IRS Division for Large and Midsize Businesses begins operations.Since its overhaul was mandated by Congress in the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. Restructuring and Reform Act of 1998, the IRS has made considerable progress putting the various parts of its reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. into place. A major component of the IRS restructuring was its split into four major operating divisions, replacing the regional office structure (see "Modernization Update: New IRS Up and Running," JofA, Mar.00, page 72). The first of these to begin operations was the Tax Exempt and Government Entities Division in December 1999. The next one the IRS rolled out was the Large and Mid-Size Business Division (LMSB LMSB Large and Mid-Size Business ). Commissioner Larry Langdon directs the LMSB, which will serve 210,000 corporations and partnerships with at least $5 million in assets. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the IRS, these businesses pay $712 billion annually in taxes. The IRS hopes organizing the LMSB into five specific industry groups will allow the agency to build greater expertise and improve service. Those sections are as follows. * Communications, Technology and Media. This section, headquartered in the San Francisco Bay area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , is responsible for approximately 500 large businesses and 13,600 midsize businesses. It covers telecommunications, software and hardware development, broadcasting, publishing, sports franchises, hotels, gaming and other entertainment and recreational services. * Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and Healthcare. Headquartered in Manhattan, this section serves 5,000 large businesses and 41,600 midsize businesses. It covers industries such as commercial banking, savings, and loans, securities and other financial services, health care and insurance. * Heavy Manufacturing, Construction and Transportation. Tax law specialists in the areas of air and ground transportation, the aerospace and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר , shipping, construction and real estate staff this section, which is headquartered in central New Jersey. Initially, it will serve nearly 103,000 taxpayers--1,500 of which are large businesses. The highly competitive and cyclical global environment in which these industries operate is extremely sensitive to fluctuations in interest rates. * Natural Resources. Headquartered in Houston, this section serves 1,300 large businesses, and 16,100 midsize businesses nationwide. It covers industries such as petroleum, mining, forest products, utilities and chemical engineering. The IRS expects significant growth in these industries from overseas activities and mergers among utilities, giving rise to very complex tax issues. * Retailers, Food and Pharmaceuticals. This industry group, headquartered in Chicago, serves 1,000 large businesses and 28,200 midsize businesses. It includes food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , retailing, pharmaceutical, agricultural commodities and farm industries--all of which have similar financial reporting and growth patterns. Top Errors on Innocent Spouse Relief Form Of the nearly 74,000 Forms 8857, Request for Innocent Spouse Relief, filed between March 1999 and March 2000, approximately 15,500 (21%) could not be processed because ... * The statute of limitations A type of federal or state law that restricts the time within which legal proceedings may be brought. Statutes of limitations, which date back to early Roman Law, are a fundamental part of European and U.S. law. for collection had expired, so there was no longer a balance due. * The taxpayer was an "injured in·jure tr.v. in·jured, in·jur·ing, in·jures 1. To cause physical harm to; hurt. 2. To cause damage to; impair. 3. spouse" and needed to file Form 8379, Injured Spouse Claim and Allocation. * The requesting spouse did not file a joint federal tax return for the year relief was requested. * The filer did not submit enough information, and did not answer IRS requests for more data. * The year for which relief was requested was not accurately identified. Source: IRS's electronic newsletter Digital Dispatch, www.irs.ustreas.gov. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion