Statutory Guidelines [Appendix A(6) Revenue Procedure 93-34] regarding rules under which a designated settlement fund described in section 468B(d)(2) of the Internal Revenue Code or a qualified settlement fund described in section 1.468B-1 of the Income Tax Regulations will be considered "a party to the suit or agreement" for purposes of section 130.
California Revenue Procedure 93-34 is a guidance document issued by the California Franchise Tax Board (FT) that provides detailed instructions and procedures related to various tax matters for individuals and businesses. This revenue procedure aims to ensure compliance with the state tax laws and regulations in California. Some relevant keywords associated with California Revenue Procedure 93-34 include tax matters, Franchise Tax Board, guidance document, compliance, procedures, and instructions. The primary purpose of California Revenue Procedure 93-34 is to provide clarity on specific tax issues to taxpayers and their tax advisors. It outlines the procedures to be followed, including documentation requirements, timelines, and forms to be submitted. This revenue procedure covers a wide range of tax-related topics, including but not limited to: 1. Net operating losses: California Revenue Procedure 93-34 explains the rules and limitations for carrying forward or carrying back net operating losses (Vols) and provides guidance on calculating and reporting Vols for tax purposes. 2. Change in accounting method: It provides guidance on how to request permission for changes in accounting methods, including the proper forms to be filed and the relevant documentation required. 3. Tax credits and incentives: California Revenue Procedure 93-34 outlines the procedures for claiming various tax credits and incentives available under the state tax laws, such as the California Competes Tax Credit. 4. Amended returns: It provides instructions on how to file amended tax returns for individuals and businesses, including the proper forms and documentation needed. 5. Installment payment agreement: This revenue procedure also addresses the procedures for taxpayers who wish to enter into an installment payment agreement with the FT to settle their outstanding tax liabilities over time. It is worth noting that there is only one version of California Revenue Procedure 93-34. However, it may undergo periodic updates or revisions to reflect changes in tax laws or regulations. Taxpayers and professionals should refer to the most recent version of this revenue procedure for accurate and up-to-date instructions and guidance.
