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.
Minnesota Revenue Procedure 93-34, also known as MN RP 93-34, is a guideline issued by the Minnesota Department of Revenue (UNDER) that provides instructions and clarifications regarding the state's tax laws and regulations. This procedure is designed to assist taxpayers and tax professionals in understanding their obligations and rights when it comes to various tax matters in Minnesota. MN RP 93-34 primarily focuses on the following topics and keywords: 1. Legal Interpretations: The procedure offers detailed explanations and interpretations of Minnesota tax laws, including statutes, regulations, and court decisions. It clarifies how certain provisions of the law should be applied and enforced by taxpayers and the UNDER. 2. Audit Procedures: MN RP 93-34 provides guidelines for tax audits conducted by the UNDER. It outlines the various procedures and requirements for both the UNDER and taxpayers during an audit process, including record keeping, document requests, and examination techniques. 3. Exemptions and Deductions: The procedure discusses specific exemptions and deductions available to Minnesota taxpayers. It explains the eligibility criteria and provides supporting guidelines for claiming these benefits, such as the research and development (R&D) credit, foreign income exclusions, and investment tax credits. 4. Filing and Payment Procedures: MN RP 93-34 details the procedures and requirements for filing various tax returns and making payments to the UNDER. It covers electronic filing options, due dates, extension requests, payment methods, penalties, and interest calculations. 5. Offer in Compromise: This procedure includes information about the offer in compromise program offered by the UNDER. It explains the conditions under which a taxpayer may propose an offer to settle a tax debt for less than the full amount owed and the process involved in submitting the offer. Different types or versions of Minnesota Revenue Procedure 93-34 may exist, typically indicated by a specific year or an amendment number. For example, MN RP 93-34 (2019) or MN RP 93-34(Amend. 1). These variations are often released to incorporate updates, changes in tax law, or additional clarifications to ensure accuracy and relevance. It is important for taxpayers in Minnesota and tax professionals to familiarize themselves with the contents of Minnesota Revenue Procedure 93-34 to ensure compliance with state tax regulations and to take full advantage of available deductions, exemptions, and other benefits.
