IRS Restructuring and Reform Act of 1998


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IRS Restructuring and Reform Act of 1998

Legislation in the United States that made a number of changes to the Internal Revenue Code. Among other provisions, it lowered the length of time to hold an investment for capital gains treatment from 18 to 12 months. It also mandated a five-year term for the Commissioner of the IRS.
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The IRS Restructuring and Reform Act of 1998 includes a number of positive provisions designed to encourage more tax professionals and taxpayers to utilize electronic filing.
6621(d), enacted as part of the IRS Restructuring and Reform Act of 1998, a net interest rate of zero would be established when interest is payable and allowable on equivalent amounts of overpayment and underpayment of any taxes imposed by the Code that exist for any period.
Employees will be able to reduce employees' salaries to pay for transit passes and van pooling benefits under the IRS Restructuring and Reform Act of 1998 (IRSRRA '98).
Section 8001 of the IRS Restructuring and Reform Act of 1998 addressed the situation by allowing the IRS to treat the issuer of tax-exempt bonds as the taxpayer for purposes of audit and consideration by Appeals.
Keeping good tax records has always been important, but the IRS Restructuring and Reform Act of 1998 made it even more so.
The IRS Restructuring and Reform Act of 1998 (IRSRRA) provides major protection to corporations using commercial tax software.
Section 1203 of the IRS Restructuring and Reform Act of 1998 requires the Commissioner of Internal Revenue to terminate an employee for certain specifically enumerated violations committed by the employee in connection with the performance of the employee's official duties.
Having the reputation of an innovative and effective administrator, Oveson expects to play a major role on the management team that will push for modernization and customer service improvements at the IRS in accordance with the provisions of the IRS Restructuring and Reform Act of 1998.
The IRS Restructuring and Reform Act of 1998 (IRSRRA) has expanded on this in an attempt to provide taxpayers with additional rights in dealing with the Service.
The IRS Restructuring and Reform Act of 1998 established the Office of the Taxpayer Advocate as an independent entity within the IRS.
The IRS Oversight Board was established as part of the IRS Restructuring and Reform Act of 1998, and annually holds a public hearing to solicit the public's views on important issues of tax administration and the operation of the tax system.
The recently enacted IRS Restructuring and Reform Act of 1998 establishes an extremely ambitious objective of 80% of all tax and information returns being filed electronically by 2007.