IRS grants AICPA request for extension of remedial amendment period. (regulatory matters).In response to an AICPA AICPA See American Institute of Certified Public Accountants (AICPA). request for an extension of the remedial amendment period for qualified retirement plans, the Internal Revenue Service has issued Rev. Proc. 2001-55. This revenue procedure grants a general extension of the GUST remedial amendment period until Feb. 28, 2002, with limited extensions for directly affected taxpayers until June 30, 2002, and a narrower extension in case of substantial hardship up to Dec. 31, 2002. Under the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. , plan sponsors have a remedial amendment period to adopt plan amendments for GUST. GUST refers to the following: The Uruguay Round Agreements Act The Uruguay Round Agreements Act (URAA) was an Act of Congress in the United States that implemented in U.S. law the provisions agreed upon at the Uruguay Round of negotiations of the General Agreement on Tariffs and Trade (GATT). Legislative history U.S. ; the Uniformed Services Employment and Reemployment Rights Act The Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA)[1] was signed into law by President Bill Clinton on October 13, 1994 to protect the civilian employment of non-full time military service members called to active duty. of 1994; the Small Business Job Protection Act of 1996; the Taxpayer Relief Act of 1997; the Internal Revenue Service Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000. lwinton@aicpa.org |
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