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This revenue procedure outlines the 2004 requirements for using official IRS forms, preparing acceptable substitutes for filing information returns, and providing information to recipients. It includes
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How to fill out Revenue Procedure 2004-58

01
Obtain a copy of Revenue Procedure 2004-58 from the IRS website or other authorized source.
02
Review the eligibility requirements outlined in the procedure to ensure that you qualify.
03
Gather all necessary documentation and information required to support your filing, such as financial records and prior tax returns.
04
Complete Form 1065 or any other required forms as specified in the procedure, ensuring accuracy and thoroughness.
05
Prepare a statement detailing the reason for your request and reference Revenue Procedure 2004-58.
06
Verify that you have included all required attachments and signatures on your forms.
07
Submit the completed forms and any required fees to the appropriate IRS address as provided in the procedure.
08
Keep copies of all submitted documents for your records.

Who needs Revenue Procedure 2004-58?

01
Taxpayers who are seeking relief from certain tax penalties under the guidelines provided by the IRS.
02
Partnerships and their partners who need to correct previous tax filings.
03
Individuals or entities that want to obtain a favorable tax determination under the procedures stipulated.
04
Tax practitioners advising clients on compliance with IRS regulations regarding tax penalties.
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People Also Ask about

Rev. Rul. 2004-59 concludes that for federal tax purposes, an unincorporated entity classified as a partnership that converts to a corporation under a state law formless conversion statute will be treated in the same manner as one that makes an election to be classified as an association under § 301.7701-3(c)(1)(i).
The Purpose and Importance of Revenue Ruling 59–60 The primary purpose of Revenue Ruling 59-60 is to provide guidelines for appraising the value of shares in closely held corporations for estate and gift tax purposes.
Revenue procedures are published in the Internal Revenue Bulletin & Cumulative Internal Revenue Bulletin. This link is to a list of sources (print and online) offering the Internal Revenue Bulletin & Cumulative Internal Revenue Bulletin.
Rev. Rul. 2004-59 concludes that for federal tax purposes, an unincorporated entity classified as a partnership that converts to a corporation under a state law formless conversion statute will be treated in the same manner as one that makes an election to be classified as an association under § 301.7701-3(c)(1)(i).
An Internal Revenue Service (IRS) Revenue Procedure is an official statement of procedure that affects the rights or duties of taxpayers under the tax laws and regulations and is published in the Internal Revenue Bulletin (IRB).
Along with the revenue procedure, the IRS today issued Revenue Ruling 2004-58, informing taxpayers that unless they had formally established an intention to abandon the creative property they cannot claim a loss deduction for the capitalized costs of acquiring and developing the property.
The IRS has concluded that the mere transfer of interests in compensation from the employee spouse to the nonemployee spouse incident to a divorce does not result in the recognition of any income or the payment of wages for Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) purposes.
What is IRS Revenue Ruling 2004-55? IRS Revenue Ruling 2004-55 relates to the taxation of disability benefits that employees receive, which can affect the premiums paid for group disability coverage.

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Revenue Procedure 2004-58 provides guidance on the treatment of certain payments made by tax-exempt organizations to their own employees and the reporting of those payments.
Tax-exempt organizations that make payments to their employees, which may be considered excess benefit transactions, are required to file under Revenue Procedure 2004-58.
To fill out Revenue Procedure 2004-58, organizations must complete the specified forms provided by the IRS, ensuring that they accurately report the required information regarding transactions and payments.
The purpose of Revenue Procedure 2004-58 is to provide a safe harbor for tax-exempt organizations to report and handle excess benefit transactions in compliance with IRS regulations.
Organizations must report details about the individuals involved, the nature of the transactions, the amounts paid, and ensure that the transactions meet the defined criteria for compliance.
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