Updated IRS News, May 1, 2008
Revenue Procedure 2008-20 provides guidance relating to the obligation of material advisors to prepare and maintain lists with respect to reportable transactions under § 6112 and provides that material advisors may use the Form 13976, “Itemized Statement Component of Advisee List” (or successor form) to maintain the itemized statement component of the list. The use of the form is optional. The form is available on the IRS website.
Revenue Procedure 2008-20 will be in IRB 2008-20, dated May 19, 2008.
IRS Seeks New Members of Advisory Council
WASHINGTON –– The Internal Revenue Service today announced it seeks applications for its broad-based private-sector advisory panel, the Internal Revenue Service Advisory Council (IRSAC), which provides important feedback and recommendations regarding tax administration.
The 30-member panel is a diverse slice of the tax professional community including tax attorneys, certified public accountants, enrolled agents, enrolled actuaries, appraisers, other tax practitioners, as well as business representatives.
"The IRSAC plays a vital role by ensuring that executives at the IRS have feedback about how our policies and actions affect the private sector,” said Doug Shulman, IRS Commissioner.
Applications will be accepted from May 1 to June 16 of this year for three Council openings that will begin in January 2009. The IRS Commissioner appoints members to three-year terms.
IRSAC was originally called the Commissioner’s Advisory Group (CAG) and was renamed in 1998. IRSAC provides an organized public forum for IRS officials and relevant members of the public to discuss tax administration issues. The panel presents a report to the Commissioner each year at a public meeting in the fall.
More information and applications are available on the Tax Professionals page of the IRS web site (IRS.gov). Questions about the nomination and application process can be sent to the following email: *public_liaison@irs.gov
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