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The IRS is preparing an annual business plan for consideration of various
regulatory review projects. It has generated a fair amount of excitement in
Washington as it is viewed as the first opportunity in a long time where a
possible outcome is regulatory relief.
It is our understanding the IRS has assembled a long list of projects and we
believe one of the projects under consideration for inclusion in the final list
is to explore whether there is any way for the IRS to administratively increase
the $25 limitation on business gifts. It may be difficult given the amount is
fixed by statute but the IRS is contemplating its options and if nothing else it
might provide a springboard for future legislative activity.
We also think it would offer an opportunity to review the other dollar
limitations imposed by the applicable Internal Revenue Code Section on
promotional products and employee achievement awards. We have suggested they
broaden the project.
If we can demonstrate there is a lot of interest in this particular project we
may be able to get it into the business plan. If our research is correct, these
dollar amounts were established 40 years ago!
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