| IR-2004-156 |
Dec. 22, 2004 |
| IRS Expands Pre-Filing Agreement Program |
| Large and Mid-Size Business division taxpayers seeking to resolve certain tax issues prior to filing their tax returns may now do so for multiple years under the IRS Pre-Filing Agreement (PFA) Program. The IRS issued revised PFA program guidelines today that provide taxpayers and the IRS increased flexibility to enter into PFAs to resolve issues for the current taxable year and up to four future taxable years. |
| IR-2004-155 |
Dec. 22, 2004 |
| IRS Warns Businesses & Retirement Plans Against Abuses Involving ESOPs and S Corporations |
| The Internal Revenue Service has issued letters to approximately 1,700 businesses and retirement plan sponsors alerting them to new income and excise taxes applicable to S corporation employee stock ownership plans (ESOPs) and warning of the consequences of participating in abusive schemes involving ESOPs and S corporations. The letters are being mailed to S corporation ESOPs reporting 10 or fewer participants. |
| IR-2004-154 |
Dec. 21, 2004 |
| Industry Issue Resolution Program to Address Signature Requirements Regarding Employment Tax Returns |
| The Internal Revenue Service and the Treasury Department today announced the Industry Issue Resolution (IIR) Program will address payroll industry concerns pertaining to signature requirements on employment tax returns. |
| IR-2004-153 |
Dec. 17, 2004 |
| IRS Issues Optional Sales Tax Tables |
| The Internal Revenue Service has made available on its Web site Publication 600, Optional State Sales Tax Tables, which taxpayers may use for their 2004 returns. The IRS also will send Pub. 600 to all taxpayers who get a Form 1040 tax package. |
| IR-2004-152 |
Dec. 17, 2004 |
| IRS and the Treasury Department Amend Circular 230 to Promote Ethical Practice by Tax Professionals |
| As part of an ongoing effort to improve ethical standards for tax professionals and to curb abusive tax avoidance transactions, the Treasury Department and the Internal Revenue Service today issued final regulations amending Treasury Department Circular 230. |
| IR-2004-151 |
Dec. 16, 2004 |
| IRS Accepts Settlement Offer on Contingent Liability Tax Shelter |
| The Internal Revenue Service announced today that it has successfully resolved a pending dispute with Hercules Incorporated, over a listed tax shelter transaction. This transaction, known as a contingent liability transaction, is at issue in a case pending in the United States Tax Court. |
| IR-2004-150 |
Dec. 16, 2004 |
| Treasury, IRS Issue Section 409(p) Regulations |
| The Treasury Department and IRS issued proposed and temporary regulations today under Section 409(p). That section of the tax law generally prohibits accruals or allocations under an employee stock ownership plan (ESOP) that holds stock of an S corporation where the ownership interest in the ESOP or in rights to acquire the corporation are so concentrated among 10 percent owners that they hold 50 percent or more of the interests in the corporation. |
| IR-2004-149 |
Dec. 15, 2004 |
| IRS Selects 12 New Members for IRS Advisory Council |
| The Internal Revenue Service has announced the selection of 12 new members for the Internal Revenue Service Advisory Council (IRSAC). The appointees will join 10 returning members who are in the second year of a three-year term. |
| IR-2004-148 |
Dec. 15, 2004 |
| IRS Selects Nine New Members for Information Reporting Program Advisory Committee |
| The Internal Revenue Service announced the selection of nine new members for the Information Reporting Program Advisory Committee (IRPAC). The appointees will join eight returning members who are in the second year of a three-year term. |
| IR-2004-147 |
Dec. 13, 2004 |
| 2005 Ford Escape Sport Utility Vehicle Certified for Clean-Fuel Deduction |
| The Internal Revenue Service has certified the model year 2005 Ford Escape as being eligible for the clean-burning fuel deduction. The certification means taxpayers who purchase this vehicle new may claim a tax deduction of $2,000 on Form 1040. |
| IR-2004-146 |
Dec. 10, 2004 |
| Agreement Identifies U.S. & Swiss Pension Plans for Tax Treaty Benefits |
| The Competent Authorities of Switzerland and the United States have reached a mutual agreement on the qualification of certain Swiss and U.S. pensions for treaty benefits under paragraph 3 of Article 10 (Dividends) of the U.S.-Switzerland income tax treaty. The agreement also specifies the procedures for claiming treaty benefits in each country and the methods each country uses to grant treaty benefits. |
| IR-2004-145 |
Dec. 6, 2004 |
| HUD & IRS Launch Joint Effort to Help Families |
| The Department of Housing and Urban Development and the Internal Revenue Service announced today they will join forces to help low-income taxpayers receive free tax assistance and learn about important tax benefits. The new partnership will help low-income people with such things as free tax return preparation, the Earned Income Tax Credit and the child tax credit. |
| TR-2004-01 |
Dec. 2, 2004 |
| Treasury & IRS Issue Final Instructions for New Corporate Tax Return Form |
| The Treasury Department and Internal Revenue Service today released the final instructions for the Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More. Schedule M-3 is to be used by certain corporate taxpayers filing Form 1120, U.S. Corporation Income Tax Return. The original draft version of the Schedule M-3 instructions was released for public comment on March 10, 2004. The final draft version of the Schedule M-3 was issued on October 25, 2004. |
| IR-2004-144 |
Nov. 30, 2004 |
| No Change in Interest Rates for the First Quarter of 2005 |
| The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning Jan. 1, 2005. |
| IR-2004-143 |
Nov. 30, 2004 |
| IRS Simplifies Tax Deposit Rules for Small Businesses |
| The Internal Revenue Service today announced it will increase the minimum threshold for Federal Unemployment Tax Act (FUTA) deposits, a move that will reduce burden for more than 4 million small businesses. |
| IR-2004-142 |
Nov. 30, 2004 |
| IRS Officials Urge Care for Those Making a Car Donation; New Law Changes Rules at End of the Year |
| The Internal Revenue Service issued a consumer alert today to help taxpayers avoid potential pitfalls when they donate their automobiles to charities. |
| IR-2004-141 |
Nov. 24, 2004 |
| IRS & Treasury Issue Proposed Regulations on Partnership Transfers |
| The Treasury Department and the Internal Revenue Service today issued proposed regulations providing guidance for determining when a transfer of consideration to a partnership by a partner and a transfer of consideration from that partnership to a different partner constitute a disguised sale of a partnership interest. |
| IR-2004-140 |
Nov. 24, 2004 |
| IRS Names Henry V. Singleton Industry Director of Retailers, Food, Pharmaceuticals and Healthcare |
| The Internal Revenue Service announced today the appointment of Henry V. Singleton as Director of its Retailers, Food, Pharmaceuticals and Healthcare Industry section, headquartered in Illinois. The section reports to the IRS´s Large and Mid-Size Business division. |
| FS-2004-15 |
Nov. 24, 2004 |
| Taxes and the Medical Profession |
| One of the IRS´s top priorities is combating abusive tax schemes and promotions. For the last three years, the IRS has met with members of the American Medical Association and American Dental Association to educate medical professionals about scams, schemes and cons being promoted to that profession. |
| PC-2004-01 |
Nov. 18, 2004 |
| Enforcement Revenue Reaches Record in 2004 Prepared Remarks of IRS Commissioner Mark W. Everson |
| By now, you´ve all heard me talk about our working equation at the IRS, which is “Service Plus Enforcement Equals Compliance.’ I want to take a couple minutes today to discuss the progress we´ve made in the past year on these important priorities. |
| IR-2004-139 |
Nov. 17, 2004 |
| 2005 Standard Mileage Rates Set |
| The Internal Revenue Service today released the optional standard mileage rates to use for 2005 in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. |
| IR-2004-138 |
Nov. 16, 2004 |
| Treasury and IRS Issue Guidance on New Requirements for Disclosing Reportable Transactions |
| The Treasury Department and the Internal Revenue Service today issued interim guidance reflecting changes to the requirements for disclosure of reportable transactions by taxpayers and material advisors made by the newly enacted American Jobs Creation Act of 2004. |
| IR-2004-137 |
Nov. 15, 2004 |
| $73 Million in Refund Checks Go Undelivered |
| The Internal Revenue Service is looking for 87,485 taxpayers whose income tax refund checks could not be delivered. Checks totaling more than $73 million can be reissued as soon as taxpayers correct or update their addresses with the IRS. |
| IR-2004-136 |
Nov. 10, 2004 |
| IRS and Puerto Rico Announce Partnership |
| The Internal Revenue Service and Puerto Rico Department of the Treasury, the Hacienda, today announced a new partnership to fight abusive tax avoidance transactions. |
| IR-2004-135 |
Nov. 8, 2004 |
| IRS Selects Three New ETAAC Members |
| The Internal Revenue Service today announced the selection of three new members for the Electronic Tax Administration Advisory Committee (ETAAC). The new members will replace three members whose terms ended in September 2004. |
| IR-2004-134 |
Nov. 8, 2004 |
| IRS Reminds Certain Taxpayers of Nov. 10 Deadline |
| The Internal Revenue Service reminds taxpayers who were on qualified extended duty in the U.S. Uniformed Services or the Foreign Service that the period to file an amended return to recoup capital gains taxes paid as the result of the sale of a personal residence ends on Nov. 10, 2004, for homes sold before 2001. |
| IR-2004-133 |
Nov. 1, 2004 |
| IRS Revises Application Form for Charitable Organizations |
| The Internal Revenue Service today released a revised application form for charitable organizations seeking tax-exempt status. The new form will streamline the application process for the organizations and will help the IRS spot potentially abusive charities. |
| IR-2004-132 |
Nov. 1, 2004 |
| IRS Seeks Applications for TE/GE Advisory Committee |
| The Internal Revenue Service is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides a venue for public input into critical tax administration areas. |
| IR-2004-131 |
Oct. 25, 2004 |
| IRS.gov Cited as Most Reliable Government Web Site |
| The Internal Revenue Service has the nation´s most reliable e-government Web site according to a leading private sector company that measures Web site performance. |
| IR-2004-130 |
Oct. 25, 2004 |
| Check Carefully Before Applying for Offers in Compromise |
| The Internal Revenue Service today issued a consumer alert advising taxpayers to beware of promoters´ claims that tax debts can be settled for “pennies on the dollar’ through the Offer in Compromise Program. |
| IR-2004-129 |
Oct. 25, 2004 |
| IRS Revises Offer in Compromise Application Form; Now Available for Use |
| The Internal Revenue Service announced today that the newly revised taxpayer application for an offer in compromise, the Form 656 package, is now available. |
| IR-2004-128 |
Oct. 20, 2004 |
| IRS Tightens Position on Abusive Tax Shelter Settlement Terms |
| The Appeals Division of the Internal Revenue Service has reassessed and tightened its settlement guidelines under which it will accept offers to settle cases with taxpayers that participated in certain abusive transactions, officials said today. |
| IR-2004-127 |
Oct. 20, 2004 |
| IRS Announces Pension Plan Limitations for 2005 |
| The Internal Revenue Service today announced cost of living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2005. |
| IR-2004-126 |
Oct. 14, 2004 |
| Filing Deadlines Near for Section 527 Political Organizations |
| The Internal Revenue Service today reminded tax-exempt political organizations that filing deadlines are approaching for disclosure statements prior to the Nov. 2 election date. Information on 2004 political contributions and expenditures will be available for public inspection on the IRS website. |
| IR-2004-125 |
Oct. 14, 2004 |
| 2005 Toyota Prius Certified for Clean-Fuel Deduction; New Law Restores Full Deduction Amount for 2004 and 2005 |
| The Internal Revenue Service has certified the Toyota Prius for model year 2005 as being eligible for the clean-burning fuel deduction. The certification means taxpayers who purchase this vehicle new may claim a tax deduction of $2,000 on Form 1040. |
| IR-2004-124 |
Oct. 13, 2004 |
| Educators Should Save Receipts for Reinstated Deduction |
| The Internal Revenue Service today advised teachers and other educators to save their receipts for books and other classroom supplies. They will be able to deduct up to $250 of such expenses again this year, following recently-enacted legislation. |
| IR-2004-123 |
Oct. 7, 2004 |
| IRS and Virgin Islands Announce Partnership |
| Internal Revenue Service and Virgin Islands Bureau of Internal Revenue (VI BIR) tax officials today announced the establishment of a new partnership to work together on common tax enforcement issues. The Virgin Islands joins 48 states, the District of Columbia and New York City on the list of tax agencies that have signed partnership agreements with the IRS. |
| IR-2004-122 |
Oct. 1, 2004 |
| New EITC Assistant Debuts on IRS.gov |
| The Internal Revenue Service today unveiled a new tool to help tax professionals determine whether their clients are eligible for the Earned Income Tax Credit. The new application is available in English and Spanish. |
| FS-2004-14 |
Oct. 1, 2004 |
| Tax-Exempt Organizations & Political Activities |
| Under law, tax-exempt organizations described in section 501(c)(3) of the Internal Revenue Code are prohibited from participating or intervening in any political campaign on behalf of, or in opposition to, any candidate for public office. Charities, educational institutions and religious organizations, including churches, are among those that are covered under this code section. |
| IR-2004-121 |
Sept. 30, 2004 |
| Oct. 15 Tax Deadline Approaches |
| Although most taxpayers have long since filed their 2003 federal income tax returns, the Internal Revenue Service said today that more than a million people still face the Oct. 15 deadline. |
| IR-2004-120 |
Sept. 28, 2004 |
| Tax Professionals to Send Certain Tax Returns to Different IRS Centers Than Last Year |
| The Internal Revenue Service is urging tax professionals to be aware of changes that will affect where they send tax returns and payments for clients starting in 2005. The changes are a result of redistributing workload among the seven IRS processing centers to provide better service. |
| IR-2004-119 |
Sept. 23, 2004 |
| Schedule C-EZ Change Means Savings for Small Businesses |
| The Internal Revenue Service today announced it will expand the number of small businesses eligible to file a simplified expense form, a move that will save money and reduce paperwork burden. |
| IR-2004-118 |
Sept. 22, 2004 |
| IRS Grants Tax Relief for Hurricane Ivan Victims |
| The Internal Revenue Service today announced special tax relief for taxpayers in the Presidential Disaster Areas of four Gulf Coast states struck by Hurricane Ivan – Alabama, Florida, Louisiana and Mississippi. |
| IR-2004-117 |
Sept. 16, 2004 |
| IRS Extends Tip Compliance Agreement Program |
| The Internal Revenue Service announced today it is indefinitely extending its Tip Rate Determination and Education Program, a voluntary compliance tool that has helped nearly double the reporting of tip income. |
| IR-2004-116 |
Sept. 10, 2004 |
| Nancy J. Marks Named Division Counsel/Associate Chief Counsel, TE/GE |
| The Internal Revenue Service announced the appointment of Nancy J. Marks to the position of Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities) effective September 5, 2004. |
| IR-2004-115 |
Sept. 10, 2004 |
| IRS Grants Tax Relief for Florida Hurricane Victims |
| The Internal Revenue Service today announced special tax relief for Florida taxpayers in the Presidential Disaster Area that was struck by Hurricane Frances beginning Sept. 3, 2004. It also lengthened the extension period it had earlier granted for the disaster area counties struck by the storms Bonnie and Charley, most of which are also in the latest disaster area. |
| IR-2004-114 |
Sept. 9, 2004 |
| New e-service Revolutionizes Transcript Delivery |
| Tax practitioners can now request transcripts of their client´s tax records and receive them within minutes instead of days or weeks using a new online tool delivered through the IRS Business Systems Modernization program. The Transcript Delivery System (TDS) is the latest in a series of e-services that are revolutionizing how tax practitioners work with the Internal Revenue Service on behalf of their clients. |
| IR-2004-113 |
Sept. 3, 2004 |
| IRS Waives Excise Tax Penalty Because of Fuel Shortage in Florida |
| The Internal Revenue Service announced today that it would not assert the excise tax penalty on dyed diesel fuel that wholesale dealers deliver or sell in Florida from Sept. 2 through Sept. 24 for highway use because of shortages of clear diesel fuel caused by Hurricanes Charley and Frances. |
| IR-2004-112 |
Aug. 30, 2004 |
| Interest Rates Increase for the Fourth Quarter of 2004 |
| The Internal Revenue Service today announced there will be a one percentage point increase in the interest rates for the calendar quarter beginning October 1, 2004. |
| IR-2004-111 |
Aug. 23, 2004 |
| Donald T. Rocen Selected as Acting Deputy Chief Counsel for Operations |
| The Internal Revenue Service today announced the selection of Donald T. Rocen as Acting Deputy Chief Counsel for Operations. In this role, Rocen will direct approximately 1,000 attorneys serving the IRS operating divisions and other specialized areas and oversee the Office of Chief Counsel´s nationwide tax litigation, non-tax legal services and managerial support programs. |
| IR-2004-110 |
Aug. 19, 2004 |
| IRS Acts to Enforce Reporting & Disclosure by Section 527 Political Groups |
| The Internal Revenue Service announced today new steps to improve reporting and disclosure by tax-exempt “section 527” political groups. |
| IR-2004-109 |
Aug. 18, 2004 |
| New Schedule Helps Resolve Employment Tax Discrepancies |
| The IRS is issuing a new schedule to make it easier for taxpayers to provide the IRS with information about employment tax discrepancies created by an acquisition, statutory merger or consolidation. |
| IR-2004-108 |
Aug. 16, 2004 |
| IRS Grants Tax Relief for Tropical Storms’ Victims |
| The Internal Revenue Service today announced special tax relief for taxpayers in the Presidential Disaster Area that was struck by Tropical Storm Bonnie and Hurricane Charley beginning Aug. 11, 2004. |
| IR-2004-107 |
Aug. 13, 2004 |
| IRS Chief Counsel Appoints Zelnik as Senior Counsel, Position Focuses on Abusive Transactions |
| The Internal Revenue Service Office of Chief Counsel today announced the selection of Jonathan Zelnik as acting Senior Counsel to the Chief Counsel. In this role, Zelnik will be the primary advisor on abusive tax transactions to the Chief Counsel. |
| IR-2004-106 |
Aug. 10, 2004 |
| IRS Initiative Will Scrutinize EO Compensation Practices |
| The Internal Revenue Service today announced a new enforcement effort to identify and halt abuses by tax-exempt organizations that pay excessive compensation and benefits to their officers and other insiders. |
| IR-2004-105 |
Aug. 4, 2004 |
| New e-mail Service Available for Technical Guidance |
| The Internal Revenue Service is launching a new service to make technical guidance available via e-mail to tax professionals when the documents are issued. |
| IR-2004-104 |
Aug. 3, 2004 |
| IRS Reissues Consumer Warning On Identity Theft Scheme; Scheme Now Targeting Caribbean |
| The Internal Revenue Service has renewed its warning about a fraudulent scheme targeting non-resident aliens who have income from a United States source. The IRS has seen signs the scheme is spreading in the Caribbean area. Caribbean countries in which this scheme has surfaced include Barbados, Puerto Rico, Tobago, Trinidad and the Turks & Caicos Islands. Earlier this year, the scheme appeared in South America and Europe. |
| IR-2004-103 |
Aug. 2, 2004 |
| Aug. 16 Deadline Approaches for Extension Filers |
| Most taxpayers already have filed their tax year 2003 federal income tax returns. But for almost 8.5 million taxpayers who opted for the automatic extension of time to file, the deadline is August 16. |
| IR-2004-102 |
July 30, 2004 |
| IRS Spring Statistics of Income Bulletin Features IRAs, Individual Tax Rates and Shares |
| The Internal Revenue Service today announced the release of the Spring 2004 issue of the Statistics of Income Bulletin, a quarterly compilation of information on selected topics from tax returns and other sources. |
| IR-2004-101 |
July 29, 2004 |
| Excise Fuel Tax |
| The Internal Revenue Service and the Treasury Department have issued guidance today to ensure the collection of the appropriate amount of tax on imported gasoline, diesel fuel and kerosene. |
| IR-2004-100 |
July 29, 2004 |
| New Issues Selected for IRS Industry Issue Resolution Program |
| The Internal Revenue Service and the Treasury Department today announced that tax issues confronting the banking and heavy equipment distributor industries have been selected for the Industry Issue Resolution (IIR) Program, which reviews complex business tax issues to provide consistency and clarity for affected taxpayers. |
| IR-2004-99 |
July 28, 2004 |
| IRS to Appeal Accounting Decision; Proposed Standards Could Hinder Enforcement |
| The Internal Revenue Service announced today it plans to appeal a decision by a federal arbitrator that the agency cannot raise the accounting qualifications for newly hired revenue agents. |
| IR-2004-98 |
July 28, 2004 |
| IRS Issues Guidance on Truck and Tractor Excise Tax |
| Today the Internal Revenue Service (IRS) released Rev. Rul. 2004-80. This revenue ruling applies the primarily designed test in section 145.4051-1(e)(1) and (2) of the Temporary Excise Tax Regulations Under the Highway Revenue Act of 1982 (Pub. L. 97-424) for purposes of determining whether a vehicle is a truck or a highway tractor. |
| IR-2004-97 |
July 26, 2004 |
| IRS Reaches Settlement on Aggressive Tax Transaction |
| The Internal Revenue Service announced today that it has successfully brought to conclusion pending disputes with two unrelated taxpayers, the Diversified Financial Corporation, an affiliate of The Diversified Group Incorporated, and AVM L.P. |
| IR-2004-96 |
July 21, 2004 |
| New Taxpayer Account, Processing System Debuts |
| A modernized system designed to replace the IRS central database of taxpayer account information has processed its first live returns, the Internal Revenue Service announced today. |
| IR-2004-95 |
July 15, 2004 |
| IRS Strategic Plan Focuses on Service, Compliance, Modernization |
| The Internal Revenue Service today formally unveiled an updated strategic plan that outlines three broad goals for the agency through 2009: Improved service to taxpayers, enhanced enforcement of the tax laws and modernized business processes and technology. |
| IR-2004-94 |
July 13, 2004 |
| Insurers Need Not File Health Coverage Tax Credit Form |
| The IRS has issued guidance today that relieves health insurance providers from preparing IRS Form 1099-H, “Health Coverage Tax Credit (HCTC) Advance Payments.” Unless the health insurance providers choose to prepare the form, the IRS HCTC Program Office will prepare the form, file it with the IRS and provide copies to the appropriate taxpayers. |
| IR-2004-93 |
July 13, 2004 |
| CPA’s Appeal of Disbarment Denied |
| The Treasury Department has denied the appeal of Joseph R. Banister from an administrative law judge’s decision that Banister be disbarred from practice before the Internal Revenue Service. Banister is a Certified Public Accountant from San Jose and former IRS criminal investigation agent. The IRS Office of Professional Responsibility, in a complaint against Banister, alleged that he was misrepresenting the law to taxpayers and that he failed to file his own federal income tax returns for tax years 1999-2002. OPR investigates allegations of disreputable conduct and incompetence against tax practitioners and enforces the standards of practice for those who represent taxpayers before the IRS, as detailed in Treasury Department Circular 230. |
| IR-2004-92 |
July 7, 2004 |
| Treasury, IRS Streamline Reporting of Significant Book-Tax Differences |
| The Treasury Department and the Internal Revenue Service today issued a revenue procedure that streamlines the disclosure by taxpayers of transactions with a significant book-tax difference. This revenue procedure eliminates the overlap between the revised return disclosure regulations finalized in February 2003 and the new Schedule M-3 that the IRS also issued today. In addition, this revenue procedure simplifies the reporting of book-tax differences by businesses that are not required to complete the new Schedule M-3. |
| IR-2004-91 |
July 7, 2004 |
| Treasury and IRS Issue Revised Tax Form for Corporate Tax Returns |
| To increase the transparency of corporate tax return filings, today the Treasury Department and Internal Revenue Service released a draft of the final version of the Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, for use by certain corporate taxpayers filing Form 1120, U.S. Corporation Income Tax Return. The original draft version of Schedule M-3 was released for public comment on Jan. 28, 2004. |
| IR-2004-90 |
July 6, 2004 |
| Health Insurers Get More Time from IRS To Make Incentive Payments |
| The IRS has issued guidance today to health insurance companies and health maintenance organizations (HMOs) giving them more than 2 ½ months from the end of their tax year to make incentive payments and still take the related deduction. |
| IR-2004-89 |
July 6, 2004 |
| New e-services Tools Expected to Increase e-filing, Improve Customer Service |
| The Internal Revenue Service announced today the release of two new electronic tools for tax professionals. Disclosure Authorization and Electronic Account Resolution are the latest additions to the IRS suite of e-services that give tax professionals online options for working with the IRS. |
| IR-2004-88 |
July 6, 2004 |
| National Taxpayer Advocate Releases Report to Congress, Cites Need for Aggressive Protection of Taxpayer Rights |
| National Taxpayer Advocate Nina E. Olson has delivered a report to Congress that calls for enhanced protection of taxpayer rights by tax administrators and improvements in the offer-in-compromise, collection due process and tax e-filing programs. |
| IR-2004-87 |
July 1, 2004 |
| Strong Response to “Son of Boss” Settlement Initiative |
| The Internal Revenue Service announced today a strong turnout by taxpayers to settle a tax shelter commonly known as “Son of Boss.” More than 1,500 taxpayers filed Notices of Election by the June 21 deadline. |
| IR-2004-86 |
June 30, 2004 |
| Treasury and IRS Issue Notice Regarding Improper Deductions for Conservation Easement Donations |
| Today the Treasury Department and the Internal Revenue Service issued a notice to advise taxpayers that the IRS intends to disallow improper charitable contribution deductions for transfers of easements on real property to charitable organizations and for transfers of easements in connection with purchases of real property from charitable organizations. Taxpayers claiming improper charitable contribution deductions for such transfers may be subject to accuracy-related penalties. |
| IR-2004-85 |
June 29, 2004 |
| Ingram, Sullivan, Butcher Named to Leadership Positions in IRS Tax Exempt and Government Entities Division |
| The Internal Revenue Service today announced the appointment of three key leaders in its Tax Exempt and Government Entities Division (TE/GE). Sarah Hall Ingram has been appointed the new deputy commissioner of TE/GE. She will report to Steven T. Miller, who recently was named TE/GE commissioner. Prior to this assignment, Ingram was TE/GE counsel in the Office of Chief Counsel. |
| IR-2004-84 |
June 29, 2004 |
| New Publications Focus on Car Donations |
| Internal Revenue Service officials today announced the release of two new publications dealing with car donations as part of an effort to help taxpayers avoid potential pitfalls when they donate automobiles to charities. |
| IR-2004-83 |
June 25, 2004 |
| Pacific Association of Tax Administrators Issues Guidance on the Mutual Agreement Procedure and Bilateral Advance Pricing Arrangement Processes |
| The Internal Revenue Service announced today that the Pacific Association of Tax Administrators (PATA) has finalized internal operational guidance with respect to mutual agreement procedures (MAP) and bilateral advance pricing arrangements (BAPA). PATA is an inter-governmental organization whose members include Australia, Canada, Japan, and the United States. |
| IR-2004-82 |
June 23, 2004 |
| Guidance Relating to July 1st Application of New U.S.--Japan Income Tax Treaty |
| Today, the Internal Revenue Service and the Japanese National Tax Agency respectively have issued guidance regarding the commencement of application of the new income tax treaty between the United States and Japan in each country. The United States–Japan tax treaty, which was signed on November 6, 2003, entered into force on March 30, 2004. Pursuant to Article 30, the treaty generally is applicable with respect to withholding taxes on July 1, 2004. In the case of U.S. withholding taxes, the treaty is applicable for amounts paid or credited on or after July 1st. In the case of Japanese withholding taxes, the treaty is applicable for amounts taxable on or after July 1st. |
| IR-2004-81 |
June 22, 2004 |
| IRS Commissioner Testimony: Charitable Giving Problems and Best Practices |
Written Statement of Mark W. Everson, Commissioner of Internal Revenue,
before the Committee on Finance, U.S. Senate:
Hearing on Charitable Giving Problems and Best Practices |
| IR-2004-80 |
June 15, 2004 |
| IRS Selects Linda Stiff to be Deputy Commissioner for Small Business/Self-Employed Division |
| Internal Revenue Service Commissioner Mark W. Everson today announced the appointment of Linda E. Stiff as deputy commissioner of the agency´s Small Business/Self-Employed Division (SB/SE). |
| IR-2004-79 |
June 10, 2004 |
| IRS Issues Letter on Exempt Organizations |
| In a letter sent today to national political parties, the Internal Revenue Service reissued guidance regarding political activities by tax-exempt organizations, including churches. The letter supplements information contained in a news release issued by the IRS on April 28th of this year. The IRS has issued a similar news release in each presidential election year since 1992. |
| IR-2004-78 |
June 8, 2004 |
| IRS Announces New Procedure for U.S. Tax Certification |
| A new IRS tax form, Form 8802, Application for United States Residency Certification, will make it easier for U.S. individuals and businesses to establish that they are entitled to lower foreign tax rates provided by U.S. income tax treaties. |
| IR-2004-77 |
June 7, 2004 |
| IRS & State Partnership Moves Forward to Improve Compliance and Service |
| The Internal Revenue Service announced today it has seen promising early results from a partnership with the states to target abusive tax avoidance schemes. |
| IR-2004-76 |
June 2, 2004 |
| Interest Rates Drop for the Third Quarter of 2004 |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 2004, will drop by one percentage point, returning to the levels held from last October through March of this year. |
| IR-2004-75 |
June 1, 2004 |
| IRS Warns of Scheme to Steal Identity and Financial Data |
| The Internal Revenue Service warned today of a fraudulent scheme targeting non-resident aliens who have income from a United States source. The scheme uses fictitious IRS correspondence and an altered IRS form in an attempt to trick the foreign persons into disclosing their personal and financial data. The information fraudulently obtained is then used to steal the taxpayer´s identity and financial assets. |
| IR-2004-74 |
May 27, 2004 |
| TE/GE Advisory Committee to Hold Public Meeting |
| The Internal Revenue Service´s Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting June 9, 2004, from 9:00 a.m. to 1:30 p.m. at IRS headquarters, 1111 Constitution Ave., N.W., Washington, D.C. |
| IR-2004-73 |
May 26, 2004 |
| IRS Provides Guidance on the Treatment of Preproduction Costs of Creative Properties for the Motion Picture Industry |
| Using the Industry Issue Resolution (IIR) program, the Internal Revenue Service today issued guidance that provides clarification on the treatment by film producers of costs incurred in acquiring and developing screenplays, scripts and other creative properties. |
| IR-2004-72 |
May 26, 2004 |
| IRS E-File Remains Available for Extension Filers |
| The Internal Revenue Service reminds taxpayers that e-file, its electronic filing service, remains available for their use long after the regular April 15 filing deadline. |
| IR-2004-71 |
May 25, 2004 |
| Miller, Morgante Named to Leadership Posts |
| The Internal Revenue Service today announced the selection of Steven T. Miller as commissioner of the Tax Exempt and Government Entities Division and Rich Morgante as deputy commissioner of the Wage and Investment Division. |
| IR-2004-70 |
May 24, 2004 |
| IRS Offers Penalty Refund for EFTPS Enrollment |
| The Internal Revenue Service today announced an incentive to encourage enrollment in and use of the Electronic Federal Tax Payment System (EFTPS). Approximately 1 million employers could qualify for a refund of a previously paid federal tax deposit (FTD) penalty. |
| IR-2004-69 |
May 17, 2004 |
| IRS Offers Small Businesses New Tools to Help Manage Retirement Plans |
| The Internal Revenue Service today introduced two new tools to help small businesses keep their employee retirement plans compliant with federal tax law. These tools — a suite of retirement-plan “Check-Ups” and an employer newsletter — will help employers better understand their retirement plans and stay up to date with new developments. |
| IR-2004-68 |
May 17, 2004 |
| IRS Lends a Hand to Small Business |
| The Internal Revenue Service has numerous free resources that can help small business taxpayers comply with their tax responsibilities, and none of them are further than a mouse-click away. |
| IR-2004-67 |
May 12, 2004 |
| IRS Tax Forums Planned for this Summer |
| The Internal Revenue Service will host a series of six Tax Forums this summer to help educate and serve the tax practitioner community. The three-day Forums are offered in July, August and September. |
| IR-2004-66 |
May 11, 2004 |
| Taxpayer Advocate Service Seeks Input on Systemic Tax Issues |
| Members of the public who encounter systemic tax problems can now use the Internet to bring them directly to the attention of the IRS Taxpayer Advocate Service. |
| IR-2004-65 |
May 10, 2004 |
| Strong Filing Season Produces E-file Records |
| The Internal Revenue Service released statistics today from the recently completed filing season that show electronic filing reaching 60 million returns and home computer usage jumping more than 21 percent. |
| IR-2004-64 |
May 5, 2004 |
| IRS Offers Settlement for Son of Boss Tax Shelter |
| The Internal Revenue Service announced today that taxpayers who invested in an abusive tax shelter commonly known as “Son of Boss” will have until June 21 to accept an IRS settlement offer to resolve their tax issues. |
| IR-2004-63 |
May 3, 2004 |
| IRS & Treasury Ease Burden on Business Meal and Entertainment Expense Deductions |
| The Treasury Department and the Internal Revenue Service today issued a revenue procedure providing guidance on the use of statistical sampling in determining deductible business meal and entertainment (M&E) expenses. |
| IR-2004-62 |
May 3, 2004 |
| IRS Accepting Grant Applications for Low Income Taxpayer Clinics |
| The National Taxpayer Advocate, Nina E. Olson, announced today that the 2005 Low Income Taxpayer Clinic (LITC) grant application process is now open. Non profit organizations providing free or nominal fee representation to people involved in tax disputes can apply for grants worth up to $100,000 for 2005 grant cycle. Grants are also available for programs that inform taxpayers for whom English is a second language of their tax rights and responsibilities. |
| IR-2004-61 |
May 3, 2004 |
| Australia, Canada, UK and US Agree to Establish Joint Task Force |
| Tax Commissioners of Australia, Canada, the United Kingdom and the United States have now established a joint task force to increase collaboration and coordinate information about abusive tax transactions by signing a Memorandum of Understanding (attached) in Williamsburg, Virginia on April 23, 2004. |
| FS-2004-13 |
May 1, 2004 |
| Son of Boss Settlement Initiative |
| The Internal Revenue Service today announced a settlement initiative for Son of Boss investors through June 21. |
| IR-2004-60 |
April 30, 2004 |
| Treasury, IRS Warn of Identity Theft Scheme Involving Bogus E-mail, Web site |
| The U.S. Department of the Treasury and the Internal Revenue Service today warned taxpayers of an e-mail-based scheme that attempts to trick taxpayers into revealing personal information such as social security numbers, driver´s license information and bank and credit card numbers. |
| IR-2004-59 |
April 28, 2004 |
| Charities May Not Engage in Political Campaign Activities |
| Charities should be careful that their efforts to educate voters comply with the Internal Revenue Code requirements concerning political campaign activities, the tax agency said today in a presidential election-year advisory. |
| IR-2004-58 |
April 26, 2004 |
| IRS Continues Launch of Online Business Tools |
| With record numbers of Americans e-filing their tax returns and recently announced e-filing options for corporations and tax exempt organizations, the Internal Revenue Service has launched a new online form that gives tax professionals a faster, easier method of applying to become an authorized e-filer. |
| IR-2004-57 |
April 22, 2004 |
| IRS Names New Members to TE/GE Advisory Group |
| The Internal Revenue Service today announced the selection of eight new members for the Advisory Committee on Tax Exempt and Government Entities (ACT). The ACT is a formal body of external stakeholders in the specialized areas of tax-exempt organizations, employee retirement plans, tax-exempt bonds and federal, state, local and Indian tribal governments. The appointees, who will assume their duties in June, will join 10 returning committee members. They are listed below by area of expertise. |
| IR-2004-54 |
April 19, 2004 |
| Last-Minute Filers Turn to E-file |
| In the final days before the April 15 tax deadline, the Internal Revenue Service continued to see a strong surge in electronic filing among home computer users and tax professionals. New statistics released today show that more than 51.7 million returns have been submitted through e-file, which represents a 12 percent increase from last year. |
| IR-2004-56 |
April 15, 2004 |
| Everson Swears in Korb as New Chief Counsel |
| Internal Revenue Service Commissioner Mark W. Everson, joined by Treasury General Counsel Arnold I. Havens, administered the oath of office Wednesday to Donald Korb, who becomes the 46th IRS Chief Counsel. |
| IR-2004-55 |
April 15, 2004 |
| IRS Awards $7.5 Million to Tax Clinics Assisting Low Income Taxpayers |
| The National Taxpayer Advocate, Nina Olson, announced that the Internal Revenue Service has awarded $7.5 million in matching grants to Low Income Taxpayer Clinics (LITCs). This amount will fund 135 clinics in 2004. LITCs are qualifying organizations that represent low income taxpayers involved in tax disputes with the IRS or that inform taxpayers for whom English is a second language or who have limited English proficiency of their tax rights and responsibilities. |
| IR-2004-53 |
April 13, 2004 |
| IRS Offers Tips for Last-Minute Filers |
| The Internal Revenue Service has some tips for those hurrying to finish their tax forms – double-check your return for accuracy, use the free IRS resources if you need tax help, consider electronic options for filing and paying, and don´t miss Thursday´s filing deadline. |
| IR-2004-52 |
April 9, 2004 |
| Electronic Options Help with Tax Payments |
| For some taxpayers, the tax filing deadline will be a “pay’ day, and the Internal Revenue Service offers several options to help them meet their obligations. For those who cannot pay the full amount now, the IRS offers special payment plans. |
| IR-2004-51 |
April 9, 2004 |
| IRS Offers Tips for Accurate Schedule K-1 Filing |
| The Internal Revenue Service today provided tips to businesses, individuals and tax professionals to avoid errors on Schedules K-1. The Schedule K-1 is used to report income from partnerships, S corporations and some trusts. Accurate filing of the forms is important because the IRS continues to match income from Schedules K-1 to other tax returns. |
| IR-2004-50 |
April 8, 2004 |
| E-file Nears 50 Million Returns as April 15 Approaches |
| With one week remaining before the April 15 deadline, taxpayers continue to turn to electronic filing at record levels. New statistics released today show that 48.5 million tax returns have been submitted through e-file so far, which remains 12 percent ahead of last year. |
| IR-2004-49 |
April 6, 2004 |
| Filing Extensions Available by Phone or Computer |
| People who need more time to complete their forms will find it easy to extend their filing deadline – they don´t need an excuse or even a stamp. Automatic four-month extensions are available by phone or by computer, as well as through the paper Form 4868. The IRS expects to receive almost 9 million extension requests, which must be made by the normal filing deadline. |
| IR-2004-48 |
April 6, 2004 |
| IRS, Justice Department Note Increase in Tax Enforcement Civil and Criminal Enforcement against Tax Cheats On the Rise |
| The Department of Justice, working closely with the Internal Revenue Service, has stepped up efforts to identify, investigate and punish tax cheats. Of particular note are the government´s efforts to enhance criminal enforcement, use civil injunctions to stop abusive tax schemes, and investigate promoters and users of tax shelters. |
| IR-2004-47 |
April 5, 2004 |
| IRS Warns Businesses, Individuals to Watch for Questionable Employment Tax Practices |
| The Internal Revenue Service issued a consumer alert today for eight schemes where federal employment taxes are not properly withheld or paid by employers from their employees´ paychecks. The IRS alert to business owners and other taxpayers follows a string of recent convictions and court rulings involving employment tax schemes. |
| IR-2004-46 |
April 1, 2004 |
| IRS Invites Taxpayers to Apply for Taxpayer Panel |
| The Internal Revenue Service is inviting civic-minded individuals to help improve the nation’s tax agency by applying to be members of the Taxpayer Advocacy Panel. The panel provides a forum for citizens from each state to make suggestions regarding IRS decision making. |
| IR-2004-45 |
April 1, 2004 |
| E-File Continues Strong Year as Tax Deadline Nears |
| As millions of taxpayers prepare to file their taxes before the April 15 deadline, the Internal Revenue Service released new statistics today showing that electronic filing remains at record levels. More than 45.8 million tax returns have been submitted through e-file so far this year, a 12 percent increase from last year. |
| IR-2004-44 |
April 1, 2004 |
| Treasury and IRS Issue Guidance on S Corporation, Tax Exempt Entity Transaction |
| The Treasury Department and the Internal Revenue Service today issued guidance on certain kinds of abusive tax avoidance transactions involving S corporations and tax-exempt entities, such as charities. These transactions are structured to improperly shift taxation away from taxable S corporation shareholders to an exempt party, for the purpose of deferring or avoiding taxes. |
| IR-2004-43 |
March 30, 2004 |
| IRS Introduces e-file for Corporations, Exempt Organizations |
| For the first time, corporations and tax-exempt organizations have the option of filing their annual income tax and information returns electronically, the Internal Revenue Service announced today. |
| IR-2004-42 |
March 29, 2004 |
| IRS Warns of “Corporation Sole” Tax Scam |
| The Internal Revenue Service today issued a consumer alert advising taxpayers to be wary of promoters offering a tax evasion scheme that misuses “Corporation Sole” laws. Promoters of the scheme misrepresent state and federal laws intended only for bona-fide churches, religious institutions and church leaders. |
| IR-2004-41 |
March 29, 2004 |
| Stiff Court Penalties for Frivolous Appeals to Delay IRS Collections |
| In the past year, the U.S. Tax Court imposed nearly $136,000 in penalties on 23 taxpayers for pursuing frivolous cases to delay tax collections. |
| IR-2004-40 |
March 24, 2004 |
| Home Computer Use of E-file Jumps |
| More and more taxpayers are using their home computers to prepare and file their returns electronically this year, according to new statistics released today by the Internal Revenue Service. |
| IR-2004-39 |
March 22, 2004 |
| IRS Announces Two Key Appointments in Large and Mid-Size Business Division |
| The Internal Revenue Service today announced two key personnel appointments in its Large and Mid-Size Business Division (LMSB). Frank Y. Ng will serve as Industry Director for Communications, Technology and Media. Kathy Petronchak will serve as Director of Pre-Filing and Technical Guidance. |
| IR-2004-38 |
March 18, 2004 |
| IRS Reminds Farmers How to Report Market Gain When Using Commodity Credit Corporation (CCC) Certificates to Facilitate Repayment of CCC Loans |
| Farmers who pledge part or all of their production to secure a CCC loan may not be properly reporting market gain when they use CCC certificates in connection with paying off their loans, the Internal Revenue Service said today. |
| IR-2004-37 |
March 17, 2004 |
| E-file, IRS.gov Help Avoid Problems at Tax Time |
| With nearly half of this year's tax returns filed, the Internal Revenue Service has already seen the number of electronically filed tax returns pass the 40 million mark. The number of e-filed returns is nearly 11 percent ahead of last year's pace, according to new statistics released today. |
| IR-2004-36 |
March 15, 2004 |
| Everson Names Bruce Ungar, Frank Keith to Leadership Posts |
| Internal Revenue Service Commissioner Mark W. Everson today announced two key staff selections. The commissioner named Bruce Ungar as Deputy Commissioner, Large and Mid-Size Business Division, and Frank Keith as Chief, Communications and Liaison. |
| IR-2004-35 |
March 15, 2004 |
| Statement of Joint Cooperation Regarding Abusive Tax Transactions |
| The commissioners of the tax administrations of Australia, Canada, the United Kingdom and the United States have begun discussions to form a joint task force to increase collaboration and coordinate information about abusive tax transactions. |
| IR-2004-34 |
March 15, 2004 |
| Remarks of Mark W. Everson Commissioner of Internal Revenue before the National Press Club Washington, D.C. |
| Thank you very much. I am pleased to be here to speak about the importance of maintaining a balanced, fair system of tax administration. As you've just heard, I have been on the job for not quite a year so I am still going through my first filing season. It all peaks, of course, on April 15, one month from today. So far, so good, but it ain't over ‘til it's over. |
| IR-2004-33 |
March 11, 2004 |
| IRS Announces Senior Leadership Appointments |
| Internal Revenue Service Commissioner Mark W. Everson today announced several important changes in the agency’s senior management team. Effective June 1, Kevin M. Brown will become the commissioner of the Small Business/Self-Employed Division replacing Commissioner Dale Hart, who is retiring. Brown is currently chief of staff to Everson. Replacing Brown as chief of staff to the commissioner will be Evelyn Petschek. Petschek is currently the commissioner of the Tax-Exempt and Government Entities Division. |
| IR-2004-32 |
March 10, 2004 |
| E-filing Continues Surge with 10 Percent Jump |
| The Internal Revenue Service announced today that electronic filing continues to show a strong increase, with e-filed tax returns running more than 10 percent ahead of last year. The biggest increase is being seen in home computer use, which is up 23 percent. |
| IR-2004-31 |
March 8, 2004 |
| IRS Issues Guidance on Recoverable Reserves |
| The Internal Revenue Service today issued new guidance on the computation of total recoverable units for purposes of computing cost depletion under Section 611 of the Internal Revenue Code. This guidance was developed under the Industry Issue Resolution program (IIR). |
| IR-2004-30 |
March 4, 2004 |
| Industry Issue Resolution Program Seeks New Applicants |
| Business taxpayers are encouraged to submit tax issues they believe could be resolved more efficiently with new or improved guidance for the Industry Issue Resolution Program (IIR) by March 31, 2004, to be considered for the next selection process. |
| IR-2004-29 |
March 4, 2004 |
| Use of “Where’s My Refund?” Service Up Sharply |
| Taxpayers have made about 9.8 million visits to the “Where´s My Refund?” service so far this tax season, almost twice as many as a year ago, according to the Internal Revenue Service. This reflects activity through Feb. 29. |
| IR-2004-28 |
March 3, 2004 |
| E-filing, Home Computer Use Surges |
| The Internal Revenue Service said today that electronic filing continues its solid growth, with early tax returns showing e-filing running more than 9 percent ahead of last year´s pace. Overall, the number of tax returns has increased 2.8 percent compared to last year. |
| IR-2004-27 |
March 1, 2004 |
| Interest Rates Increase for the Second Quarter of 2004 |
| The Internal Revenue Service today announced that interest rates will rise by one percentage point for the calendar quarter beginning April 1, 2004. The interest rates are as follows: |
| IR-2004-26 |
March 1, 2004 |
| IRS Updates the ‘Dirty Dozen’ for 2004: Agency Warns of New Scams |
| In an update of an annual consumer alert, the Internal Revenue Service urged taxpayers to avoid falling victim to one of the "Dirty Dozen" tax scams and a variety of other schemes. In the new 2004 ranking, several new scams have reached the top of the consumer watch list, including abusive trusts and the "claim of right" doctrine. |
| FS-2004-12 |
March 1, 2004 |
| Tax Return Errors and Frivolous Tax Arguments |
| To help people filling out their tax forms avoid a variety of scams, schemes and errors, the Internal Revenue Service has made several guidance documents available on this Web site. |
| IR-2004-25 |
Feb. 27, 2004 |
| Early Returns Reflect More E-filing |
| The Internal Revenue Service said today that electronic filing has shown a sharp increase for this year’s early filers. |
| IR-2004-24 |
Feb. 26, 2004 |
| IRS Names New Director for Electronic Tax Administration |
| The Internal Revenue Service today announced the selection of Bert DuMars, an electronic commerce expert and veteran of the information technology industry, as Director, Electronic Tax Administration. |
| IR-2004-23 |
Feb. 26, 2004 |
| DeNovio Selected as Deputy Chief Counsel (Technical) |
| The Internal Revenue Service announced the appointment of Nicholas J. DeNovio to the position of Deputy Chief Counsel (Technical) in the Office of Chief Counsel today. The Deputy Chief Counsel (Technical) is responsible for overseeing the IRS published guidance program carried out by some 600 Counsel attorneys working with the Treasury Department’s Office of Tax Policy. "I have a high regard for Nick, and he makes a strong addition to our team," said IRS Commissioner Mark W. Everson. |
| IR-2004-22 |
Feb. 19, 2004 |
| IRS Gives Investors the Benefit of Pending Technical Corrections on Qualified Dividends |
| The Treasury Department and the Internal Revenue Service have agreed to make certain provisions of the Tax Technical Corrections Act of 2003 related to dividend income available to taxpayers in advance of its passage. These provisions will be of particular interest to certain mutual fund shareholders and other investors who are completing their 2003 tax returns. |
| IR-2004-21 |
Feb. 13, 2004 |
| Treasury and IRS Shut Down Abusive Life Insurance Policies in Retirement Plans |
| Today, the Treasury Department and the Internal Revenue Service issued guidance to shut down abusive transactions involving specially designed life insurance policies in retirement plans, section "412(i) plans." The guidance designates certain arrangements as "listed transactions" for tax-shelter reporting purposes. |
| IR-2004-20 |
Feb. 11, 2004 |
| IRS Launches Web Section on Abusive Tax Shelter Schemes Involving Employee Retirement Plans |
| As part of its effort to combat abusive tax shelter schemes and transactions, the Internal Revenue Service launched a new section on IRS.gov containing important information about abusive schemes involving employee retirement plans. The site is intended to warn promoters and plan professionals about the consequences of participating in such schemes. |
| IR-2004-19 |
Feb. 10, 2004 |
| IRS, States Move Forward in Fight Against Abusive Tax Avoidance |
| Internal Revenue Service officials announced today that they have started sharing leads on more than 20,000 taxpayers engaged in abusive tax avoidance with tax agencies in 45 states, the District of Columbia and New York City. The IRS also announced today the latest results of another effort to combat abusive tax avoidance, the Offshore Voluntary Compliance Initiative (OVCI). |
| IR-2004-18 |
Feb. 9, 2004 |
| IRS has $2.5 Billion for Individuals Who Failed to File a 2000 Tax Return |
| Unclaimed refunds totaling more than $2.5 billion are awaiting nearly 2 million people who failed to file a 2000 income tax return, the Internal Revenue Service announced today. In order to collect the money, however, a return must be filed with an IRS office no later than April 15, 2004. |
| IR-2004-17 |
Feb. 3, 2004 |
| Check Carefully Before Applying for Offers in Compromise |
| The Internal Revenue Service today issued a consumer alert advising taxpayers to beware of promoters' claims that tax debts can be settled for "pennies on the dollar" through the Offer in Compromise Program. |
| FS-2004-11 |
Feb. 1, 2004 |
| Qualified Dividends and Capital Gain Tax Worksheet: An Alternative to Schedule D |
| Although many investors use Schedule D to get the benefit of lower capital gains tax rates, others can still use a worksheet in the tax instructions to skip Schedule D entirely. |
| FS-2004-10 |
Feb. 1, 2004 |
| Return Preparer Fraud |
| Return Preparer Fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients. Preparers may also manipulate income figures to obtain fraudulent tax credits, such as the Earned Income Tax Credit. |
| IR-2004-16 |
Jan. 29, 2004 |
| More Honda Vehicles Certified for Clean-Fuel Vehicle Deduction |
| The Internal Revenue Service has certified the Honda Insight, Model Years 2003 and 2004, and the Honda Civic Hybrid, Model Year 2004, as being eligible for the clean-fuel vehicle deduction. |
| IR-2004-15 |
Jan. 29, 2004 |
| Help for Child Tax Credit Available on IRS.gov |
| The Internal Revenue Service today reminded taxpayers claiming the Child Tax Credit that they cannot claim the full $1,000 per child if they received an advance payment check last year. When figuring the credit, they must subtract the amount they got in advance. Failure to do so will reduce and could delay the tax refund claimed. |
| IR-2004-14 |
Jan. 28, 2004 |
| Treasury and IRS Propose New Tax Form for Corporate Tax Returns |
| In an effort to increase the transparency of corporate tax return filings, today the Treasury Department and Internal Revenue Service released a new proposed draft form, Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, for use by certain corporate taxpayers filing Form 1120, U.S. Corporation Income Tax Return. The new Schedule M-3 would expand the current Schedule M-1, which has not been updated in several decades. |
| IR-2004-13 |
Jan. 22, 2004 |
| Free File Opens Second Year; Improvements Detailed |
| The Internal Revenue Service, Treasury Department and the Office of Management and Budget unveiled a series of improvements today designed to make the Free File program easier to use for more taxpayers. Now starting its second year, the Free File program lets millions of taxpayers prepare and file their federal taxes online for free. |
| IR-2004-12 |
Jan. 20, 2004 |
| IRS Urges Taxpayers to Review EITC Eligibility |
| The Internal Revenue Service today urged working taxpayers with low incomes to review their eligibility for the Earned Income Tax Credit to see if they qualify for tax relief. This year, the IRS and 14,000 volunteer sites are available to help taxpayers figure out their eligibility. |
| IR-2004-11 |
Jan. 16, 2004 |
| IRS Reminds Taxpayers to Mail Returns to the Correct Address |
| As taxpayers begin to prepare their tax returns, the Internal Revenue Service notes that some may be sending their returns to a different service center than last year. Those who received a tax instruction booklet from the IRS in the mail and use the labels included with the booklet can be assured that their tax returns will go to the correct address. Taxpayers who e-file are not affected by these changes. |
| IR-2004-10 |
Jan. 15, 2004 |
| IRS Launches a New Program for Business Taxpayers |
| On January 12, the Internal Revenue Service launched a new program for new business taxpayers designed to boost electronic payment of taxes. This development offers some taxpayers new, quicker access to an electronic payment system. |
| IR-2004-09 |
Jan. 14, 2004 |
| IRS Issues Fall 2003 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the Fall 2003 issue of the Statistics of Income Bulletin. The Bulletin includes a detailed look at 130.3 million individual returns for Tax Year 2001. Adjusted gross income totaled $6.2 trillion, a 3.1-percent drop from 2000, a decrease due to a substantial decline in net capital gains (less loss). Taxable income also fell for 2001, declining 6.1 percent to $4.3 trillion. |
| IR-2004-08 |
Jan. 14, 2004 |
| National Taxpayer Advocate Releases Report to Congress, Cites AMT as a Top Problem Facing Taxpayers |
| National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the Alternative Minimum Tax (AMT) and sole proprietor tax noncompliance as the top two problems faced by taxpayers. |
| IR-2004-07 |
Jan. 13, 2004 |
| IRS Appoints Donna C. Hansberry to be Assistant to the Commissioner (Attorney–Advisor for Tax) |
| The Internal Revenue Service announced today the appointment of Donna C. Hansberry to the position of Assistant to the Commissioner (Attorney–Advisor for Tax). |
| IR-2004-06 |
Jan. 13, 2004 |
| IRS Announces Richard Speier Jr., to be Deputy Chief, CI |
| The Internal Revenue Service announced today the selection of Richard Speier Jr., as Deputy Chief, Criminal Investigation. Speier will report directly to Nancy Jardini, who was appointed last week to be Chief of Criminal Investigation (CI). |
| IR-2004-05 |
Jan. 12, 2004 |
| Judge Grants Request of IRS Office of Professional Responsibility to Disbar CPA |
| An administrative law judge has issued a decision and ordered that Joseph R. Banister be disbarred from practice before the Internal Revenue Service. Banister is a Certified Public Accountant from San Jose and former IRS criminal investigation agent. |
| IR-2004-04 |
Jan. 9, 2004 |
| Nancy Jardini Named Chief of Criminal Investigation |
| The Internal Revenue Service announced today the selection of Nancy J. Jardini as Chief of Criminal Investigation (CI), the agency´s law enforcement division. |
| IR-2004-03 |
Jan. 7, 2004 |
| IRS Plans New Steps to Improve Operations, Shift Jobs to Front-Line Positions |
| As part of an ongoing program to improve management of the Internal Revenue Service, IRS Commissioner Mark W. Everson announced today a series of new steps to improve agency operations. These changes are designed to create operational efficiencies that will allow the IRS to add more enforcement positions in 2005. |
| IR-2004-02 |
Jan. 5, 2004 |
| Tax Filing Season Opens with Debut of 1040 Central |
| Taxpayers pondering a question, taxpayers searching for a form or taxpayers looking for their refund now can go to just one place: 1040 Central at IRS.gov. |
| IR-2004-01 |
Jan. 2, 2004 |
| IRS Strengthens Employee Tax Compliance Program |
| As part of a continuing effort to ensure tax compliance, the IRS is taking new steps to ensure that agency employees strictly meet and follow their tax filing and payment requirements. |
| FS-2004-09 |
Jan. 1, 2004 |
| IRS Details 2004 Free File Initiative |
| At least 60 percent of the nation´s 130 million taxpayers will be eligible for free online tax preparation and free electronic filing through a partnership between the Internal Revenue Service and the Free File Alliance, a consortium of participating tax software companies. Generally, eligibility will be based on income levels, age and/or state residency. Each Free File Alliance member will set taxpayer eligibility requirements for its program. However, the IRS requires the Alliance, as a whole, to provide free services to at least 60 percent of the nation´s taxpayers. |
| FS-2004-08 |
Jan. 1, 2004 |
| IRS Outlines EITC Eligibility for 2003 Tax Year |
| The IRS wants all eligible taxpayers, but only those who are eligible, to claim the Earned Income Tax Credit. Working taxpayers with low incomes may qualify for the EITC, a federal tax credit for individuals and families who meet certain income and eligibility guidelines. The EITC reduces the amount of taxes owed and may result in a refund check. The credit, created in 1975, is intended to offset federal taxes and to provide an incentive to work. Many taxpayers who qualify for EITC may also be eligible for free tax preparation and electronic filing by participating tax professionals and volunteers. |
| FS-2004-07 |
Jan. 1, 2004 |
| E-Payment Options for 2004 |
| Individuals can pay taxes electronically by authorizing an electronic funds withdrawal from a checking or savings account or by using a credit card. These e-payment options can be used to: |
| FS-2004-06 |
Jan. 1, 2004 |
| 2004 IRS e-file |
| More and more Americans are choosing e-file, which lets them easily file an accurate tax return or get an extension of time to file without sending any paper to the Internal Revenue Service. |
| FS-2004-05 |
Jan. 1, 2004 |
| Tax Packages - 2004 Filing Season |
| The Internal Revenue Service will send taxpayers almost 34 million tax packages and nearly 28 million computer-filing brochures this year. This mailout costs nearly $7.5 million for printing and almost $12 million for postage, for an average cost of 31 cents per item mailed. Most people will get their tax packages in early January. The IRS expects to receive about 131 million tax returns in 2004, with e-filing reaching nearly 60 million returns. |
| FS-2004-04 |
Jan. 1, 2004 |
| Free Tax Help Available |
| The IRS offers free assistance by computer, telephone, fax and in person. The IRS can help taxpayers get forms, publications and answer a wide range of tax questions. The IRS can also help find free tax preparation for those who qualify. |
| FS-2004-03 |
Jan. 1, 2004 |
| Advance Child Tax Credit Payments and the 2003 Tax Return |
| During 2003, nearly 24 million taxpayers received an advance payment of an increase to the Child Tax Credit. A change in the law raised this credit from a maximum of $600 to $1,000 per child, with the increase sent to eligible taxpayers beginning in July. Taxpayers received up to $400 for each qualifying child claimed on their 2002 return. |
| FS-2004-02 |
Jan. 1, 2004 |
| 2003 Tax Changes: Business Taxpayers |
| The limit on the section 179 expense deduction increased to $100,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the year exceeds $400,000, double last year’s threshold. Off-theshelf computer software is now eligible for this deduction. These changes apply to taxable years beginning after 2002 and before 2006. Taxpayers have an option as to whether or not to claim this deduction. |
| FS-2004-01 |
Jan. 1, 2004 |
| 2003 Tax Changes: Individuals |
| Individual taxpayers will generally find their 2003 taxes are lower, thanks to various laws enacted in recent years. |
