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Article: IRS attacks vacation pay deduction acceleration.
- Article from:
- The Tax Adviser
- Article date:
- March 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In Letter Ruling (TAM) 9443006, the IRS National Office ruled against a widely used method of accelerating deductions of vacation pay accrued at the end of a tax year but not received by employees until they take their vacations during the following year. This position will presumably be followed by IRS agents in the field, which will probably lead to many audit challenges to similar arrangements. The argument underlying this ruling is extremely weak, however. It is based on an out-of-context reading of the applicable Code provision's legislative history that is unlikely to persuade many courts and will need to be bolstered if the IRS is to prevail in litigation. ...
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Article: WHIRLPOOL RETIREES GET OVERDUE VACATION PAY
Evansville Courier & Press;
April 8, 2006 ;
656 words
... ... that they were entitled to some past vacation pay. Lyman K. Roll, a Whirlpool retiree ... which for him amounted to five weeks of vacation pay, or about $3,680 in gross pay ... amount they received depended on how much vacation pay they were eligible for in 2005. Roll ...
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