| IR-94-121 |
Dec. 30, 1994 |
| Mortality Tables Released |
| The Internal Revenue Service today released Rev. Rul. 95-6. Rev. Rul. 95-6 provides a mortality table which is the "applicable mortality table" to be used under S 415 and S 417 of the Internal Revenue Code, as amended by S 767 of the Uruguay Round Agreements Act, P. Law 103-465 (GATT). Future guidance will specify the mortality table to be used under S 412 of the Code. This revenue ruling also does not address other issues related to an employer's plan amendment adopting the new table, such as the extent to which employers may or may not reduce plan benefits or increase their potential reversions. |
| IR-94-120 |
Dec. 29, 1994 |
| Employee Plan Procedures Released |
| The Internal Revenue Service today released a Revenue Procedure implementing a previously announced extension of certain employee plan adoption and submission deadlines. Announcement 94-136 extended the deadlines for requesting determination letters for employee retirement plans that are timely amended to comply with the Tax Reform Act of 1986. It also extended the deadline for adopting certain preapproved plans that comply with TRA '86. |
| IR-94-119 |
Dec. 28, 1994 |
| Tax Packages on Their Way |
| The 1994 federal income tax packages go in the mail on January 3, 1995. The Internal Revenue Service will mail tax packages or postcards to 109 million taxpayers nationwide for the tax filing season that starts next month. IRS expects to receive over 116 million tax returns for 1994. |
| IR-94-118 |
Dec. 27, 1994 |
| IRS Proposes New User Fee for Installment Agreement |
| Beginning in March the Internal Revenue Service will start charging a user fee for entering into an installment agreement to pay delinquent taxes in installments and for restructuring or reinstating an installment agreement. |
| IR-94-117 |
Dec. 23, 1994 |
| IRS Announces 1995 Pension Plan Limitations |
| The Internal Revenue Service today announced cost-of-living adjustments applicable to dollar limitations on benefits under qualified defined benefit pension plans and to other provisions affecting such plans. |
| IR-94-115 |
Dec. 6, 1994 |
| Inflation Adjustments Raise 1995 Tax Benefits |
| Taxpayers looking ahead and planning for their 1995 taxes will find larger personal exemptions and standard deductions, plus wider tax brackets that begin at higher income levels. These and certain other tax items are indexed each year so that inflation does not erode benefits or push taxpayers into higher tax brackets. Personal exemptions for 1995 are raised $50 to $2,500. |
| IR-94-113 |
Nov. 22, 1994 |
| IRS Announces Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 1995, will remain at eight percent for overpayments, nine percent for underpayments, and eleven percent for large corporate underpayments. |
| IR-94-111 |
Nov. 22, 1994 |
| Statistics of Income Bulletin for Fall 1994 |
| Early statistics for 1993, based on the 106.8 million individual income tax returns filed by the end of April 1994, show that adjusted gross income (AGI) grew by 2.3 percent over 1992, from $3,254 billion to $3,328 billion. Taxable income grew 2.2 percent from $2,103 billion to $2,150 billion, while total income tax increased 4.9 percent, from $408 billion to $428 billion. Much of the increase in tax reflects the impact of the new marginal tax rates applicable to high-income taxpayers. |
| IR-94-109 |
Nov. 16, 1994 |
| New Law Eases Burden for Household Employers |
| Recently enacted law changes mean that many household employers who previously were required to file quarterly reports with the IRS will no longer have to report employment taxes for their household employees. |
| IR-94-107 |
Oct. 28, 1994 |
| IRS Advisory Group to Meet |
| The Internal Revenue Service Information Reporting Program Advisory Committee (IRPAC) will hold its semi-annual meeting on November 15 and 16. The sessions will be held in Room 3313 at IRS Headquarters, 1111 Constitution Ave., N.W., starting at 9:30 a.m. each day and ending at noon on the 16th. |
| IR-94-105 |
Oct. 11, 1994 |
| Stuart Brown is New IRS Chief Counsel |
| Stuart L. Brown is the new chief counsel of the Internal Revenue Service and assistant general counsel for the Treasury Department. |
| IR-94-104 |
Oct. 5, 1994 |
| Thousands More to File by Phone in 1995 |
| Taxpayers in ten states next year will be able to file their federal tax returns by telephone. The Internal Revenue Service will expand TeleFile -- its file-by-phone system -- to Colorado, southern Texas and northern California. The IRS expects to receive over 700,000 returns by phone in 1995. |
| IR-94-103 |
Sept. 30, 1994 |
| Individual Income Tax Rates & Tax Shares Released |
| For 1990, the top five percent of individual income tax returns accounted for 43.64 percent of the tax, based on adjusted gross income. |
| IR-94-102 |
Sept. 30, 1994 |
| IRS Releases 1991 Corporation Source Book |
| Corporations filed 3.8 million active federal income tax returns for 1991, reporting S11.4 trillion in total receipts, $350 billion of income subject to tax, and a tax liability of $92.6 billion of income tax after credits. |
| IR-94-101 |
Sept. 26, 1994 |
| Thousands Due Extra Cash From IRS |
| Over 92,200 taxpayers should be delighted to hear from the Internal Revenue Service. The IRS is trying to find them to return almost $54 million. That is the amount of the tax refunds, averaging $584, that could not be delivered. |
| IR-94-100 |
Sept. 20, 1994 |
| New Electronic Filing Program Procedures |
| The Internal Revenue Service stepped up its campaign to combat filing fraud with the announcement today of new Electronic Filing Program procedures. These procedures will reduce filing fraud by insuring that only appropriate applicants can participate in IRS' Electronic Filing Program. |
| IR-94-99 |
Sept. 8, 1994 |
| IRS Commissioner's Advisory Group to Meet |
| The Internal Revenue Service Commissioner's Advisory Group will hold a meeting at the National Office; 1111 Constitution Avenue, N.W.; Washington, D.C.; on Tuesday, Sept. 13, 1994. The meeting will begin at 8:30 a.m. in Room 3313. |
| IR-94-98 |
Sept. 8, 1994 |
| IRS Announces Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning October 1, 1994, will increase to eight percent for overpayments, nine percent for underpayments, and eleven percent for large corporate underpayments. |
| IR-94-96 |
Sept. 7, 1994 |
| IRS Awards Information Support Contract |
| The Internal Revenue Service awarded two $50 million contracts yesterday for information processing support services for the Department of Treasury. Information Management Consultants, Inc. of McLean, Va., and Management Systems Designers of Vienna, Va., each received a 5-year contract to provide a broad range of hardware and software support services, particularly in the area of imaging, under the Treasury Information Processing Support Services (TIPSS) procurement. |
| IR-94-85 |
Aug. 15, 1994 |
| IRS Issues New & Improved Advance Proof Circular E |
| The Internal Revenue Service today issued advance proof copies of the 1995 Publication 15, Circular E. The changes to this publication are significant. |
| IR-94-76 |
July 28, 1994 |
| Filing Deadlines Extended for Flood Victims |
| The IRS has granted relief to taxpayers in the designated disaster area of the southeastern United States who are unable to meet their federal tax obligations because of the recent flooding. Today's release extends the time for filing with respect to pension and other employee benefit plans to October 17, 1994. The U.S. Department of Labor's Pension and Welfare Benefits Administration also has jurisdiction in employee benefit matters and has joined with the Service in providing the relief described in this news release. |
| IR-94-74 |
July 20, 1994 |
| IRS Releases Advance 1994 Tax Forms |
| The Internal Revenue Service today released advance proof copies of the most widely-used 1994 tax forms for individuals. For the most part the forms resemble those from last year, but there are a few changes. The changes are the result of new tax laws and IRS' efforts to simplify the forms. |
| IR-94-73 |
July 19, 1994 |
| New Procedures to Fight Refund Fraud |
| The IRS today announced two new procedures it will implement next year to better protect the tax system from refund fraud. |
| IR-94-63 |
June 17, 1994 |
| IRS & NTEU Address Disciplinary Differences |
| The IRS and the National Treasury Employees Union today announced the first federal labor-management program to address the problem of disproportionate discipline of minority employees. |
| IR-94-58 |
June 10, 1994 |
| IRS Commissioner's Advisory Group to Meet |
| The IRS Commissioner's Advisory Group will hold a meeting at the National Office; 1111 Constitution Avenue, N.W.; Washington, D.C.; on Thursday, June 16. The meeting will begin at 8:30 in Room 3313. |
| IR-94-57 |
June 10, 1994 |
| IRS Awards Print Contract |
| The IRS yesterday awarded a $77 million contract to FDC Technologies, of Bethesda, Md., for high-speed, non-impact printing systems. |
| IR-94-56 |
June 9, 1994 |
| IRS Announces the Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 1994 will increase to seven percent for overpayments, eight percent for underpayments, and ten percent for large corporate underpayments. |
| IR-94-55 |
June 6, 1994 |
| First Detailed 1992 Individual Tax Returns Statistics Released |
| Adjusted gross income on individual income tax returns for 1992 increased five percent over 1991 to $3.6 trillion, even though fewer returns were filed. Taxable income also grew by five percent to $2.4 trillion, and total income tax increased from $448 billion to $476 billion. |
| IR-94-53 |
May 25, 1994 |
| IRS Sponsors Nationwide Tax Forums |
| Large and small business owners who attend the IRS 1994 Nationwide Tax Form Conferences and Exhibitions will learn about the recent innovative advances to the federal tax system, how to make business and individual tax filing easier and how to save their businesses time and money. |
| IR-94-50 |
May 2, 1994 |
| IRS Advisory Group to Meet |
| The IRS Information Reporting Program Advisory Committee (IRPAC) will hold its semi-annual meeting on May 17 and 18. The sessions will be held in Room 3313 at IRS headquarters, 1111 Constitution Ave., N.W., starting at 9:30 a.m. each day an ending at noon on the 18th. |
| IR-94-49 |
April 29, 1994 |
| Filing Alternatives Continued to Grow |
| The 1994 filing season saw a record number of electronic returns, a successful expansion of telephone filing and the initial test of home computer users filing returns through an on-line service. |
| IR-94-46 |
April 22, 1994 |
| Eligible Workers Can Boost Their Take-Home Pay |
| Even as it continues to process the truckloads of mail resulting from last week's tax filing deadline, the Internal Revenue Service begins sending letters today to 10 million filers, telling them they don't have to wait until next year to get money back from the government. |
| IR-94-36 |
April 18, 1994 |
| New Rules Tax Certain Foreign Reorganizations |
| The Internal Revenue Service announced today that regulations will be issued on the taxation of corporate reorganizations involving transfers by U.S. shareholders of stock of U.S. corporations to foreign corporations. The announcement was made in IRS Notice 94-46. |
| IR-94-35 |
April 14, 1994 |
| Commissioner Foresees End to Long Post Office Lines on Apr. 15 |
| Long lines of taxpayers at post offices on April 15 may be a nightmare of the past, but they aren't part of the Internal Revenue Service's dream for the future. |
| IR-94-31 |
April 6, 1994 |
| Millions Find Other Ways to File Tax Returns |
| So far this year, nearly one out of every four taxpayers used an alternative way of filing--either electronic filing, the 1040PC format, or TeleFile. According to the Internal Revenue Service, the only traditional tax form holding at last year's level is the 1040EZ, which married couples can use for the first time this year. |
| IR-94-30 |
March 31, 1994 |
| Errors to Avoid in Tax Season's Final Weeks |
| With just over two weeks left in this tax filing season, the Internal Revenue Service offered advice on avoiding some common mistakes often found on tax forms filed at the end of the filing season. |
| IR-94-29 |
March 29, 1994 |
| IRS Simplifies Intangibles Settlement Program |
| The Internal Revenue Service today announced a modification to its Intangibles Settlement Initiative to make it simpler and less burdensome for both the IRS and affected taxpayers. |
| IR-94-28 |
March 28, 1994 |
| Rules Changed for Deducting Seller-Paid Points |
| The Internal Revenue Service today announced that individuals may claim an income tax deduction for "points' paid in connection with the individual's purchase of a home, even if the points are paid by the seller of the property (so-called "seller-paid points"). The new rule is available for individuals who have purchased homes after December 31, 1990. |
| IR-94-27 |
March 24, 1994 |
| Deadline Nears - Extensions, Installment Plans Available |
| With just a little over three weeks left until the April 15 filing deadline, the Internal Revenue Service advises people who haven't done their tax forms to wait no longer, because time is running out to get the forms, publications or other help they need. |
| IR-94-26 |
March 23, 1994 |
| IRS Guidance on Home Office Deductions |
| The Internal Revenue Service has issued additional guidance on when the expenses for an office in the home may be deductible. The explanation contains several examples applying the tax law to situations involving taxpayers who work at home. |
| IR-94-25 |
March 17, 1994 |
| IRS Offers Advice to Filers |
| With less than a month to go before April 15 filing deadline, the Internal Revenue Service has some advice to help avoid errors it has seen on some of this year's early returns. |
| IR-94-24 |
March 16, 1994 |
| IRS Announces the Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning April 1, 1994, will remain at six percent for overpayments, seven percent for underpayments, and nine percent for large corporate underpayments. |
| HR-94-24 |
Nov. 9, 1994 |
| The Honorable J.J. Pickle (D., Tex.) |
| The Honorable J.J. Pickle (D., Tex.), Chairman of the Subcommittee on Oversight, Committee on Ways and Means, U.S. House of Representatives, announced today that the Subcommittee will hold a field hearing to examine the compliance costs and regulatory burdens imposed by the Federal tax laws on individuals and businesses. The hearing will be held on Friday, December 9, 1994, beginning at 9:00 a.m., in the Chemung County Legislature Chambers, 205 Lake Street, Elmira, New York. |
| HR-94-23 |
Sept. 23, 1994 |
| The Honorable J. J. Pickle (D., Texas), Chairman Subcommittee on Oversight, Committee on Ways & Means, U.S. House of Representatives, Announces Hearings on Federal Tax Refund Fraud |
| The Honorable J. J. Pickle (D., Texas), Chairman, Subcommittee on Oversight, Committee on Ways and Means, U.S. House of representatives, announced today that the Subcommittee will hold two hearings on Federal tax refund fraud. These hearings are in follow up to the Subcommittee's February 1994 hearing on efforts by the Internal Revenue Service (IRS) to identify and prevent tax refund fraud. |
| IR-94-22 |
March 10, 1994 |
| Volunteers Help With Tax Returns, Earned Income Credit Claims |
| There may be no free lunch, but nearly 95,000 volunteers will give free tax help to over three million people this year. The volunteers, trained through two Internal Revenue Service programs, staffed 23,000 sites nationwide last year, helping people who can least afford tax preparation fees. |
| IR-94-20 |
March 3, 1994 |
| Millions Get Help Through Tele-Tax |
| Millions of people who called the Internal Revenue Service last filing season got information without saying a word--and are doing it again this year. They're calling Tele-tax--a toll-free, automated service--and selecting recorded messages from about 140 available tax topics. And after filing their returns, they're calling back to find out when to expect their returns. |
| IR-94-18 |
Feb. 28, 1994 |
| IRS Awards $1.3 Billion Technology Contract to IBM |
| The Internal Revenue Service toady awarded a $1.3 billion contract to IBM Federal Systems for document processing technology that will electronically image paper tax forms filed by millions of taxpayers starting in 1996. |
| IR-94-17 |
Feb. 28, 1994 |
| SOI Bulletin for Winter 1993-1994 |
| Excluding private foundations, 133,000 charitable organizations reported revenues totaling $398.6 billion for 1989, 12 percent more than for 1988. "Programs service revenue" mostly school tuition and hospital patient care charges, accounted for more than two-thirds of the total, with contributions, gifts, and grants received accounting for almost one-fifth. |
| IR-94-15 |
Feb. 25, 1994 |
| IRS Reports 1990 Corporation Income Statistics |
| In its latest report of corporation income tax statistics, the IRS reveals that approximately 3.7 million active corporations filed returns for 1990, a 2.4 increase over 1989. |
| IR-94-14 |
Feb. 25, 1994 |
| Faster, Shorter Tax Forms More Popular |
| Electronic filing and TeleFile continue to grow in popularity, and many taxpayers are taking advantage of Form 1040EZ's new availability to married couples, according to the latest tax season data from the Internal Revenue Service. |
| IR-94-13 |
Feb. 23, 1994 |
| FUTA Deadline Extended for Virgin Island Employers |
| Virgin Islands employers required to file a 1993 Federal Unemployment Tax Act (FUTA) tax return will not be assessed a late filing or late payment penalty if they file their 1993 Forms 940 by March 15, 1994. The U.S. Internal Revenue Service extended the filing deadline due to the late arrival of Forms 940 to the Virgin Islands. |
| IR-94-11 |
Feb. 16, 1994 |
| Winter Weather Chills Pace of Tax Return Filings |
| The pace of tax return filings has been slower this year, which the Internal Revenue Service believes resulted form the harsh winter weather. Filings are down most sharply at five of the seven IRS centers serving central and eastern states which have been repeatedly hit by snow, sleet and freezing rain. |
| IR-94-10 |
Feb. 15, 1994 |
| IRS Seeks Input From Tax-Exempt Area |
| The Internal Revenue Service today asked for public input in matters related to the tax-exempt area. IRS encouraged tax-exempt organizations, law and accounting forms, and other interested groups or individuals to submit drafts of proposed revenue rulings, plain- language publications, pamphlets, issue papers or examples of issues that need to be addressed in the tax-exempt organizations area. |
| IR-94-09 |
Feb. 9, 1994 |
| IRS Offers to Settle Intangibles Issues |
| The Internal Revenue Service today offered to settle issues involving the tax treatment of intangibles. The IRS said that this settlement could affect hundreds of issues currently under examination, within the IRS appeals process, or in litigation. |
| IR-94-08 |
Jan. 31, 1994 |
| Taxbreak '94 |
| Taxbreak '94, IRS' timely, informative one-hour television program for individual income tax filers, will air on public television channels across the nation on Sunday, February 6, 1994 at 3:00 p.m. (ET). |
| IR-94-07 |
Jan. 31, 1994 |
| IRS Issues Statistics on Employee Plan Determination Letters |
| Determination letter statistics for various employee benefit plans for the period October 1992 through September 1993 were released today by the Internal Revenue Service. |
| FS-94-06 |
Oct. 1, 1994 |
| Reparation Tax Claims Denied |
| Thousands of African-Americans have been misled to file tax claims with the Internal Revenue Service for reparations payable to descendants of slaves. These tax claims also known as "Black Tax" are not legitimate claims and will be denied. |
| IR-94-05 |
Jan. 24, 1994 |
| IRS Commissioner's Advisory Group to Meet |
| Commissioner of Internal Revenue Margaret Milner Richardson today announced the appointment of the 1994 Commissioner's Advisory Group. |
| FS-94-05 |
April 1, 1994 |
| Advance Pricing Agreements (APAs) |
| The APA Program is designed as an alternative dispute resolution process that supplements the traditional administrative, judicial, and treaty mechanisms for resolving transfer pricing issues. After receiving comments from tax practitioners and tax treaty partners, and reflecting its experience with several experimental APAs, the Internal Revenue Service launched the program in March 1991. Revenue Procedure 91-22 (1991-1 C.B.526) details the APA process. |
| IR-94-04 |
Jan. 1, 1994 |
| IRS District Directors Have Been Advised Not to Assert the Penalty Under Section 6714 |
| IRS district directors have been advised not to assert the penalty under section 6714 of the Internal Revenue Code in cases where, due to extreme and unexpected weather conditions, dyed diesel fuel is mixed with undyed kerosene or similar products after removal from the terminal, and the resulting fuel is sold or used for heating purposes during the current heating season. The penalty will be asserted, however, against any person using such mixtures for a taxable use. |
| FS-94-04 |
April 11, 1994 |
| Millions to Receive Notice from the IRS on How to Get Additional Money in Their Paychecks |
| Over 16 million workers will qualify for the Earned Income Tax Credit (EITC) this year. However, many workers don't have to wait until next year to get it. Advance EITC payment allow low income workers to increase their take-home pay by as much as $102 per month starting their next paycheck. |
| IR-94-03 |
Jan. 13, 1994 |
| IRS Announces 1994 Pension Plan Limitations |
| The IRS today announced cost-of-living adjustments applicable to dollar limitations on benefits under qualified defined benefit pension plans and to other provisions affecting such plans. |
| FS-94-02 |
March 17, 1994 |
| TaxLink: An Alternative Way to Make Federal Tax Deposits |
| The IRS is changing the way it does business to meet the demands of the future. Part of our effort is to modernize the way we collect business taxes. Businesses will also benefit from the change. |
| PC-94-01 |
Oct. 26, 1994 |
| Statement of Treasury Secretary Lloyd Bentsen EITC Press Conference |
| I have a few points to make about the Earned Income Tax Credit program today, and some announcements. I have another meeting I have to go to in a couple of minutes, but this is important to me so I wanted to stop in and say something. I've asked Peggy Richardson, the IRS Commissioner, and our Under Secretary for Enforcement, Ron Noble, to stay and go over the fine points with you. |
| HR-94-01 |
Dec. 30, 1994 |
| Archer Announces Contract with America Overview Hearings |
| Congressman Bill Archer (R-TX), Chairman Designate of the Committee on Ways and Means, today announced a series of overview hearings on the Contract with America, the series of 10 bills offered by the Republicans as a national legislative agenda. The first hearing will take place on Thursday, January 5, 1995, beginning at 1:00 p.m. in the main Committee hearing room, 1100 Longworth House Office Building. |
