The IRS Restructuring and Reform Act of 1998

IRS Restructuring and Reform Act of 1998.

On July 22,1998, President Clinton signed into law the IRS Restructuring and Reform Act of 1998. The new law mandates a massive overhaul of the IRS in an attempt to provide better taxpayer services and includes the following changes:

Shortens the holding period for long term capital gains.
Liberalizes the rules for converting a regular IRA into a Roth IRA.
Extends the attorney-client privilege to accountants.
Liberalizes the offer in compromise procedures.
Expands the innocent spouse protections.
Provides for a number of technical corrections to existing law.

For more information, eMail: taxinfo@electrofile.com

All information provided is general in nature and intended to create awareness, not to address the specific circumstances or concerns of any individual or entity. Although we try to provide correct and timely information, we cannot guarantee the accuracy of any information or that such information will continue to be accurate in the future due to the changing nature of the tax laws. Before acting on any of the information provided here, you should consult with a professional advisor who knows all of the unique facts and circumstances pertinent to your particular situation.

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