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.
Utah Revenue Procedure 93-34 is a specific document issued by the Utah State Tax Commission that provides guidelines and instructions regarding certain tax-related matters. This procedure is important for taxpayers, businesses, and tax professionals operating in the state of Utah as it clarifies various tax issues and provides detailed guidance on specific tax requirements. One of the primary purposes of Utah Revenue Procedure 93-34 is to define the proper procedures for amending tax returns filed with the Utah State Tax Commission. It outlines the specific requirements, forms, and deadlines for individuals and businesses seeking to amend previously filed tax returns. This ensures that taxpayers can correct any errors or omissions in their initial filings and comply with the state's tax regulations accurately. In addition, Utah Revenue Procedure 93-34 addresses the treatment of various tax credits and deductions available under Utah tax laws. It provides explicit instructions on how to calculate and claim these credits and deductions, ensuring taxpayers are able to take advantage of the maximum tax benefits provided by the state. Moreover, Utah Revenue Procedure 93-34 may include guidelines related to specific tax issues or transactions, such as the treatment of sales tax on certain types of transactions, tax regulations for specific industries, or rules regarding out-of-state transactions. These guidelines help taxpayers navigate through complex tax laws and ensure compliance with the state's regulations. Although Utah Revenue Procedure 93-34 is a general document that covers a wide range of tax-related issues, it might also have specific variations or updates, known as revisions or supplemental procedures. These revisions may be released periodically by the Utah State Tax Commission to address new tax laws, changes in tax regulations, or to provide additional clarifications on certain tax matters. Taxpayers and tax professionals should regularly review these revisions to stay updated with the latest guidelines and ensure accurate compliance with Utah's tax laws. In conclusion, Utah Revenue Procedure 93-34 is a significant resource for taxpayers in Utah, providing detailed instructions and guidance for amending tax returns, claiming tax credits and deductions, and addressing various tax-related matters. It helps individuals, businesses, and tax professionals understand and comply with the state's tax regulations accurately, minimizing the risk of non-compliance and potential penalties.
