Passive losses get audit guide.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. issued another audit guide under its market segment specialization A career option pursued by some attorneys that entails the acquisition of detailed knowledge of, and proficiency in, a particular area of law. As the law in the United States becomes increasingly complex and covers a greater number of subjects, more and more attorneys are program (MSSP (MultiService Switching Platform) A high-end Cisco router that supports high-speed optical connections in the core of the network. See MSPP and MSTP. ). MSSP's goal is to allow agents to develop expertise in various industries, thereby promoting audit efficiency. The new guide deals with passive activity losses (PALS). The audit guide alerts IRS staff members to various factors in a return (both on Form 8582, Passive Activity Loss Limitations, and elsewhere) that may suggest PAL (1) (Programmable Array Logic) A type of programmable logic chip (PLD) that contains arrays of programmable AND gates and predefined OR gates. PALs are defined by their number of inputs and outputs; for example, a 22v10 PAL means 22 inputs and 10 outputs. , audit issues exist. Copies of the 200-page PAL audit guide may be obtained by writing to the IRS Freedom of Information Reading Room, P.O. Box 388, Ben Franklin Station, Washington, D.C. 20044. |
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