NEWS AND RESOURCES

Tax and Financial News for January 1999

Restructuring vs. Reform

Most taxpayers will be affected much less by the recent IRS reforms than by the restructuring that starts this year, we hear from Margaret Richardson of Ernst & Young. In reality few taxpayers will be affected by new innocent spouse rules, accountant-client privilege, etc. But everybody will be affected by the reorganization of the IRS into four divisions handling small businesses, big businesses, individuals, and exempt organizations and retirement plans.

The goal is to make the IRS a one-stop shop for taxpayers. Example: A small business will have filings, notices, audits, etc., all handled by the same IRS office, instead of several different ones.

Snag: All reorganizations have problems on start-up. Have your tax adviser keep you informed about how the reorganization will affect you.

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