Internal Revenue Bulletin: 2008-21
May 27, 2008
Proposed regulations under section 6503 of the Code pertain to the use of designated summonses and related summonses, particularly as they suspend the period of limitations on assessment when a case is brought with respect to the designated or related summonses.
This procedure provides a simplified method for taxpayers to request relief for certain late filings under sections 897 and 1445 of the Code. The provisions of this procedure apply to certain nonrecognition transactions and transfers of domestic corporations that are not United States real property holding corporations.
The Office of Professional Responsibility intends to publish announcements of disciplinary sanctions in a redesigned format that will list specific violations of Treasury Department Circular No. 230. A new "Disciplinary Sanction" column of the announcements will include the relevant section number of Circular 230 and a brief description of misconduct.
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