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Question: Assume it is 1998 and the IRS Restructuring and Reform Act of 1998 was just signed into law by the President. Prepare a letter to send to your clients summarizing the key provisions of the Act, including the ones discussed in the lecture. Please note that am looking for an original copy and not another student paper. Thanks for helping Lecture Notes: In order to practice before the Internal Revenue Service (IRS), it is important to understand the basic role and structure of the IRS. The IRS is a bureau of the Treasury Department responsible for the administration and enforcement of the internal revenue laws (irs.gov). As noted in Module Three, the Treasury Department and the IRS are both responsible for interpreting the statutory language of the IRC. For its part, the IRS publishes its interpretations in various IRS pronouncements including Revenue Rulings, Revenue Procedures, Notices and Announcements. The IRS's enforcement and collection responsibilities are primarily achieved through its audit and collection processes. The IRS's basic authority over the administration and enforcement of the internal revenue laws is provided under IRC Sections 7801 through 7805. In addition, IRC Sections 7602(a) (1) and (2) provide the IRS the authority to examine the books and records that may be relevant for ascertaining the correctness of any return, making a return where none has been made, and determining the tax liability of any person and collecting such liability (irs.gov). Before the enactment of the IRS Restructuring and Reform Act of 1998, the structure of the IRS was organized around the IRS's functional activities, with national, regional and district offices. The IRS Restructuring and Reform Act of 1998 significantly changed the organization of the IRS by requiring the IRS to establish organizational units serving particular groups of taxpayers with similar needs (irs.gov). Consequently, the IRS was subsequently reorganized around specific groups of taxpayers with common needs, rather than internal functional needs (irs.gov). Other significant changes effected by the IRS Restructuring and Reform Act of 1998 were the creation of the IRS Oversight Board within the Treasury Department (amended and codified at IRC Section 7802(a)) and the requirement that the IRS review and restate its mission to place a greater emphasis on serving the public and meeting taxpayers' needs (irs.gov). View the IRS Modernization to learn more about the changes brought about by the IRS Restructuring and Reform Act of 1998. The current organization of the IRS includes a National Office, Office of Chief Counsel, Appeals, and National Taxpayer Advocate. The four operating divisions of the IRS based on taxpayer segments are: 1. Wage and Investment (W&I) Division, which serves individual taxpayers with income from wages and investments only; 2. Small Business/Self-Employed (SB/SE) Division, which serves small business taxpayers with assets less than or equal to $10 million; self-employed taxpayers; and estate, gift and trust taxpayers; 3. Large Business and International (LB&I) Division, which serves business taxpayers with assets in excess of $10 million, and more recently international taxpayers, and 4. Tax Exempt and Government Entities (TE/GE) Division, which serves employee plans, exempt organizations, and government entities (irs.gov). Dear Client: The Internal Revenue Service Restructuring and Reform Act of 1998 (\"the '98 Act\") contains a wide variety of tax provisions that may affect you, including technical corrections that clarify, and in some cases, change key provisions contained in the Taxpayer Relief Act of 1997. The purpose of this letter is to alert you to the key provisions of the '98 Act so that you can make any needed adjustments to your personal, investment and business affairs. Capital gains break: The biggest tax-saving change for our noncorporate clients is a retroactive reduction in the holding period to qualify for the lowest capital gain tax rate (20% for most people, but 10% if the gain otherwise would be taxed at a 15% rate). Effective back to the beginning of 1998, gain on the sale of most capital assets held for more than one year qualifies for the lowest rates. Before the new law, assets had to be held for more than 18 months to get the lowest rates. Also, the 25% rate that applies to certain real property gains will be available for property held for more than one year, rather than more than 18 months. The new law also straightens out how gains and losses are netted against one another in figuring capital gains taxes. Roth IRA changes: The '98 Act retroactively closes a loophole that would have allowed taxpayers to spread out the tax on regular-to-Roth IRA conversions, while pulling funds out of the Roth IRA without paying the 10% premature distribution penalty. It also permits those converting to Roth IRAs in 1998 to pay the resulting tax in one year, instead of spreading the income out over 4 years. In some situations, this will result in a lower overall tax. Also, there is relief for a taxpayer who makes a contribution to a Roth IRA and later finds he was ineligible to make all or part of that contribution because his income exceeds the allowable limit. The '98 Act lets him transfer the excess contribution to a regular IRA without penalty if the transfer is made before the due date for his tax return for the contribution year. The '98 Act also will allow many more older clients to convert regular IRAs to Roth IRAs than currently can do so. You can't roll over or convert funds from a regular IRA to a Roth IRA in any year when your adjusted gross income (AGI) exceeds $100,000. For this purpose, your AGI doesn't include income that results from the rollover or conversion. However, it does include income that results from your taking required minimum distributions from your IRAs after age 70-1/2. This will push many clients over the $100,000 limit. Starting in 2005, however, those required distributions won't count toward the $100,000 limit. As a result, more clients will have to decide whether or not it is in their best interest to convert to Roth IRAs. New taxpayer protections: Taxpayers will benefit from many new protections. Perhaps most importantly, IRS will have the burden of proof in future court proceedings if you introduce credible evidence, cooperate with IRS, and meet certain recordkeeping and substantiation requirements. The burden of proof doesn't shift for corporations, trusts, and partnerships with net worths above $7 million. The new law also makes innocent spouse relief easier to get. Joint-filing spouses have two new elections, one of which is available only for those who are divorced or separated. Those and persons who don't qualify for total innocent spouse relief may at least be able to get partial relief from liability for a spouse's erroneously understated tax. Taxpayers suffering from severe disabilities may have more time to have their overpaid taxes refunded. Taxpayers who succeed in disputes with IRS also may be eligible for increased awards for administrative and litigation costs and for expanded civil damages for certain IRS collection actions. Interest and penalty relief will be available in a number of areas, and there will be significant new restrictions on IRS levies and seizures. IRS also may have to refund some overpayments sooner and will have to explain its reasons when it denies refund requests. A limited attorney-client-like privilege will extend to taxpayers and their CPAs, enrolled agents, and others authorized to practice before IRS. These are only the major changes; there are many other new taxpayer protections. Changes for businesses: More employers will be able to offer tax-free meals to their employees. And restaurant owners can no longer be threatened with audits to coerce them to enter into Tip Reporting Alternative Commitment (TRAC) agreements. On the negative side, employers won't be able to accelerate vacation and severance pay deductions by funding their obligations with letters of credit. Also, businesses generally won't be able to elect mark-tomarket treatment for their trade receivables when it would save taxes as they sometimes could in the past. IRS restructuring. The new law revamps the governance and structure of IRS in a number of ways designed to make it more responsive to taxpayers' needs. IRS's current geographic structure will give way to operating units serving particular groups of taxpayers, such as individuals or small businesses. The Taxpayer Advocate's office will be more independent and will have the authority to provide assistance to taxpayers in a wider array of circumstances. Other substantive changes: The new law also includes many important technical corrections to '97 Tax Act provisions, including the child tax credit, education IRAs, the student loan interest deduction, qualified state tuition programs, alternative minimum tax, corporate reorganizations, and estate and gift tax provisions. Estate planning for family-owned businesses may now generate larger tax savings than before, but the rules are still quite complicated and have been tightened up somewhat. If you want more information about any of the tax law changes contained in the '98 Act, or if you want to discuss how any of the new or revised rules will affect you, please call for an appointment. Sincerely