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§460 IIR Update Requested
On March 1, 2010, ABC, AGC, and CFMA submitted two letters to the IRS requesting an update on §460 of the Industry Issue Resolution program (IIR). The commercial construction industry’s goal is to get the IRS to finally enact the clarifications that were set forth in the proposed regulations.
In August 2008, the IRS issued proposed regulations and held a hearing in December 2008. CFMA submitted an opinion letter for that hearing in support of the proposed clarifications to §460 proposed regulations. Since then, nothing has occurred regarding those proposed regulations. Then, in September 2009, Industry Directors Directive No. 2, Super Completed Contract Method was issued and countermands key provisions in the proposed regulations.
The letters submitted to the IRS by the ABC, AGC, and CFMA expressed that it is “poor policy to enable and encourage field auditors to pursue issues which are contrary to proposed regulations that have been published and generally well accepted by taxpayers and interested stakeholders.”
George Parrott, CFMA’s Tax & Legislative Committee Co-Chair, states, “The Committee will do its best to keep our members up-to-date on any changes or advancements that occur.”
Letter to Keith Jones, Director Natural Resources and Construction
Letter to Kathleen Krutchen, Territory Manager, LMBS Natural Resources and Construction
In August 2008, the IRS issued proposed regulations and held a hearing in December 2008. CFMA submitted an opinion letter for that hearing in support of the proposed clarifications to §460 proposed regulations. Since then, nothing has occurred regarding those proposed regulations. Then, in September 2009, Industry Directors Directive No. 2, Super Completed Contract Method was issued and countermands key provisions in the proposed regulations.
The letters submitted to the IRS by the ABC, AGC, and CFMA expressed that it is “poor policy to enable and encourage field auditors to pursue issues which are contrary to proposed regulations that have been published and generally well accepted by taxpayers and interested stakeholders.”
George Parrott, CFMA’s Tax & Legislative Committee Co-Chair, states, “The Committee will do its best to keep our members up-to-date on any changes or advancements that occur.”
Letter to Keith Jones, Director Natural Resources and Construction
Letter to Kathleen Krutchen, Territory Manager, LMBS Natural Resources and Construction
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