January 15, 2001

 
​EXECUTIVE BOARD COVERAGE

 AVMA, others to clarify tax issues

Posted Jan. 1, 2001

The Executive Board approved the Legislative Advisory Committee's recommendation that the AVMA ask tax consultants and allied veterinary organizations to review the Veterinary Medicine Audit Technique Guide and identify text that the AVMA should ask the IRS to clarify or correct in an updated version of the guide.

Following its letter to the AVMA clarifying the criteria for Qualified Personal Service Corporations, and with the publication of Revenue Procedure 2000-22, the IRS now plans to update the Veterinary Medicine Audit Technique Guide.

The IRS asked the AVMA to suggest how the guide can be improved, and to identify other issues that need to be addressed or clarified.

The committee concluded that the AVMA, other veterinary organizations, and tax accountants to veterinarians should work together to resolve existing and potential concerns.