| IR-96-55 |
Dec. 1, 1996 |
| IRS Announces Second Model Simple Retirement Plan |
| The Internal Revenue Service today announced the release of Form 5304-SIMPLE (Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) - Not Subject to the Designated Financial Institution Rules). |
| IR-96-54 |
Dec. 20, 1996 |
| IRS Announces Approval of Buyouts Offered to Employees Affected by Reorganization Plan |
| The Internal Revenue Service today announced that its plan to offer buyouts to employees affected by a reorganization the agency began 3 years ago has received final approval. "The reorganization permits the IRS to provide better service to its customers. We are pleased with this approval because it will let us help many of the employees whose jobs are affected by the reorganization," said IRS Commissioner Margaret Milner Richardson. |
| IR-96-53 |
Dec. 16, 1996 |
| IRS Helps Taxpayers Avoid Refund Delays |
| The Internal Revenue Service has mailed a tax tip to over 300,000 taxpayers, alerting them that the identification numbers they used on their last tax returns could delay their refunds next year. As a convenience, the mailing also contained the forms to be used to apply for appropriate identification numbers. |
| IR-96-52 |
Dec. 13, 1996 |
| Tax Law Change Nets Refunds for Several Thousand Taxpayers |
| A technical correction to a 1993 law will mean refunds for several thousand middle-income taxpayers, according to Internal Revenue Service estimates. Affected is the interest exclusion for those who redeemed qualified U.S. Savings Bonds after 1992, paid higher education expenses in the year of redemption, and had incomes between the "former threshold" and "exclusion ends" amounts listed below. |
| IR-96-51 |
Dec. 10, 1996 |
| IRS Announces Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 1997, will remain at eight percent for overpayments, nine percent for underpayments, and eleven percent for large corporate underpayments. The overpayment rate for the portion of corporate overpayments exceeding $10,000 will remain at 6.5 percent. |
| IR-96-50 |
Dec. 5, 1996 |
| Valid Taxpayer Identification Numbers Needed for Returns |
| Taxpayers need valid identification numbers for themselves, their spouses and every dependent born before Dec.1, 1996. According to the Internal Revenue Service, using correct taxpayer identification numbers is more important than ever before. Recent tax law changes make valid identification numbers a requirement for claiming personal exemptions, the child care credit or the earned income credit. |
| IR-96-49 |
Dec. 4, 1996 |
| Thousands of Taxpayers Due Refunds |
| Over 96,400 taxpayers have yet to receive their 1995 refund checks according to the Internal Revenue Service. The undeliverable refunds total over $62 million, an average of $645 per check. |
| IR-96-48 |
Dec. 4, 1996 |
| IRS to Send "Formless" Tax Packages to Millions |
| In an effort to encourage millions of American taxpayers to file their returns by telephone next year, the Internal Revenue Service will send them something very different -- a tax package with a worksheet instead of a tax form. The TeleFile package will be sent to over 22 million taxpayers inviting them to use this paperless tax filing system. |
| IR-96-47 |
Dec. 2, 1996 |
| IRS Issues Fall Statistics of Income Bulletin |
| The Internal Revenue Service has resumed publication of excise tax statistics with data available for Fiscal Years 1994 and 1995. Excise taxes collected by IRS in Fiscal Year 1995 totaled $45 billion, up from $43 billion in 1994. The total includes taxes on gasoline of $19.9 billion, diesel fuel $6.7 billion, air transportation $4.9 billion and telephone and teletype services $3.8 billion. Another $11.8 billion in excise taxes were collected by the Bureau of Alcohol, Tobacco and Firearms. |
| IR-96-46 |
Oct. 31, 1996 |
| IRS Announces Model Simple Retirement Plan |
| The Internal Revenue Service today announced the release of Form 5305-SIMPLE. Section 1421 of the Small Business Job Protection Act of 1996 (P.L. 104-188), signed into law on August 20, 1996, created the Savings Incentive Match Plan for Employees of Small Employers (SIMPLE Plan) effective in 1997. SIMPLE Plans offer small employers a simplified option for providing retirement income for employees through salary reduction and matching contributions that are made to individual retirement accounts or annuities (IRAs). |
| IR-96-45 |
Oct. 30, 1996 |
| Institute on International Taxation Announced |
| The Internal Revenue Service and The George Washington University will sponsor the Ninth Annual Institute on Current Issues in International Taxation on Dec. 12 and 13, at the J.W. Marriott Hotel in Washington, D.C. |
| IR-96-44 |
Oct. 30, 1996 |
| New IRS Document Explains Section 530 Relief Requirements |
| The Internal Revenue Service today released a simple, one-page document to help businesses understand their rights under the law when the IRS questions their classification of workers as independent contractors. The new document is the latest in a series of actions the IRS has recently taken to make it easier for businesses to work with the IRS on worker classification issues. |
| IR-96-43 |
Oct. 24, 1996 |
| IRS Announces 1997 Pension Plan Limitations |
| The Internal Revenue Service today announced cost-of-living adjustments applicable to dollar limitations on benefits under qualified retirement plans and to other provisions affecting such plans. |
| IR-96-42 |
Oct. 16, 1996 |
| IRS to Designate Private Delivery Services for Tax Returns |
| Last-minute tax return filers who use certain private delivery companies will soon have the same assurance as those who use the U.S. Postal Service, that a return mailed on time is also considered filed on time. Before the recently enacted Taxpayer Bill of Rights, only taxpayers who sent returns via the USPS had that assurance. The Taxpayer Bill of Rights permits the Internal Revenue Service to extend that rule to certain private delivery companies, also called designated delivery services. |
| IR-96-41 |
Sept. 26, 1996 |
| Employers Can Get Tax Credit for Certain New Hires |
| Employers can get a tax credit of up to $2,100 if they hire new employees from one of seven targeted low-income groups. The credit -- generally, 35 percent of the first $6,000 in wages -- applies to employees who start work after September 30, 1996 and before October 1, 1997. |
| IR-96-40 |
Sept. 12, 1996 |
| IRS Issues Summer 1996 Statistics of Income Bulletin |
| The average tax rate for individuals for 1993 was 14.1 percent, 2.9 percent more than 1992, according to the Summer 1996 issue of the Internal Revenue Service quarterly publication, the Statistics of Income Bulletin. This was the highest average tax rate (tax divided by adjusted gross income or AGI) since 1986, and was due entirely to taxpayers with AGI of $100,000 or more. The average rate for all other individuals declined. An analysis of income tax returns shows that the new higher tax rates enacted in 1993 for higher income individuals were largely responsible for the increased average tax rate. |
| IR-96-39 |
Sept. 11, 1996 |
| IRS Grants Tax Relief to Hurricane Fran Victims |
| The Internal Revenue Service is granting some relief to taxpayers who may be unable to meet their federal tax obligations in places that are declared disaster areas due to Hurricane Fran and its aftermath. |
| IR-96-38 |
Sept. 5, 1996 |
| Sarah Whitbeck is New Director of Government Program Management Office |
| Commissioner of Internal Revenue Margaret Milner Richardson today announced the appointment of Sarah Whitbeck as the first director of the new IRS Government Program Management Office. Whitbeck will be responsible for the day-to-day technical management of IRS's computer modernization program, including the management of outside contractors who provide services and products for the modernization program. |
| IR-96-37 |
Sept. 4, 1996 |
| IRS Announces Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning October 1, 1996, will remain at eight percent for overpayments, nine percent for underpayments, and eleven percent for large corporate underpayments. The overpayment rate for the portion of corporate overpayments exceeding $10,000 will remain at 6.5 percent. |
| IR-96-36 |
Aug. 23, 1996 |
| New Law Gives Tax Refunds to Employees and Employers |
| Both employees and employers who participated in employer-provided educational assistance plans in 1995 or 1996 could be entitled to refunds because of recent tax law changes. The Internal Revenue Service has set up special procedures to make it easier to get these refunds and to expedite the processing of refund claims sent to the IRS. |
| IR-96-35 |
Aug. 5, 1996 |
| IRS Continues to Simplify Tax Forms |
| One less form to complete, fewer boxes to check and expanded availability of a short form for reporting business profits are among the changes evident in the advance proofs of the 1996 tax forms released today by the Internal Revenue Service. |
| IR-96-34 |
July 31, 1996 |
| Relief to Businesses Required to Deposit Electronically |
| Commissioner of Internal Revenue Margaret Milner Richardson today provided relief to 1.2 million businesses required by law to begin depositing their federal taxes electronically by January 1, 1997. |
| IR-96-33 |
July 12, 1996 |
| IRS Appoints National Director, Legislative Affairs |
| Commissioner of Internal Revenue Margaret Milner Richardson today announced the appointment of Floyd Williams as the National Director of Legislative Affairs. Williams is presently the Deputy Assistant Secretary for Legislative Affairs and Public Liaison (Tax and Budget) at the Department of Treasury. |
| IR-96-32 |
July 8, 1996 |
| IRS Issues Revision of Publication Explaining Taxpayers' Rights |
| As part of its on-going efforts to simplify the tax forms, tax information publications and other documents it sends to the public, the Internal Revenue Service has issued a new two-page version of Publication 1, "Your Rights as a Taxpayer." The revision is not only shorter and easier to understand, but it also features a new declaration of taxpayers' rights, highlighting the most important rights taxpayers have when doing business with the IRS. |
| IR-96-31 |
June 17, 1996 |
| IRS Awards Contracts for Delinquent Debt Collection |
| The Internal Revenue Service today awarded contracts to five vendors to test the feasibility of using private firms to assist the IRS in collecting delinquent federal taxes from individuals and businesses. |
| IR-96-30 |
May 31, 1996 |
| IRS Issues Spring 1996 Statistics of Income Bulletin |
| For 1994, taxpayers filed 116.1 million individual income tax returns, up 1.5 million from 1993. Adjusted gross income (AGI) increased by 5.0 percent to $3.9 trillion, more than twice the growth rate for 1993, according to the Spring 1996 issue of the Internal Revenue quarterly publication, the Statistics of Income Bulletin. |
| IR-96-29 |
May 28, 1996 |
| IRS Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 1996, will increase to eight percent for overpayments, nine percent for underpayments, and eleven percent for large corporate underpayments. The overpayment rate for the portion of corporate overpayments exceeding $10,000 will increase to 6.5 percent. |
| IR-96-28 |
May 23, 1996 |
| Tax Identification Numbers for Aliens |
| The Internal Revenue Service today issued final regulations which require certain aliens who cannot obtain Social Security numbers (SSNs) to get IRS-issued individual taxpayer identification numbers (ITINs). |
| IR-96-27 |
May 10, 1996 |
| IRS Estimates Show Little Change in Noncompliance Rate |
| More than 99 percent of wage income is correctly reported to the Internal Revenue Service, but less than 70 percent of net income earned by unincorporated businesses is, according to a study of 1992 tax behavior just released by the IRS. |
| IR-96-26 |
May 6, 1996 |
| IRS and Arizona Department of Revenue are "Champions" |
| Vice President Al Gore recognized the joint efforts of the Southwest District of the Internal Revenue Service and the Arizona Department of Revenue to improve service to the public at a "Breakfast of Champions" on Capitol Hill on May 6, 1996. IRS Commissioner Margaret Milner Richardson accepted the award -- one of six Public Service Excellence Awards for Intergovernmental Programs -- which pays tribute to groups of government employees whose programs exhibit the highest standards of dedication, excellence and accomplishment. |
| IR-96-25 |
May 1, 1996 |
| Tax Simplification for Low-Income Housing Groups |
| Today the IRS released a revenue procedure that will assist charities involved in low-income housing to obtain tax exemptions more expeditiously. The revenue procedure represents a cooperative effort of the IRS and the low-income housing community to furnish beneficial guidance. |
| IR-96-24 |
May 1, 1996 |
| IRS Releases 1993 Corporation Source Book |
| Corporations filed over 3.9 million active federal income tax returns for 1993, reporting $12.3 trillion in total receipts, $498.2 billion in net income (less deficit), $436.8 in income subject to tax, and $120 billion in income tax after credits. |
| IR-96-23 |
April 24, 1996 |
| Certain Tax Exempt Organizations May Not Engage in Political Campaign Activities |
| Charities should be careful that their efforts to educate voters stay within the Internal Revenue Service guidelines for political campaign activities. |
| IR-96-22 |
April 12, 1996 |
| IRS Concludes
Successful Tax Season |
| With Monday's deadline, the Internal Revenue Service concludes a tax season marked by expanded electronic products and increased taxpayer service. |
| IR-96-21 |
April 12, 1996 |
| Special Tax Relief for Troops in Bosnia and Their Spouses! |
| The Internal Revenue Service today announced special tax relief under recently enacted legislation for U.S. military and support personnel involved in the peace-keeping efforts in the former Republic of Yugoslavia (Bosnia and Herzegovina, Croatia, and Macedonia). |
| IR-96-20 |
April 11, 1996 |
| Last Minute Assistance from IRS |
| Waiting until the last minute tax to file your tax return? You can still get assistance from the Internal Revenue Service this weekend. Tax assistors will staff IRS's toll-free telephone lines (1-800-829-1040) from 10 a.m. 2 p.m. on Saturday, April 13. TeleTax recorded tapes on about 150 tax topics are available 24 hours a day at 1-800-829-4477. |
| IR-96-19 |
April 5, 1996 |
| Petschek Named Assistant Commissioner Employee Plans, Exempt Organizations |
| Commissioner of Internal Revenue Margaret Milner Richardson announced the selection of Evelyn A. Petschek as Assistant Commissioner (Employee Plans and Exempt Organizations). Petschek, who was the Director of the Employee Plans Division, replaces James McGovern, who retired in February. |
| IR-96-18 |
April 5, 1996 |
| Rhodes Named Assistant Commissioner for Collections |
| Commissioner of Internal Revenue Margaret Milner Richardson announced Ronald S. Rhodes as the new Assistant Commissioner (Collection). Rhodes, who was the National Director of Service Center Compliance, replaces Steve Taylor, who retired in February. |
| IR-96-17 |
April 4, 1996 |
| Tax Deadline Nears -- Extensions Available |
| With the tax filing deadline eleven days away, the Internal Revenue Service today reminded taxpayers that it offers automatic extensions for those who can't complete their forms on time. You can get an extra four months -- until August 15 -- to do the paperwork by sending Form 4868 to the IRS by April 15. |
| IR-96-16 |
April 2, 1996 |
| The IRS Wants to Hear From You! |
| People often think they have no chance for input when it comes to government regulations. But the Internal Revenue Service always provides an opportunity for input to its regulations. IRS often hears from businesses, organizations, CPAs, or attorneys, but not much from the average citizen. Most people just don't know how to do it. Now the IRS has made it easy for computer users with access to Internet to let their voices be heard. |
| IR-96-15 |
March 21, 1996 |
| Filing by Phone a Hit with Taxpayers |
| TeleFile, the new Internal Revenue Service product that allows taxpayers to file by telephone, is a runaway hit. A month before the April 15 filing deadline, TeleFile volume had hit 95 percent of what was projected for the entire year and one-third of the states had already exceeded those projections. |
| IR-96-14 |
March 18, 1996 |
| IRS Ready to Give Tax Help to Millions More |
| With just four weeks to go to the April 15 filing deadline, the Internal Revenue Service urges taxpayers needing assistance to act soon to avoid the last-minute crunch. The IRS has already helped 16 million taxpayers through its walk-in offices, telephone assistors and recorded tax tapes this year -- 800,000 more than in the first two months of 1995. In addition, the IRS' new home page on the World Wide Web has received over 25 million hits. |
| IR-96-13 |
March 18, 1996 |
| IRS Increases Managers' Settlement Authority |
| To help ensure that tax disputes are resolved at the lowest possible level, the Internal Revenue Service has clarified and extended the authority of its examination case managers. |
| IR-96-12 |
March 14, 1996 |
| IRS Issues Determination Letter Statistics |
| Determination letter statistics for various employee benefit plans for the period October 1994 through September 1995 were released today by the Internal Revenue Service. |
| IR-96-11 |
March 13, 1996 |
| IRS Announces Quarterly Interest Rates |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning April 1, 1996, will decrease to seven percent for overpayments, eight percent for underpayments, and ten percent for large corporate underpayments. The overpayment rate for the portion of corporate overpayments exceeding $10,000 will decrease to 5.5 percent. |
| IR-96-10 |
March 11, 1996 |
| Arthur A. Gross is New Chief Information Officer |
| The Internal Revenue Service today announced the selection of Arthur A. Gross as the agency's Chief Information Officer. |
| IR-96-09 |
March 11, 1996 |
| IRS Releases Tip Reporting Video |
| To educate restaurant workers about their tax obligations and tip income, the Internal Revenue Service is distributing a 16-minute videotape throughout the food and beverage industry. The videotape was developed in conjunction with the IRS's Tip Reporting Alternative Commitment (TRAC) program. |
| IR-96-08 |
March 7, 1996 |
| Volunteers Staff Thousands of Tax Help Sites |
| Where can you get good tax help today? How about a community or senior center, a club lodge, a church hall or a public library? These are among the most common of the thousands of sites staffed by two volunteer programs sponsored by the Internal Revenue Service. |
| FS-96-08 |
July 1, 1996 |
| Reparation Tax Claims Still Being Denied |
| The Internal Revenue Service is once again receiving and denying thousands of illegitimate tax claims for slavery reparations to African-Americans. In April 1993, Essence Magazine published an article leading African-Americans to believe they could file tax claims with the IRS for reparations payable to descendants of slaves. |
| IR-96-07 |
March 5, 1996 |
| IRS Addressing Worker Classification Concerns |
| Businesses concerned with the classification of their workers for tax purposes should soon find it easier to work with the Internal Revenue Service to resolve that issue, thanks to several initiatives the IRS is taking. The IRS has developed a new classification settlement program, which will be available for a two-year test period, and a new procedure for early referral of employment tax issues to the IRS Appeals function, which will operate for a one-year test period. Last week the IRS released a draft of new training materials for tax examiners on worker classification issues. |
| IR-96-06 |
Feb. 26, 1996 |
| Telephone Filing Popular with Taxpayers |
| Filing by phone has been quite popular among taxpayers looking for alternatives to traditional paper returns. As of Feb. 22, the IRS had accepted over two million returns through its TeleFile system. TeleFile is available nationwide for most single taxpayers who would otherwise use Form 1040EZ. |
| FS-96-06 |
Feb. 3, 1996 |
| FY 1997 IRS Budget Request |
| The FY 1997 President's budget enables the IRS to continue funding its ongoing operations and providing additional resources for specific programs and investments. By applying technology and innovative approaches to management, the IRS will be able to continue making real progress improving services to taxpayers and doing its job more efficiently and effectively. |
| IR-96-05 |
Feb. 15, 1996 |
| Taxbreak '96 |
| Taxbreak '96, the Internal Revenue Service's one-hour television assistance and information program for taxpayers, will air on most Public Television stations Sunday, February 18 at 3:00 p.m. (EST). |
| FS-96-05 |
March 5, 1996 |
| Classification Settlement Program |
| The Classification Settlement Program or "CSP" establishes new procedures under an optional classification settlement program that will allow businesses and tax examiners to resolve worker classification cases as early in the administrative process as possible, thereby reducing taxpayer burden. |
| IR-96-04 |
Feb. 7, 1996 |
| Electronic Filing for Home Computer Users |
| The Internal Revenue Service is expanding opportunities for filing tax returns from home. CompuServe and five transmission companies are participating in the 1996 IRS On-Line Filing Program. Together, they allow users of nine tax preparation software packages to file tax returns electronically from their personal computers to the IRS. |
| FS-96-04 |
Jan. 1, 1996 |
| New Taxpayer Rights Initiatives |
| The Internal Revenue Service today announced a series of new taxpayer rights initiatives as part of its ongoing efforts to reduce the burden on taxpayers when conducting business with the IRS and to make it easier for taxpayers to understand and exercise their rights. |
| IR-96-03 |
Feb. 1, 1996 |
| IRS Releases Statistics of Income -- 1992, Corporation Income Tax Returns |
| The Internal Revenue Service today announced the availability of its latest report on corporation income tax statistics. |
| FS-96-03 |
Jan. 1, 1996 |
| Free Tax Assistance |
| Because the demand for tax assistance continues to increase, and the IRS's budget -- and its ability to hire more assistors -- has decreased, the IRS is constantly seeking alternative sources for providing information to the public. And while taxpayers are encouraged to use these alternative sources, assistors will still be available both by phone and in person to provide free tax help. |
| IR-96-02 |
Jan. 24, 1996 |
| IRS Seeks Taxpayer Input on Easing Recordkeeping Burden |
| The Internal Revenue Service today proposed procedures that would eliminate requirements that taxpayers keep paper records and allow an electronic imaging system to be used instead. The IRS is soliciting public comment on the proposal, which was announced earlier this month as part of the expanded Taxpayer Bill of Rights. |
| FS-96-02 |
Jan. 1, 1996 |
| Filing Choices |
| In response to our customers' desires for simpler, high-tech options, the IRS offers a number of filing alternatives to traditional paper forms. TeleFile, the file-by-phone system for single 1040EZ filers, expanded nationwide this year and is completely paperless for the first time. Electronic filing and computer filing options have expanded as well. |
| IR-96-01 |
Jan. 17, 1996 |
| IRS Announces a New Home Page |
| Although blizzard conditions shut down much of the federal government in the Northeast last week, hundreds of thousands of people still received the tax help they needed from the Internal Revenue Service. IRS's new home page on the World Wide Web (http://www.irs.ustreas.gov) went on-line January 8th as scheduled, and was an immediate hit -- or more like 220,000 hits (that's the number of accesses) -- in the first 24 hours. One week after its debut, the hit counter was up to more than a million. |
| FS-96-01 |
Jan. 1, 1996 |
| Tax Time 1996 Tax Packages |
| The Internal Revenue Service will send about 110 million income tax packages and postcards this year. Most taxpayers will get their forms by early January. IRS expects to receive over 118 million tax returns in 1996, with continued growth in such alternatives as electronic filing and the 1040PC and a decline in the "long" Form 1040. |
| FS-96-B |
Dec. 31, 1996 |
| Federal/State Electronic Filing for Tax Professionals |
| This program lets you prepare and file both your federal and state income tax returns electronically at the same time. |
