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Tax Procedure Tax Returns

Joint Committee Review Limit Increased to $5 Million

The Joint Committee on Taxation or JCT is a part of the U.S. Congress. It is tasked with investigating the U.S. tax system and reporting on proposed measures and methods for the simplification of taxes. To carry out this function, the IRS is obligated to provide a report to the JCT for any refund in […]

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IRS Audits Tax Procedure

IRS Closing Agreement Valid Even If Not Reviewed by the Joint Committee on Taxation

In AM 20133301F, the IRS addressed the validity of a closing agreement that was not submitted to the Joint Committee on Taxation or JCT for review prior to signing the agreement. The Facts In The Ruling Were As Follows: The taxpayer was an insurance company whose tax returns were being audited by the IRS. The […]