Department and IRS in JS-1951 issued Notice 2004-67, which updates the list of transactions identified as tax shelters for purposes of the disclosure, list-maintenance, and registration requirements to include 32 transactions.
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IRS Announces Relief for Victims of Hurricane Ivan
Wednesday, September 22, 2004 The IRS today announced (in IR-2004-118) special tax relief for taxpayers in the four Gulf Coast states struck by Hurricane Ivan (Alabama, Florida, Louisiana and Mississippi). Taxpayers in these areas will have until Dec. 30 to file tax returns and submit tax payments. The IRS will abate interest and any late…
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IRS Extends Tip Compliance Agreement Program
Thursday, September 16, 2004 The IRS announced today (IR-2004-117) that it is indefinitely extending its Tip Rate Determination and Education Program, a voluntary compliance tool that has helped nearly double the reporting of tip income. Originally developed by the IRS in 1993 for the food and beverage industry, the tip program was set to expire…
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Treasury & IRS Praise a “Strong Year” in Published Guidance
Tuesday, September 14, 2004 The Treasury Department and IRS yesterday released a 47-page report, Published Guidance Results for 2003-2004 Business Plan Year. In an accompanying joint statement (JS-1913), Eric Solomon, Deputy Assistant Secretary (Regulatory Affairs), Department of the Treasury, and Nicholas J. DeNovio, Deputy Chief Counsel (Technical), Office of Chief Counsel, Internal Revenue Service, praised…
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IRS Names Marks Division Counsel/Associate Chief Counsel (TE/GE)
Saturday, September 11, 2004 The IRS on Friday announced (IR-2004-116) the appointment of Nancy J. Marks as Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities).
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IRS Announces Tax Relief for Victims of Hurricane Frances
Friday, August 10, 2004 The IRS today announced special tax relief for Florida taxpayers struck by Hurricane Frances (IR-2004-115) and lengthened the extension period it had earlier granted for the area struck by Hurricane Charley (IR-2004-108). Taxpayers in either disaster area will have until Dec. 30 to file tax returns and submit tax payments. The…
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Washington Post Article on New § 121 Regs
Monday, September 6, 2004 The Washington Post has an article on the new § 121 regulations.