Abstract
In any system as complex as IRC Chapter 3, there needs to be control and oversight to ensure that the system is being administered correctly. For IRC Chapter 3, this is an Agreed Upon Procedure (AUP). Almost everyone in the industry calls this an audit rather than an AUP (including the IRS). In the same way that almost everyone calls IRC Chapter 4 ‘FATCA’ (including the IRS), when such an act of Congress does not in fact exist. I find the lack of precision in terminology rather amusing, given the need for this industry as a whole to be just that — precise.
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© 2013 Ross K. McGill
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McGill, R.K. (2013). Control and Oversight. In: US Withholding Tax. Global Financial Markets series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137317308_6
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DOI: https://doi.org/10.1057/9781137317308_6
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-34939-5
Online ISBN: 978-1-137-31730-8
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