Once issues are selected, multi-functional teams gathers information, analyzes facts and recommends guidance. Business associations and taxpayers can submit tax issues at any time. The next deadline for consideratin is August 31 for the summer screening of submissions.
Estimated reading time: 0 minutes, 35 seconds
IRS Picks Issues for Resolution Program
WASHINGTON —Taxation issues in the telecommunications and retail industries, which affect nearly all taxpayers in those markets, have been chosen by the Internal Revenue Service and the Treasury Department for the development of guidance under the IRS’s Industry Issue Resolution program.
Telecommunication issues include the proper treatment of unit of property for network assets, and the appropriate asset class for wireless telecommunications assets. Vendor mark-down allowances under the retail inventory method is the area being studied in the retail market.
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