Business taxpayers and associations have until March 31 to seek resolution of problematic tax issues through the Internal Revenue Service's Industry Issue Resolution Program.
Through the rest of the month, submitted business tax issues -- where the tax treatment is either uncertain, frequently disputed or burdensome -- will be considered for inclusion on the 2006-07 Treasury and IRS Guidance Priority List.
The objective of the program is to resolve tax issues common to significant numbers of business taxpayers through new guidance. In past years, issues have been submitted affecting thousands of taxpayers working in a variety of industries.
Two recent results of the program include:
- Providing a safe harbor accounting method that heavy equipment dealers can use to more simply calculate heavy equipment parts inventories using standard price lists; and,
- Allowing companies to reduce administrative burden by signing employment tax returns by fax.
For each issue selected, a team of IRS and Treasury personnel gathers relevant facts from taxpayers or other interested parties affected by the issue. The goal is to recommend guidance to resolve the issue.The IRS reviews submissions semi-annually, after March 31 and Aug. 31 of each year.
Submission procedures are available at www.irs.gov/businesses/article/0,,id=135434,00.html.
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