AVMANEWS IRS Clarifies Tax Requirements for Veterinarians

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1992
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Iowa State University Digital Repository
Abstract

The AVMA and the Internal Revenue Service reached an agreement that will save many practitioners thousands of dollars in back taxes, hours of aggravation and IRS investigation. An IRS ruling issued in mid-August overturns an earlier ruling which would have required veterinary corporations not filing as personal service corporations between 1987 and 1991 to pay additional taxes, penalties, interest charges, and accountant fees.

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