The program is designed to resolve business tax issues common to significant numbers of taxpayers through new and improved guidance. Recent submissions include network assets in the telecommunication industry; asset class for wireless telecommunication assets; and vendor mark-down allowances under the retail inventory method.
A multi-functional team will be create for each issue selected, comprised by IRS, chief counsel, and treasury personnel. Facts will be gathered and wherever possible, guidance will be recommended.The IRS says this saves time and expense that would otherwise go into resolving issues through examinations,
Projects are selected in line with criteria in Revenue Procedure 2003-36. Requests for guidance can be submitted at any time to This email address is being protected from spambots. You need JavaScript enabled to view it.. and are reviewed semi-annually.
The IRS Asks for Trouble; Some Kinds Anyway
WASHINGTON — The Internal Revenue Service wants trouble, at least in the sense that it wants tax issues such as controversies, disputes or unnecessary burdens on business taxpayers submitted to Industry Issue Resolution. Submission received by March 31 will be considered for acceptance. Those accepted will be placed on the Treasury/IRS Priority Guidance List.
