Form preview

Get the free IRS Revenue Ruling 98-60

Get Form
We are not affiliated with any brand or entity on this form
Illustration
Fill out
Complete the form online in a simple drag-and-drop editor.
Illustration
eSign
Add your legally binding signature or send the form for signing.
Illustration
Share
Share the form via a link, letting anyone fill it out from any device.
Illustration
Export
Download, print, email, or move the form to your cloud storage.

Why pdfFiller is the best tool for your documents and forms

GDPR
AICPA SOC 2
PCI
HIPAA
CCPA
FDA
Learn more about security

End-to-end document management

From editing and signing to collaboration and tracking, pdfFiller has everything you need to get your documents done quickly and efficiently.

Accessible from anywhere

pdfFiller is fully cloud-based. This means you can edit, sign, and share documents from anywhere using your computer, smartphone, or tablet.

Secure and compliant

pdfFiller lets you securely manage documents following global laws like ESIGN, CCPA, and GDPR. It's also HIPAA and SOC 2 compliant.
Form preview

What is irs revenue ruling 98-60

The IRS Revenue Ruling 98-60 is a tax document used by entities to obtain automatic consent from the Commissioner for changing accounting methods related to LIFO inventory and REIT regulations.

pdfFiller scores top ratings on review platforms

Users Most Likely To Recommend - Summer 2025
Grid Leader in Small-Business - Summer 2025
High Performer - Summer 2025
Regional Leader - Summer 2025
Show more Show less
Fill fillable irs revenue ruling 98-60 form: Try Risk Free
Rate free irs revenue ruling 98-60 form
4.0
satisfied
57 votes

Who needs irs revenue ruling 98-60?

Explore how professionals across industries use pdfFiller.
Picture
Irs revenue ruling 98-60 is needed by:
  • Real Estate Investment Trusts (REITs)
  • Tax professionals and accountants
  • Dealers in securities
  • Businesses changing accounting methods
  • Corporate tax compliance officers
  • Financial analysts and advisors

Comprehensive Guide to irs revenue ruling 98-60

What is IRS Revenue Ruling 98-60?

IRS Revenue Ruling 98-60 offers taxpayers and accounting professionals guidance on changing accounting methods, particularly for LIFO inventory and mark-to-market accounting pertaining to dealers in securities. This ruling is significant as it impacts multiple accounting practices, helping to clarify the treatment of real estate investment trusts (REITs) and related regulations. Understanding these guidelines is crucial for compliance with IRS standards.

Purpose and Benefits of IRS Revenue Ruling 98-60

The ruling serves a vital role in tax compliance and planning, providing several key benefits to taxpayers. One of the main advantages is the ability to obtain automatic consent from the Commissioner, simplifying the process of changing accounting methods. This ruling aids taxpayers in ensuring their accounting practices are accurate, which is particularly beneficial for businesses and REITs that must adhere to specific regulatory requirements.

Key Features of IRS Revenue Ruling 98-60

Critical elements of IRS Revenue Ruling 98-60 include:
  • Automatic consent procedures that streamline the process for changing accounting methods.
  • Clear definitions of relevant terms to enhance understanding for users.
  • Insights into tenant service income classifications, essential for accurate reporting.

Who Needs IRS Revenue Ruling 98-60?

The target audience for IRS Revenue Ruling 98-60 includes various types of taxpayers who may benefit significantly from its provisions. Industries such as real estate and securities are particularly affected by this ruling. Additionally, accountants and tax preparers play a crucial role in managing their clients' accounts under this ruling, making it an essential resource for them.

When to File or Submit IRS Revenue Ruling 98-60

Timely filing of IRS Revenue Ruling 98-60 is crucial to avoid penalties. Key deadlines include:
  • Submission deadlines that align with the tax year in question.
  • Awareness of the consequences related to late filing or failure to file.
Proper timing ensures compliance and helps prevent negative repercussions for taxpayers.

How to Complete IRS Revenue Ruling 98-60 Online (Step-by-Step)

Completing IRS Revenue Ruling 98-60 online can be achieved through the following steps:
  • Access the form using pdfFiller.
  • Follow field-by-field instructions to guarantee accuracy.
  • Avoid common mistakes that could lead to submission issues.
Following these steps ensures a smooth completion process while minimizing errors.

Security and Compliance When Using IRS Revenue Ruling 98-60

When handling IRS Revenue Ruling 98-60, security and compliance are paramount. pdfFiller is committed to protecting sensitive data through stringent security protocols, including:
  • 256-bit encryption to safeguard information.
  • Compliance with IRS regulations and standards for confidentiality.
  • Secure methods for storage and document submission.

After Submission: What Happens Next?

After submitting IRS Revenue Ruling 98-60, users can expect several outcomes:
  • Confirmation of submission along with tracking updates.
  • Information on potential follow-up actions, including any corrections needed.
  • An overview of typical processing times and monitoring requirements.

Examples and Case Studies of IRS Revenue Ruling 98-60 Application

Practical applications of IRS Revenue Ruling 98-60 can be illustrated through real-life scenarios. Businesses often utilize the ruling to navigate complex tax scenarios, resulting in various outcomes that highlight its usefulness. Case studies provide insight into best practices, demonstrating how taxpayers can effectively implement the ruling in their accounting strategies.

Experience Seamless Form Management with pdfFiller

pdfFiller enhances the form completion experience with features that simplify filling out and signing IRS Revenue Ruling 98-60. Users will appreciate the platform's ease of use, robust security measures, and responsive support. Engaging with pdfFiller can significantly streamline the handling of tax forms, making the process more efficient and secured.
Last updated on Apr 2, 2026

How to fill out the irs revenue ruling 98-60

  1. 1.
    Access pdfFiller and search for 'IRS Revenue Ruling 98-60' in the search bar to locate the form.
  2. 2.
    Open the form by selecting it from the search results, which will launch the form in the pdfFiller interface.
  3. 3.
    Before filling in the form, gather necessary documentation such as financial statements, prior tax returns, and any relevant correspondence with the IRS.
  4. 4.
    Begin completing the form by clicking on the relevant fields. Use the guided prompts and tooltips provided by pdfFiller to help you with field requirements.
  5. 5.
    Make sure to input all required information accurately, detailing your accounting method changes and the rationale as per IRS guidelines.
  6. 6.
    Once all information is entered, review the entire form carefully to ensure accuracy and completeness. Utilize the preview feature to see the form as it will appear once finalized.
  7. 7.
    After reviewing, save changes in pdfFiller. You can download a copy to your device or submit the form electronically, based on your preference.
  8. 8.
    If submitting electronically, ensure you follow the specific IRS submission guidelines for E-filing or mailing as appropriate.
Regular content decoration

FAQs

If you can't find what you're looking for, please contact us anytime!
Contact Support
Entities such as Real Estate Investment Trusts (REITs), tax professionals, and businesses planning to change their accounting methods need to file this ruling for proper IRS consent and compliance.
The deadline for submission of the IRS Revenue Ruling 98-60 varies depending on individual circumstances, such as fiscal year-end. It's typically advised to submit it as soon as a change in accounting method is planned.
You can submit the form electronically through the IRS E-filing system or by mailing it to the appropriate address. Be sure to follow the IRS guidelines specific to the ruling.
Yes, when submitting the IRS Revenue Ruling 98-60, you may need supporting documents such as prior tax returns and detailed explanations of your accounting changes.
Ensure all fields are accurately filled, avoid omitting supporting documents, and double-check the submission method. Common pitfalls include filing late or making errors in accounting method definitions.
Processing for IRS rulings can take several weeks. It's best to file as soon as possible and keep track of your submission status through the IRS.
Once submitted, changes to the IRS Revenue Ruling 98-60 may require a new submission or additional correspondence with the IRS regarding the required changes.

Related Content

Internal Revenue Bulletin - March 8, 2004 - Rev. Rul. 2004-24
Definition of a real estate investment trust - Part I Section 856.
26 U.S. Code § 856 - Definition of real estate investment trust | US ...

Related Forms

Form 8827 Credit For Prior Year Minimum Tax—Corporations
Form 8827 Credit For Prior Year Minimum Tax—Corporations
Form 8827 is used by corporations to compute the minimum tax credit for alternative minimum
Fill out
Form 8831 Excise Taxes on Excess Inclusions
Form 8831 Excise Taxes on Excess Inclusions
Form8831name(march 1993)department of the treasury internal revenue serviceexcise taxes on excess inclusions of remic residual
Fill out
Form 8833 Treaty-Based Return Position Disclosure
Form 8833 Treaty-Based Return Position Disclosure
Form 8833 is used by taxpayers to disclose a treaty-based return position required by the
Fill out
IRS Form 8834
IRS Form 8834
Form8834tentative creditqualified electric vehicle creditattach to your tax return. for fiscal years beginning in 1992
Fill out
IRS Form 8835 Renewable Electricity Production Credit
IRS Form 8835 Renewable Electricity Production Credit
Form 8835 is used to figure the credit for electricity produced in the united states
Fill out
Form W-2G
Form W-2G
3232 payer's name corrected 1 gross winnings 2 federal income tax withheld omb no. 1545-0238
Fill out
Form W-2VI U.S. Virgin Islands Wage and Tax Statement
Form W-2VI U.S. Virgin Islands Wage and Tax Statement
Form w-2vi is used to report wages, tips, and other compensation paid to employees in
Fill out
Form W-3c Transmittal of Corrected Income and Tax Statements
Form W-3c Transmittal of Corrected Income and Tax Statements
Please do not staple.year being correctedomb no. 1545-819number of forms w-2c attachedfor official use onlyestablishment
Fill out
Form W-3SS Transmittal of Wage and Tax Statements
Form W-3SS Transmittal of Wage and Tax Statements
This form is used by employers to transmit forms w-2as, w-2gu, w-2cm, or w-2vi to
Fill out
IRS Form W-4 Employee's Withholding Allowance Certificate
IRS Form W-4 Employee's Withholding Allowance Certificate
Form w-4purpose. complete form w-4 so that your employer can withhold the correct amount of
Fill out

Related Features

Embed Phrase in Pdf with ease
Replace Watermark in Pdf with ease
Revise Field in Pdf with ease
Insert Table in the Document with ease
Change Text in the Patient Medical Record with ease
If you believe that this page should be taken down, please follow our DMCA take down process here .
This form may include fields for payment information. Data entered in these fields is not covered by PCI DSS compliance.