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There are several key features to the FTDR Program process, including no "hot interest," which act as taxpayer incentives for program participation.
After Compliance issues Form 5701, Notice of Proposed Adjustment, and the parties fully discuss the issues, either the taxpayer or Compliance may request FTDR. Both parties must agree to use the FTDR Program.
The taxpayer retains all of its usual Appeals rights, because the case is under Compliance's jurisdiction during the FTDR Program process.
The ex parte communications rules do not apply to the FTDR Program, because cases are under Compliance's jurisdiction.
Under the new FTDR program, the issue gets resolved in significantly less time than it takes just to transfer the case from exam to Appeals.
After Form 5701, Notice of Proposed Adjustment, has been issued by Compliance and the issues are substantially developed, either the Taxpayer or Compliance may request to use FTDR. Both parties must agree to use FTDR before the program can be utilized.
The taxpayer retains all of its Appeals rights since the FTDR occurs while the case is in Compliance's jurisdiction.
* For Frontdoor Inc (NASDAQ: FTDR), Buckingham Research downgraded the previous rating of Buy to the current rating Neutral.
DOWN AFTER EARNINGS: frontdoor (FTDR) down 18.7%...
Frontdoor (FTDR), the parent company of American Home Shield, began operating as an independent publicly traded company listed on the Nasdaq Global Select Market under the symbol "FTDR" after completing its spin-off from ServiceMaster Global (SERV), the company announced yesterday.
Following the separation, ServiceMaster's common stock will continue to trade on NYSE under the symbol "SERV." Frontdoor's common stock has been approved for listing on the NASDAQ under the symbol "FTDR."
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