Rev. Proc. 2004-53

Summary


Rev. Proc. 2004-53 explains both the standard procedure and an alternate procedure for preparing and filing Form W-2, Wage and Tax Statement; Form 941, Employer's Quarterly Federal Tax Return; Form W-4, Employee's Withholding Allowance Certificate; and Form W-5, Earned Income Credit Advance Payment Certificate, in certain acquisitions. It also provides guidance on the new schedule (Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations) that employers will be able to use explain discrepancies between Forms W-2 and 941.

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Extract


Rev. Proc. 2004-53

26 CFR 601.602: Forms and instructions.

(Also Part 1, §§ 6011, 6051, 6071; 31.6011(a)-4, 31.6051-1, 31.6071(a)-l.)

Rev. Proc. 2004-53

SECTION 1. PURPOSE

.01 This revenue procedure supersedes Rev. Proc. 96-60, 1996-2 C.B. 399. This revenue procedure explains both the standard procedure and an alternate procedure for preparing and filing Form W-2, Wage and Tax Statement; Form 941, Employer's Quarterly Federal Tax Return; Form W-4, Employee's Withholding Allowance Certificate; and Form W-5, Earned Income Credit Advance Payment Certificate, in certain acquisitions. This revenue procedure applies when an employer (successor) acquires substantially all the property (1) used in a trade or business of another employer (predecessor), or (2) used in a separate unit of a trade or business of a predecessor, and, in connection with or immediately after the acquisition (but during the same calendar year), the successor employs individuals who immediately prior to the acquisition were employed in the trade or business of the predecessor. (The term "trade or business," for purposes of this revenue procedure, may include the activity of a nonprofit organization or of a federal or state agency.)

.02 This revenue procedure provides guidance on the new schedule (Schedule D...

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