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Restructuring vs. Reform

Tax and Financial News

January 1999

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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, 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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These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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