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Simple English definitions for legal terms
Revenue Procedure
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A quick definition of Revenue Procedure:
A revenue procedure is a statement made by the Internal Revenue Service (IRS) that explains how to follow the tax laws. It tells people what they need to do to comply with the rules and regulations set forth by the IRS. Revenue procedures are important because they help taxpayers understand how to properly file their taxes and avoid any penalties or fines.
A more thorough explanation:
A Revenue Procedure is a formal statement issued by the Internal Revenue Service (IRS) that provides guidance on the administration and procedures of tax laws. It is abbreviated as Rev. Proc.
For example, the IRS may issue a Revenue Procedure to clarify the tax treatment of a specific type of transaction or to provide guidance on how to comply with certain tax rules.
Another example of a Revenue Procedure is one that outlines the procedures for requesting a private letter ruling from the IRS. This type of ruling provides guidance on how the IRS will treat a specific tax situation.
Revenue Procedures are important because they provide taxpayers with guidance on how to comply with tax laws and regulations. They also help to ensure consistency in the administration of tax laws by the IRS.