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.
References in periodicals archive ?
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.
Testimony of Roger Harris
a) The IRS Restructuring and Reform Act of 1998 includes a measure which generally requires the IRS Commissioner to terminate an IRS employee who has committed certain acts or omissions in the performance of the employee's official duties.
Taxpayer Representative Bill of Rights
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.
Practical Advice on Current Issues
The IRS Restructuring and Reform Act of 1998 requires that the service notify taxpayers before contacting outside sources.
IRS adds new third-party letters
Some of the above projects may be pushed back to the 1999 business plan, but the last three items have high priority, under the IRS Restructuring and Reform Act of 1998.
News Notes
Glennie stated, "during a time of great challenge for the IRS, a time when Congress was considering the IRS Restructuring and Reform Act of 1998.
Dividend tax exclusion, provision of tax services, LMSB initiatives top items discussed at TEI's midyear conference: former IRS Commissioner Rossotti honored
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).
Current developments
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.
Tax departments should be prepared for audits of tax-exempt bonds
Keeping good tax records has always been important, but the IRS Restructuring and Reform Act of 1998 made it even more so.
Shifting the burden of proof
The IRS Restructuring and Reform Act of 1998 (IRSRRA) provides major protection to corporations using commercial tax software.
New law prohibits IRS summons of tax software and source code
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.
Tax Executives Institute--U.S. Department of Treasury Office of Tax Policy liaison meeting: February 25, 2003
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.
Task force makes GST proposal
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