14:18
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Simple English definitions for legal terms
REV. PROC.
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A quick definition of REV. PROC.:
Term: REV. PROC.
Definition: REV. PROC. is an abbreviation for REVENUE PROCEDURE.
REVENUE PROCEDURE is a set of guidelines issued by the Internal Revenue Service (IRS) that provides instructions and procedures for taxpayers to follow when complying with tax laws. It outlines the steps taxpayers should take to meet their tax obligations and avoid penalties. These procedures are designed to ensure that taxpayers are treated fairly and consistently by the IRS.
A more thorough explanation:
Definition: Rev. Proc. is an abbreviation for Revenue Procedure. A Revenue Procedure is an official document published by the Internal Revenue Service (IRS) that provides guidance on how to comply with tax laws and regulations. It is a type of administrative ruling that is less formal than a Treasury Regulation or a Revenue Ruling.
Example: One example of a Revenue Procedure is Rev. Proc. 2019-44, which provides guidance on how to claim a deduction for qualified business income under section 199A of the Internal Revenue Code. This Revenue Procedure explains how to calculate the deduction, how to determine whether a trade or business qualifies for the deduction, and how to report the deduction on a tax return.
Explanation: This example illustrates how a Revenue Procedure can provide detailed instructions on how to comply with a specific tax law or regulation. In this case, Rev. Proc. 2019-44 explains how to claim a deduction for qualified business income, which is a complex provision of the tax code. By following the guidance in the Revenue Procedure, taxpayers can ensure that they are claiming the deduction correctly and avoiding potential penalties or audits.