LMSB dispute resolution.IR- ir- 1 pref. Variant of in-1. ir- 2 pref. Variant of in-2. 2001-109 describes the IRS's launch of a pilot program to cut the time to resolve corporate-tax disputes. The Large and Mid-Size Business Division (LMSB LMSB Large and Mid-Size Business ) Fast Track Dispute Resolution Pilot Program allows corporations to resolve outstanding issues early in the examination process. The pilot is a joint effort between LMSB and Appeals. Under the program, a taxpayer and LMSB officials can choose between two alternatives: mediation mediation, in law, type of intervention in which the disputing parties accept the offer of a third party to recommend a solution for their controversy. Mediation has long been a part of international law, frequently involving the use of an international commission, (an Appeals official will seek to facilitate communication and resolve factual issues) or dispute resolution (an Appeals official will recommend a settlement). If the parties decide to use either option, any proposed resolution must be mutually agreed on by both the taxpayer and the LMSB team manager. A corporate taxpayer does not give up any of its appeal or legal rights by participating in the program. The one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants initiative is intended to test and measure whether an expedited process (to resolve such disagreements within 120 days) reduces cost and time to the government and taxpayers. Under the existing procedure, a taxpayer's examination and appeal occur sequentially; it is not uncommon for such disputes to take two years or more to resolve. In the pilot phase, the program is available to large and mid-sized businesses that currently have at least one open year under examination and at least one disputed issue. Cases will be selected from those in which the taxpayer, Appeals and the LMSB examination team manager agree that the program might be beneficial. In addition, the pilot will require that the cases be drawn from among each of the five industry groups in LMSB. This will enable IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. officials to better ascertain the pilot's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. potential. (For more information, see Tax Practice & Procedures: "Issue Resolution and LMSB Division Appeals," p. 50, this issue.) |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion