Business electronic filing.New temporary regulations (TD 9100; NPRM (Notice of Proposed Rule Making) An announcement by an agency of the U.S. government that proposes a change in regulations. It is followed up by a final ruling. REG-116664-01) are designed to eliminate regulatory impediments IMPEDIMENTS, contracts. Legal objections to the making of a contract. Impediments which relate to the person are those of minority, want of reason, coverture, and the like; they are sometimes called disabilities. Vide Incapacity. 2. to the electronic filing of certain income tax returns and other forms by corporations, partnerships and other businesses. The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. has identified a number of regulations that impeded im·pede tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped businesses' ability to file returns electronically. For example, some regulations hinder hin·der 1 v. hin·dered, hin·der·ing, hin·ders v.tr. 1. To be or get in the way of. 2. To obstruct or delay the progress of. v.intr. electronic filing by requiring taxpayers to include third-party signatures on returns or to attach documents or statements generated by a third party. Others require taxpayers to sign IRS forms and file them as attachments to their tax returns. The temporary regulations, which eliminate the hurdles for tax years beginning after 2002 and apply for a three-year period, affect business taxpayers that must file any of the following forms: 1. Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation. 2. Form 972, Consent of Shareholder to Include Specific Amount in Gross Income. 3. Form 973, Corporation Claim for Deduction for Consent Dividends. 4. Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). 5. Form 1120, U.S. Corporation Income Tax Return. 6. Form 1120S, U.S. Income Tax Return for an S Corporation. 7. Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations. 8. Form 5712-A, Election and Verification of the Cost Sharing or Profit Split Method Under Section 936(h)(5). 9. Form 8832, Entity Classification Election. The text of the temporary regulations also serves as the text of a notice of proposed rulemaking A notice of proposed rulemaking or NPRM is issued by law when a regulatory agency of the United States Federal Government wishes to add, remove, or change a rule (or regulation) as part of the rulemaking process. Outside the USA. . Comments and requests for a public hearing on the proposals must be submitted by March 18, 2004, either electronically at www.irs.gov/regs, or to: IRS P.O. Box 7604 Ben Franklin Station Room 5203 Attn: CC:PA:LPD See LPR/LPD. :PR (REG-116641-01) Washington, DC 20044 |
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