| IR-2005-149 |
Dec. 22, 2005 |
| IRS Reminds Taxpayers About Requirement of Written Acknowledgment for Donated Cars |
| Internal Revenue Service officials today reminded taxpayers that they must obtain a charity’s written acknowledgment of their vehicle donation before they claim a deduction for the donation. For deductions of more than $500, the taxpayer is required to attach the acknowledgment to the taxpayer’s return for the year of the donation. |
| IR-2005-148 |
Dec. 22, 2005 |
| Lois G. Lerner Selected as Director of IRS Exempt Organizations Division |
| Lois G. Lerner has been selected as the director of the Exempt Organizations Division of the Internal Revenue Service. In this position, she will be responsible for administering and enforcing the tax laws that apply to more than 1.8 million organizations recognized by the IRS as exempt from tax. |
| IR-2005-147 |
Dec. 21, 2005 |
| IRS Issues Fall 2005 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the Fall 2005 issue of the Statistics of Income Bulletin. |
| IR-2005-146 |
Dec. 20, 2005 |
| IRS Releases Schedule M-3 for Partnerships |
| The Internal Revenue Service today released draft Schedule M-3 and instructions for certain partnerships that file Form 1065. When finalized, the Form1065 Schedule M-3 will be used by affected partnerships starting with tax years ending on or after December 31, 2006. |
| IR-2005-145 |
Dec. 20, 2005 |
| IRS Warns of Questionable Deductions for Donated Vehicles |
| Internal Revenue Service officials announced today that the IRS will not recognize certain deductions that taxpayers may be claiming relating to donated vehicles sold at auction. |
| IR-2005-144 |
Dec. 19, 2005 |
| IRS to Raise Some User Fees in 2006 |
| The Internal Revenue Service today announced increases in selected user fees for 2006. The new fee structure will more accurately reflect the costs of processing various applications, ruling requests and opinion letters. |
| IR-2005-143 |
Dec. 16, 2005 |
| IRS Extends Transition Relief to Partnerships and Pass-Thru Entities Under New Code Section |
| The Internal Revenue Service and the Treasury Department today extended for a year limited transition relief for certain property held by partnerships and other pass-thru entities that are subject to Section 470 of the Internal Revenue Code, which was added by the American Jobs Creation Act of 2004.Summary Paragraph Goes Here |
| IR-2005-142 |
Dec. 16, 2005 |
| IRS Issues Guidance on Investments by Mutual Funds in Commodity-Index Contracts |
| The Internal Revenue Service today issued guidance to clarify that income from commodity-index derivative contracts does not help a fund qualify for the tax benefits usually enjoyed by mutual funds. The IRS also stated that it will apply the newly announced position prospectively, to give funds enough time to adapt to the position and to communicate that response to their shareholders. |
| IR-2005-141 |
Dec. 13, 2005 |
| IRS Releases Schedules M-3 for Insurance and S Corporations |
| The Internal Revenue Service today released draft Schedules M-3 and instructions for corporations that file Forms 1120PC, 1120L and 1120S. When finalized, these Schedules M-3 will be used by property and casualty insurance corporations, life insurance corporations, and S corporations that have total assets of $10 million or more, starting with tax years ending on or after December 31, 2006. |
| IR-2005-140 |
Dec. 8, 2005 |
| No Change in Interest Rate for First Quarter 2006 |
| The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning January 1, 2006. The interest rates are as follows: |
| IR-2005-139 |
Dec. 7, 2005 |
| IRS Issues Proposed Regulations to Safeguard Taxpayer Information |
| The Internal Revenue Service today issued proposed guidance on the disclosure or use of tax return information by tax return preparers. A key principle underlying the proposed guidance is that tax return preparers may not disclose or use tax return information for purposes other than tax return preparation without the knowing, informed and voluntary consent of the taxpayer. |
| IR-2005-138 |
Dec. 2, 2005 |
| IRS Announces 2006 Standard Mileage Rates |
| The Internal Revenue Service today issued the 2006 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. |
| IR-2005-137 |
Nov. 30, 2005 |
| Guidance Explains How Katrina Victims Can Access Their Retirement Savings |
| Treasury and the IRS issued Notice 2005-92 today, which provides guidance relating to the application of two provisions of the Katrina Emergency Tax Relief Act of 2005 (KETRA) for Hurricane Katrina victims and employer-sponsored retirement plans and IRAs. |
| IR-2005-136 |
Nov. 30, 2005 |
| IRS Warns of e-Mail Scam about Tax Refunds |
| The Internal Revenue Service today issued a consumer alert about an Internet scam in which consumers receive an e-mail informing them of a tax refund. The e-mail, which claims to be from the IRS, directs the consumer to a link that requests personal information, such as Social Security number and credit card information. |
| IR-2005-135 |
Nov. 21, 2005 |
| Clarissa C. Potter Named Acting Senior Counsel to the Chief Counsel (Legislation) |
| The Internal Revenue Service announced the acting appointment of Clarissa C. Potter to the position of Senior Counsel to the Chief Counsel (Legislation) effective November 13, 2005. |
| IR-2005-134 |
Nov. 21, 2005 |
| Redesigned IRS.gov Improves Service to Taxpayers |
| A new and improved IRS.gov debuted this week with a fresh look, enhanced search capabilities and easy access to tools that help taxpayers and tax professionals. |
| IR-2005-133 |
Nov. 10, 2005 |
| IRS Issues E-File Guidance for Corporations and Tax-Exempt Organizations |
| The Internal Revenue Service today issued guidance on steps large corporations and tax-exempt organizations can take to seek waivers from electronic filing requirements. |
| IR-2005-132 |
Nov. 7, 2005 |
| IRS Certifies Ford and Mercury Hybrid Vehicles for the Clean-Fuel Deduction |
| The Internal Revenue Service has certified the model year 2006 Ford Escape Hybrid and the 2006 Mercury Mariner Hybrid vehicles as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2,000 on Form 1040. |
| IR-2005-131 |
Nov. 4, 2005 |
| Six-Month Automatic Extensions Available to Most Taxpayers in 2006 |
| Taxpayers will be able to request an automatic, six-month tax-filing extension for most common individual and business returns under regulations released today by the Treasury Department and the Internal Revenue Service. |
| FS-2005-18 |
November 2005 |
| New Bankruptcy Law Changes Debtors’ Responsibilities |
| TThe Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) amends the U.S. Bankruptcy Code by adding new responsibilities for debtors. In general, the new law requires that debtors comply with their tax-filing responsibilities, make available previously-filed tax returns, in many cases, and seek credit counseling services. Most BAPCPA provisions apply to cases filed on or after Oct. 17, 2005. |
| IR-2005-130 |
Oct. 28, 2005 |
| 2006 Inflation Adjustments Widen Tax Brackets, Change Tax Benefits |
| Personal exemptions and standard deductions will rise, tax brackets will widen and individuals will be able to make larger tax-free gifts in 2006, thanks to inflation adjustments announced today by the Internal Revenue Service. |
| IR-2005-129 |
Oct. 27, 2005 |
| IRS Launches Abusive Transaction Settlement Initiative |
| Internal Revenue Service officials today announced a broad-based, limited-in-time opportunity for taxpayers to come forward and settle an array of transactions the IRS considers abusive. Taxpayers who undertook these deals will have until January 23, 2006 to submit their settlement papers to the IRS. |
| IR-2005-128 |
Oct. 27, 2005 |
| Tax Relief Granted for Hurricane Wilma Victims (Updated 11/18/05 & 01/11/06) |
| The Internal Revenue Service today announced relief for taxpayers affected by Hurricane Wilma. The President issued a major disaster declaration covering impacted areas of Florida, effective Oct. 23, 2005. |
| IR-2005-127 |
Oct. 26, 2005 |
| Dyed Diesel Fuel Penalty Waived in Florida Due to Hurricane Wilma |
| The Internal Revenue Service, in response to shortages of clear diesel fuel caused by Hurricane Wilma, will not impose an excise tax penalty when dyed diesel fuel is sold for use or used on the highway in Florida. |
| IR-2005-126 |
Oct. 25, 2005 |
| IRS and Free File Alliance Reach Agreement |
| The Internal Revenue Service and the Free File Alliance today announced agreement to renew their partnership, extending free tax services and electronic filing to an eligible 93 million taxpayers and providing important new consumer protections. This year, the Free File program served more than 5 million taxpayers with free tax software and IRS e-file. |
| IR-2005-125 |
Oct. 25, 2005 |
| IRS Looking for More Than 84,000 Owners of Undelivered Refunds |
| The Internal Revenue Service is seeking 84,290 taxpayers whose income tax refund checks could not be delivered in 2005. Checks totaling approximately $73 million can be reissued as soon as taxpayers correct or update their addresses with the IRS. |
| IR-2005-124 |
Oct. 25, 2005 |
| 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-2005-123 |
Oct. 21, 2005 |
| Dyed Diesel Fuel Penalty Relief Set to Expire |
| The Internal Revenue Service will not extend penalty relief beyond Oct. 25, 2005, for diesel fuel that is dyed to IRS standards and removed from a terminal after that date. |
| IR-2005-122 |
Oct. 17, 2005. |
| Tax Favored Treatment for Early Distributions from IRAs and other Retirement Plans for Victims of Hurricane Katrina |
| The Internal Revenue Service today is advising taxpayers who suffered losses as a result of Hurricane Katrina to be aware of recent changes in the tax law that may be beneficial if they have funds in certain retirement plans. The new law provides for tax-favored withdrawals, recontributions, and loans. |
| IR-2005-121 |
Oct. 17, 2005 |
| New Tool for Private Foundations Available |
| The Internal Revenue Service today launched a new Web-based information tool that will help private foundations comply with federal tax rules and requirements that occur throughout the life cycle of their organization |
| IR-2005-120 |
Oct. 14, 2005 |
| IRS Announces Pension Plan Limitations for 2006 |
| The Internal Revenue Service today announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2006. |
| IR-2005-119 |
Oct. 11, 2005 |
| New Tax Law Eases Loss Limitations for Katrina Victims |
| The Internal Revenue Service today is advising taxpayers who suffered casualty or theft losses as a result of Hurricane Katrina about a recent change to the tax law. A new provision lifts certain loss limitations for Hurricane Katrina victims. |
| IR-2005-118 |
Oct. 6, 2005 |
| Treasury Department, IRS Extend Dyed Diesel Fuel Penalty Relief through Oct. 25 |
| The Department of the Treasury and the Internal Revenue Service, in response to the continued shortages of diesel fuel caused by Hurricanes Katrina and Rita, will extend the penalty relief period during which dyed diesel fuel can be sold for use or used on the highway. The penalty relief will apply throughout the United States. |
| IR-2005-117 |
Oct. 5, 2005 |
| Oct. 17 Tax Deadline Approaches For Extension Filers |
| Although most taxpayers have long since filed their 2004 federal income tax returns, the Internal Revenue Service said today that approximately 2 million people still face the Oct. 17 filing deadline. |
| IR-2005-116 |
Oct. 4, 2005 |
| IRS Summer Statistics of Income Bulletin Features Corporation Returns and Nonfarm Sole Proprietorships |
| The Internal Revenue Service today announced the release of the summer 2005 issue of the Statistics of Income Bulletin. The Bulletin is a quarterly compilation of information on various topics from federal tax returns and other documents. |
| IR-2005-115 |
Oct. 3, 2005 |
| IRS Warns Consumers of Possible Scams Relating to Hurricane Katrina Relief |
| The Internal Revenue Service today issued a consumer alert about possible scams taking place in the wake of Hurricane Katrina and other recent natural disasters. |
| IR-2005-114 |
Oct. 3, 2005 |
| IRS Reaches Agreement with Doctors Benefit Insurance Company, LTD |
| The Internal Revenue Service announced today that it has reached an agreement with Doctors Benefit Insurance Company, Ltd. (“DBIC”), assignee of xélan Insurance Company Limited. The agreement resolves various issues relating to group supplemental insurance programs offered to members of xélan, The Economic Association of Health Professionals, through four separate trusts created by xélan, Inc. |
| FS-2005-17 |
October 2005 |
| IRS Settlement Initiative |
| The Internal Revenue Service today announced a settlement initiative for taxpayers to resolve their tax disputes with the IRS over certain abusive tax avoidance transactions. The initiative is open until January 23, 2006. |
| IR-2005-113 |
Sept. 30, 2005 |
| Partners Spread the Word on Leave-Donation Program |
| A broad coalition of business and charitable associations joined with the Internal Revenue Service and the Department of Treasury today to announce a partnership aimed at educating the nation’s employers about a leave-donation program benefiting Hurricane Katrina victims. |
| IR-2005-112 |
Sept. 28, 2005 (Updated 1/13/06) |
| Deadlines for Taxpayers Affected by Hurricane Katrina Extended Until Feb. 28 |
| Taxpayers affected by Hurricane Katrina now have until Feb. 28, 2006 to file tax returns and pay any taxes due following legislation approved by Congress and signed by the President, the Internal Revenue Service announced today |
| IR-2005-111 |
Sept. 28, 2005 |
| Partnership for Public Service Awards IRS Executive for e-file, Electronic Tax Administration Work |
| The Partnership for Public Service has awarded Internal Revenue Service Associate Chief Information Officer Terence Lutes with a Service to America Medal for his contributions to electronic tax administration and the IRS e-file program. |
| IR-2005-110 |
Sept. 26, 2005 |
| Tax Relief Granted for Hurricane Rita |
| The Internal Revenue Service today announced relief for taxpayers affected by Hurricane Rita. The President issued major disaster declarations covering Texas and Louisiana effective Sept. 23, 2005. |
| IR-2005-109 |
Sept. 21, 2005 |
| IRS Updates Hurricane Katrina Tax Relief Guidelines for Taxpayers in Four States, Relief Workers and Others Impacted
|
| With recovery efforts well underway from Hurricane Katrina, the Internal Revenue Service announced today additional details to help ensure that those impacted by the storm get the tax relief to which they are entitled. Notice 2005-73, also released today, has full details regarding the relief. |
| IR-2005-108 |
Sept. 21, 2005 |
| IRS Announces Additional Agreements to Assist Disaster Victims |
| The Internal Revenue Service announced today that additional tax professional organizations have agreed to partner with it to provide assistance to taxpayers at local disaster recovery centers established by the Federal Emergency Management Agency (FEMA). |
| IR-2005-107 |
Sept. 19, 2005 |
| U.S., Mexico Reach Mutual Agreement Regarding Eligibility of Fiscally Transparent Entities to Benefits |
| On Aug. 26, 2005, the Competent Authorities of the United States and Mexico entered into a mutual agreement (“the Agreement”) regarding the eligibility of entities that are treated as fiscally transparent under the laws of either Contracting State to benefits under the Convention Between the United States of America and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, along with a Protocol, signed on Sept. 18, 1992, and as amended by the Additional Protocol signed on Sept. 8, 1994, and the Second Additional Protocol signed on Nov. 26, 2002. The Agreement specifies the cases where fiscally transparent entities are entitled to treaty benefits and clarifies the procedure for claiming treaty benefits from Mexico. |
| IR-2005-106 |
Sept. 16, 2005 |
| IRS Defers Schedule M-3 Planned Effective Date for Insurance Corporations |
| The Internal Revenue Service announced today that it is deferring the planned effective date of Schedule M-3 reporting for life, property and casualty insurance companies that file Forms 1120L and 1120PC. Schedule M-3, filed in conjunction with income tax returns by certain large and mid-size corporations to reconcile net income, will be required for 1120L and 1120PC filings for tax years ending on or after Dec. 31, 2006. Previously, the IRS planned to require Schedule M-3 for these filings for tax years ending on or after Dec. 31, 2005. |
| IR-2005-105 |
Sept. 15, 2005 |
| Retirement Plans Can Make Loans, Hardship Distributions to Katrina Victims |
| 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Katrina and members of their families, the Internal Revenue Service announced today. |
| IR-2005-104 |
Sept. 15, 2005 |
| IRS Extends Diesel Fuel Penalty Relief Due to Hurricane Katrina |
| The Internal Revenue Service, in response to the continued shortages of diesel fuel caused by Hurricane Katrina, will extend the penalty relief when dyed diesel fuel is sold for use or used on the highway. The penalty relief will apply throughout the United States. |
| IR-2005-103 |
Sept. 14, 2005 |
| Katrina Relief Workers Have Until Jan. 3 to File and Pay Taxes
|
| Hurricane Katrina relief workers have until Jan. 3, 2006 to file any returns and pay any taxes due, according to the Internal Revenue Service. |
| IR-2005-102 |
Sept. 14, 2005 |
| 5,000 IRS Telephone Operators Register Hurricane Victims for FEMA Benefits |
| The Internal Revenue Service announced today that several thousand telephone operators are helping the Federal Emergency Management Agency (FEMA) answer telephone calls from Hurricane Katrina victims. |
| IR-2005-101 |
Sept. 12, 2005 |
| Guidance Issued On Temporary Domestic Shipping Operations |
| Today the Treasury Department and the IRS announced guidance regarding the temporary operation of ships in the domestic trade as a result of Hurricane Katrina. |
| IR-2005-100 |
Sept. 12, 2005 |
| IRS Selects New ETAAC Chairperson and Members |
| The Internal Revenue Service today announced the selection of six new Electronic Tax Administration Advisory Committee (ETAAC) members and its new chairperson. The new members will replace six members whose terms end in October 2005, and the new chairperson’s term will begin immediately. |
| IR-2005-99 |
Sept. 9, 2005 |
| IRS Increases Mileage Rate Until Dec. 31, 2005 |
| The Internal Revenue Service and Treasury Department announced today an increase to the optional standard mileage rates for the final four months of 2005. |
| IR-2005-98 |
Sept. 8, 2005 |
| Extra Time Granted for Tax-Exempt Bond Issuers Affected By Katrina |
| The Internal Revenue Service today announced that it will provide issuers of tax exempt bonds affected by Hurricane Katrina with additional time to file certain information returns and arbitrage rebate returns. |
| IR-2005-97 |
Sept. 8, 2005 |
| Treasury, IRS Announce Special Relief to Encourage Leave-Donation Programs for Victims of Hurricane Katrina |
| Department of the Treasury and Internal Revenue Service officials announced today special relief intended to support leave-based donation programs to aid victims who have suffered from the extraordinary destruction caused by Hurricane Katrina. |
| IR-2005-96 |
Sept. 8, 2005 |
| Katrina Victims Will Have Until Jan. 3 to File and Pay Taxes |
| Victims of Hurricane Katrina will have until Jan. 3, 2006 to file any returns, pay any taxes or make any deposits due, the Internal Revenue Service announced today. |
| IR-2005-95 |
Sept. 7, 2005 |
| IRS Allows Highway Vehicle Removal of Aviation Fuel Due to Hurricane Katrina |
| The Internal Revenue Service, to alleviate local fuel shortages caused by Hurricane Katrina, will permit vehicles registered for highway use to remove aviation-grade kerosene (aviation fuel) from certain airports without violating the favorable excise tax treatment to which those airport fueling terminals are currently entitled. |
| IR-2005-94 |
Sept. 7, 2005 |
| IRS and AICPA Announce Agreement to Assist Disaster Victims |
| The Internal Revenue Service announced today that it will partner with the American Institute of Certified Public Accountants (AICPA) to provide assistance to taxpayers at local disaster recovery centers established by the Federal Emergency Management Agency (FEMA). To that end, the IRS and AICPA have signed an agreement. |
| IR-2005-93 |
Sept. 6, 2005 |
| IRS Expedites Charity Applications, Urges Use of Existing Charities |
| The Internal Revenue Service will provide an expedited review and approval process for new organizations seeking tax-exempt status in order to provide relief for victims of Hurricane Katrina. However, the agency encourages people to use existing organizations currently working on immediate aid efforts. |
| IR-2005-92 |
Sept. 2, 2005 |
| Treasury and IRS Expand Availability of Housing for Hurricane Victims |
| The Treasury Department and the Internal Revenue Service today announced that they will waive low-income housing tax credit rules that prohibit owners of low-income housing from providing housing to victims of Hurricane Katrina who do not qualify as low-income. The action will expand the availability of housing for disaster victims and their families. |
| IR-2005-91 |
Sept. 2, 2005 |
| IRS Expands Relief Area for Katrina Victims |
| The Internal Revenue Service today expanded tax relief to victims of Hurricane Katrina in areas of Louisiana, Mississippi, Alabama and Florida eligible for public assistance. |
| IR-2005-90 |
Sept. 2, 2005 |
| IRS Grants Relief Regarding Certain Employee Plan Contributions |
| The Internal Revenue Service, the Department of Labor's Employee Benefits Security Administration and the Pension Benefit Guaranty Corporation officials announced today their agencies are providing relief in connection with certain employee benefit plans because of damage in the Gulf Coast area caused by Hurricane Katrina. |
| IR-2005-89 |
Sept. 2, 2005 |
| IRS Waives Diesel Fuel Penalty Due to Hurricane Katrina |
| The Internal Revenue Service, in response to shortages of clear diesel fuel caused by Hurricane Katrina, will not impose a tax penalty when dyed diesel fuel is sold for use or used on the highway. |
| IR-2005-88 |
Sept. 1, 2005 |
| IRS Creates Disaster Relief Toll-Free Number |
| The Internal Revenue Service announced today the establishment of a special toll-free telephone number for use by taxpayers affected by Hurricane Katrina. |
| IR-2005-87 |
Sept. 1, 2005 |
| IRS Names New Head of Employee Plans Rulings and Agreements |
| The Internal Revenue Service today announced the selection of Joseph H. Grant as the Director of Employee Plans Rulings and Agreements in the Tax Exempt and Government Entities Division. |
| IR-2005-86 |
Sept. 1, 2005 |
| IRS Urges Citizens to Seek Qualified Charities for Katrina Help |
| Citizens seeking to make donations to help Hurricane Katrina victims should seek out qualified charities, the Internal Revenue Service said today. |
| IR-2005-85 |
Sept. 1, 2005 |
| Interest Rates Rise 1 Percentage Point in Fourth Quarter 2005 |
| The Internal Revenue Service today announced there will be a one-percentage-point increase in interest rates for the calendar quarter beginning Oct. 1, 2005. The interest rates are as follows: |
| FS-2005-16 |
September 2005 |
| Withholding Required on Certain U.S. Real Property Transactions Involving Foreign Persons, IRS Warns |
| The IRS today reminds all real estate and tax professionals of the withholding tax and the filing obligations with respect to two transactions in which a foreign person disposes of a U.S. real property interest. The transactions involve the disposition by a foreign person of an option or contract to acquire a U.S. real property interest, and the disposition by a foreign corporation of a U.S. real property interest by way of a transfer to a shareholder. |
| Not Numbered |
Not Dated |
| Tax Relief: Presidentially Declared Disaster Areas |
| (This applies to disaster area relief articles that link to this page. Those articles list the places included in each disaster area, the specific FTD Penalty Waiver Period, Extension Period and Disaster Designation. The articles are in the individual state news pages on the IRS Web Site..) |
| IR-2005-84 |
Aug. 30, 2005 |
| IRS Grants Tax Relief for Hurricane Katrina Victims |
| The Internal Revenue Service today announced special relief for taxpayers in the Presidential Disaster Areas struck by Hurricane Katrina. |
| IR-2005-83 |
Aug. 29, 2005 |
| KPMG to Pay $456 Million for Criminal Violations |
| KPMG LLP (KPMG) has admitted to criminal wrongdoing and agreed to pay $456 million in fines, restitution and penalties as part of an agreement to defer prosecution of the firm, the Justice Department and the Internal Revenue Service announced today. |
| IR-2005-82 |
Aug. 16, 2005 |
| Teachers Should Save Receipts for Educator Expense Deduction |
| With back-to-school sales in full swing, the Internal Revenue Service reminds teachers and other educators to save their receipts for purchases of books and classroom supplies. These out-of-pocket expenses may lower their 2005 taxes. |
| IR-2005-81 |
Aug. 8, 2005 |
| Industry Issue Resolution Program to Address Two New Issues |
| The Internal Revenue Service and the Treasury Department today announced the Industry Issue Resolution (IIR) Program will address concerns relating to “member of a family receiving assistance” requirements for the Work Opportunity and Welfare to Work Tax Credits and the definition of home construction contracts. |
| IR-2005-80 |
Aug. 8, 2005 |
| IRS, Treasury Issue Priority Guidance Plan for 2005-2006 |
| The Internal Revenue Service and Department of the Treasury released today the 2005-2006 Priority Guidance Plan, listing the tax issues that will be the subject of formal legal guidance during the next year. |
| IR-2005-79 |
Aug. 8, 2005 |
| Extension Deadline Looms; Form Available for More Time |
| Taxpayers who requested the automatic four-month extension to file their 2004 tax return face an Aug. 15 deadline. People who are unable to meet this approaching deadline may seek an additional two-month extension. |
| IR-2005-78 |
Aug. 5, 2005 |
| IRS Receives Connect America Partner of the Year Award |
| The Internal Revenue Service today was recognized for its community-based partnerships that link low-income taxpayers with organizations that prepare tax returns for free, ensure they properly receive tax credits and assist them with ways to build a financial savings. |
| IR-2005-77 |
July 29, 2005 |
| Everson Praises Congress for Funding, Suspends Plan to Close TACs |
| IRS Commissioner Mark W. Everson today lauded the Congress for its progress thus far in securing additional funding in accordance with the IRS 2006 budget request, and he suspended plans to close some of its Taxpayer Assistance Centers. |
| IR-2005-76 |
July 25, 2005 |
| IRS Launches Study of S Corporation Reporting Compliance |
| Internal Revenue Service officials announced today the launch of a study to assess the reporting compliance of S corporations. The study, carried out under the National Research Program (NRP), will examine 5,000 randomly selected S corporation returns from tax years 2003 and 2004. |
| IR-2005-75 |
July 20, 2005 |
| IRS E-File Available for Extension Filers through Aug. 15 and Beyond |
| Taxpayers and tax professionals who filed for an extension can use e-file to file their 2004 tax returns, the Internal Revenue Service announced today. |
| IR-2005-74 |
July 15, 2005 |
| IRS Waives Diesel Fuel Penalty Due to Hurricane Dennis |
| The Internal Revenue Service will not impose the excise tax penalty on the misuse of dyed diesel fuel in parts of Florida because of shortages of clear diesel fuel caused by Hurricane Dennis. |
| IR-2005-73 |
July 12, 2005 |
| IRS to Accept Facsimile Signatures on Employment Tax Returns |
| The Internal Revenue Service has issued new rules allowing corporate officers or duly authorized agents to sign employment tax forms by facsimile, including alternative signature methods such as computer software programs or mechanical devices. |
| IR-2005-72 |
July 11, 2005 |
| Robust Response for Executive Stock Option Initiative; Son of Boss Settlement Heading for $4 Billion |
| Internal Revenue Service officials announced today that they received a strong turnout for the executive stock option settlement initiative launched in February. The initiative provided corporate executives and their companies a means to resolve an abusive tax transaction involving the transfer of stock options to family controlled partnerships. |
| IR-2005-71 |
July 8, 2005 |
| National Taxpayer Advocate Releases Report to Congress;
Cites Need to Balance Taxpayer Service with Enforcement |
| National Taxpayer Advocate Nina E. Olson has delivered a report to Congress that discusses the central role taxpayer service plays in facilitating voluntary compliance with our tax laws and cautions that excessive focus on enforcement at the expense of taxpayer service could have the effect of both reducing voluntary compliance and alienating taxpayers. |
| IR-2005-70 |
June 30, 2005 |
| IRS Issues Spring 2005 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the Spring 2005 issue of the Statistics of Income Bulletin. For the first time, the Bulletin takes a detailed look at taxable real estate investment trust (REIT) subsidiaries. |
| IR-2005-69 |
June 27, 2005 |
| Toyota Highlander Hybrid Certified for the Clean-Fuel Deduction |
| The Internal Revenue Service has certified the model year 2006 Toyota Highlander Hybrid as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000 on Form 1040. |
| IR-2005-68 |
June 23, 2005 |
| New Law Changes Highway Use Tax Rules: Installment Payment Option Eliminated |
| The Internal Revenue Service today reminded truckers and other owners of heavy highway vehicles that the installment option for paying the federal highway use tax will no longer be available. |
| IR-2005-67 |
June 20, 2005 |
| Morgante, Watson to Lead Largest IRS Division |
| Richard J. Morgante and Pamela G. Watson have been named to the top two posts in the Wage and Investment (W&I) Division, the IRS unit that serves most individual taxpayers, the Internal Revenue Service announced today. |
| IR-2005-66 |
June 15, 2005 |
| Memorandum of Understanding Between the Competent Authorities of the United States and Canada Regarding the Mutual Agreement Procedure |
| On June 3, 2005, the Competent Authorities of the United States and Canada entered into a Memorandum of Understanding (MOU) to establish principles and guidelines to improve the performance and efficiency of the mutual agreement procedure (MAP) process in accordance with the terms set forth in the United States-Canada Income Tax Convention (1980), as amended from time to time. |
| IR-2005-65 |
June 3, 2005 |
| No Change in Interest Rates for the Third Quarter of 2005 |
| The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning July 1, 2005. The interest rates are as follows: |
| IR-2005-64 |
June 2, 2005 |
| Courts Fine Taxpayers for Frivolous Collection Cases, IRS Warns |
| Taxpayers who improperly use the courts to delay tax collections are paying a stiff price, according to the Internal Revenue Service. |
| IR-2005-63 |
May 27, 2005 |
| IRS to Create Efficiencies with Taxpayer Assistance Centers |
| The Internal Revenue Service announced today that it plans to close a portion of its Taxpayer Assistance Centers as part of the agency's continuing efforts to create efficiencies, modernize operations and reduce costs while maintaining its commitment to taxpayer service. |
| IR-2005-62 |
May 26, 2005 |
| IRS Accepting Grant Applications for Low Income Taxpayer Clinics |
| The National Taxpayer Advocate, Nina E. Olson, today announced that the 2006 Low Income Taxpayer Clinic (LITC) grant application process is now open. The Low Income Taxpayer Clinic grant program is entering its eighth year and continues to expand. Under the program, IRS awards matching grants up to $100,000 a year to develop, expand or continue low income taxpayer clinics. To date in 2005, the LITC Program Office has awarded LITC grants to 145 organizations in 48 states, the District of Columbia and Puerto Rico. |
| IR-2005-61 |
May 24, 2005 |
| 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 8, 2005, from 9:00 a.m. to 1:00 p.m. at IRS headquarters, 1111 Constitution Ave., N.W., Washington, D.C. |
| IR-2005-60 |
May 18, 2005 |
| IRS Announces Improvements to Tax Stats Web Pages |
| The Internal Revenue Service today announced improvements to “Tax Stats’ on IRS.gov. Tax Stats includes a wealth of statistical information on individuals, businesses, charities, and IRS operations. |
| IR-2005-59 |
May 18, 2005 |
| IRS, Treasury Clarify Circular 230 Written Opinion Standards |
| The Internal Revenue Service and the Treasury Department today issued revisions to the new Treasury Department Circular 230 standards for written tax advice that were announced late last year. |
| IR-2005-58 |
May 13, 2005 |
| Janice Lambert Selected as Chief Financial Officer |
| The Internal Revenue Service announced today that Janice J. Lambert has been appointed the Chief Financial Officer (CFO) of the Internal Revenue Service. |
| IR-2005-57 |
May 6, 2005 |
| Lexus Hybrid Certified for Clean-Fuel Vehicle Deduction |
| The Internal Revenue Service has certified the model year 2006 Lexus RX 400h as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000 on Form 1040. |
| IR-2005-56 |
May 2, 2005 |
| IRS to Host Six Forums This Summer for Tax Professionals |
| The Internal Revenue Service will host the tax practitioner community at six Nationwide Tax Forums this summer. The first of the three-day forums begins June 28. |
| IR-2005-55 |
May 2, 2005 |
| IRS Seeks Nominations for Information Reporting Program Advisory Committee |
| The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC). The deadline for submitting applications is June 30, 2005. |
| IR-2005-54 |
April 28, 2005 |
| IRS Names New Members to TE/GE Advisory Group |
| The Internal Revenue Service today announced the selection of seven 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 11 returning committee members. |
| IR-2005-53 |
April 28, 2005 |
| 2005 Tax Filing Season Sets Records |
| The Internal Revenue Service announced today the recently completed 2005 filing season set a series of records, highlighted by 66 million tax returns being filed electronically this year and home computer usage surging 17 percent. |
| IR-2005-52 |
April 26, 2005 |
| IRS, Stakeholder Groups Form Partnership to Answer M-3 Questions |
| Corporate taxpayers required to file the new Schedule M-3 with their Form 1120 can find and request answers to their questions about the new schedule using a Web-based list of frequently asked questions set up by the Internal Revenue Service in partnership with stakeholder groups. |
| IR-2005-51 |
April 25, 2005 |
| IRS.gov Offers Help for Small Businesses |
| In recognition of National Small Business Week, the Internal Revenue Service announces an abundance of free resources available to assist the nation´s 45 million small business and self-employed taxpayers with their tax responsibilities. And, they are all just a mouse-click away. |
| IR-2005-50 |
April 25, 2005 |
| IRS Offers Small Businesses New Retirement Plan Resource Guide |
| Small business owners can now learn virtually everything they need to know about setting up and maintaining IRA-based retirement plans for their employees, thanks to a new, free compact disc from the Internal Revenue Service. |
| IR-2005-49 |
April 22, 2005 |
| IRS, Treasury Release Guidance on Expatriation Reporting Requirements |
| Today Treasury and the IRS announced the release of Notice 2005-36 and revised Form 8854, Initial and Annual Expatriation Information Statement. The notice and the revised form and its instructions address the significant changes made by the American Jobs Creation Act of 2004 (AJCA) to the tax and information reporting rules affecting individuals who lose their U.S. citizenship or long-term resident status after June 3, 2004. |
| IR-2005-48 |
April 19, 2005 |
| IRS Seeking ETAAC Applicants |
| The Internal Revenue Service is seeking applications to fill seven vacancies on the Electronic Tax Administration Advisory Committee. |
| IR-2005-47 |
April 13, 2005 |
| Free File Still Available; Innovative Process Leads to Record Year |
| The Internal Revenue Service today reminded taxpayers that Free File — the no-cost tax preparation software and electronic filing program — remains available for those taxpayers feeling the press of the April 15 deadline. |
| IR-2005-46 |
April 13, 2005 |
| E-file 7.8 Percent Ahead of Last Year as Tax Deadline Approaches |
| With April 15 just days away, the Internal Revenue Service announced today that the e-file, direct deposit and e-payment programs remain at record paces so far this year. |
| IR-2005-45 |
April 13, 2005 |
| IRS Strengthens Withholding Compliance Program; Reduces Paperwork for Employers |
| Employers will no longer be required to send copies of potentially questionable W-4 withholding forms to the Internal Revenue Service, the IRS announced today. |
| IR-2005-44 |
April 13, 2005 |
| Agreement Identifies U.K. Pension Arrangements for Tax Treaty Benefits |
| The Competent Authorities of the United Kingdom and the United States have reached a mutual agreement on the qualification of certain U.K. pension arrangements for treaty benefits under paragraph 3(b) of Article 10 (Dividends) of the Convention Between the United States of America and the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation with Respect to Taxes on Income signed at London on July 24, 2001 (“Treaty’). |
| IR-2005-43 |
April 8, 2005 |
| 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-2005-42 |
April 7, 2005 |
| E-file 7 Percent Ahead of Last Year |
| The Internal Revenue Service announced today that e-file, direct deposit and e-payment programs are running at record paces so far this year. |
| IR-2005-41 |
April 1, 2005 |
| 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. |
| FS-2005-15 |
April 2005 |
| IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters |
| The Internal Revenue Service announced today that it has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. |
| IR-2005-40 |
March 31, 2005 |
| IRS Issues Winter 2004-2005 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the Winter 2004-2005 issue of the Statistics of Income Bulletin. |
| IR-2005-39 |
March 30, 2005 |
| E-file, e-Payments Ahead of Last Year |
| The Internal Revenue Service announced today that e-file, direct deposit and e-payment programs are running at record paces so far this year. |
| IR-2005-38 |
March 29, 2005 |
| New IRS Study Provides Preliminary Tax Gap Estimate |
| The Internal Revenue Service released preliminary results today from a major research project assessing compliance with the tax laws. The study reveals the vast majority of American taxpayers pay their taxes timely and accurately, but the nation still has a significant tax gap. |
| IR-2005-37 |
March 24, 2005 |
| IRS Collects $3.2 Billion from Son of Boss; Final Figure Should Top $3.5 Billion |
| The Internal Revenue Service announced today that taxpayers participating in the Son of Boss tax shelter settlement have so far paid in more than $3.2 billion, a figure that should top $3.5 billion when the project concludes in coming months. |
| IR-2005-36 |
March 23, 2005 |
| Free File Tops Last Year's Total |
| The Internal Revenue Service announced today that more people have used Free File this year than for all of last year. As of March 16, 3.55 million tax returns have gone through Free File, up 44 percent compared to the same time last year and exceeding last year´s total of 3.51 million. |
| IR-2005-35 |
March 22, 2005 |
| New Web Feature Helps with Lost Refund Checks |
| “Where´s My Refund?,’ the popular Internet-based service used by taxpayers to check on their federal income tax refunds, now offers a safe and easy way to trace refund checks and update a flawed mailing address. |
| IR-2005-34 |
March 22, 2005 |
| IRS Offers Tips for Accurate Schedule K-1 Filing |
| The Internal Revenue Service today provided its annual list of tips to businesses, individuals and tax professionals to avoid errors on Schedules K-1. The Schedule K-1 is used to report income and other distributions from partnerships, S corporations and some estates and trusts. |
| IR-2005-33 |
March 21, 2005 |
| IRS Expands Access to e-Services Products |
| The Internal Revenue Service has expanded the number of tax professionals who can use its suite of e-Services incentive products. The expansion meets high demand and requests from tax professionals to use these valuable online tools. |
| IR-2005-32 |
March 17, 2005 |
| IRS e-file Up 6 Percent |
| The Internal Revenue Service announced today that electronic filing continues to show a strong increase, with e-filed tax returns running more than 6 percent ahead of last year. The biggest increase is being seen in home computer use, which is up more than 14 percent. |
| IR-2005-31 |
March 17, 2005 |
| IRS Clarifies AMT Deduction for Home Mortgage Interest |
| Qualified housing interest, which generally is deductible for alternative minimum tax purposes, includes interest paid on a mortgage that has been refinanced more than once, the Internal Revenue Service confirmed today. |
| IR-2005-30 |
March 15, 2005 |
| Remarks of IRS Commissioner Mark W. Everson at National Press Club |
| Exactly one year ago today, I stood here and gave you my assessment of our tax administration system. I spoke of the IRS mission of service and enforcement, and about our need to modernize. What I said one year ago was that the IRS was doing a good job improving service, had a mixed record on modernization, and a lot of work to do to restore enforcement to proper levels. |
| IR-2005-29 |
March 15, 2005 |
| IRS Issues Guidance on Truck Sale Excise Tax |
| The Internal Revenue Service today issued guidance intended to help truck dealers determine whether a truck body is subject to federal excise tax. |
| IR-2005-28 |
March 15, 2005 |
| IRS to Accept Supplemental Low Income Taxpayer Clinic (LITC) Grant Applications to Serve Taxpayers in Targeted States |
| The National Taxpayer Advocate, Nina E. Olson, today announced that as a result of increased funding made possible by enactment of the Consolidated Appropriations Act of 2005, the IRS will open a supplemental period for accepting LITC applications for the remainder of the 2005 grant cycle (the 2005 grant cycle runs Jan. 1, 2005, through Dec. 31, 2005). The supplemental application period will be open from March 15, 2005, to April 15, 2005. |
| IR-2005-27 |
March 14, 2005 |
| IRS Rebuts Those Making Frivolous Arguments on Paying Taxes |
| The Internal Revenue Service today issued guidance describing and rebutting frivolous arguments taxpayers should avoid when filing their tax returns |
| IR-2005-26 |
March 10, 2005 |
| IRS Awards Approximately $7.5 Million to Tax Clinics Aiding Low Income Taxpayers |
| The National Taxpayer Advocate, Nina E. Olson, announced that the Internal Revenue Service has awarded approximately $7.5 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2005 grant cycle (Jan. 1, 2005, through Dec. 31, 2005). LITCs are qualifying organizations that represent low income taxpayers involved in tax disputes with the IRS or that provide education on tax rights and responsibilities to taxpayers for whom English is a second language or who have limited English proficiency. |
| IR-2005-25 |
March 10, 2005 |
| IRS Provides Transition Relief to Partnerships & Pass-Thru Entities Under New Code Section |
| The Internal Revenue Service and the Treasury Department today issued guidance providing limited transition relief for certain partnerships and other pass-thru entities that are subject to Section 470 of the Internal Revenue Code which was added by the American Jobs Creation Act of 2004. |
| IR-2005-24 |
March 10, 2005 |
| IRS e-file and Direct Deposit Continue to Outpace Last Year’s Results |
| The Internal Revenue Service announced today that electronic filing continues to show a strong increase, with e-filed tax returns running almost 6 percent ahead of last year. The biggest increase is being seen in home computer use, which is up 14 percent. |
| IR-2005-23 |
March 7, 2005 |
| IRS Seeks New Issues for the Industry Issue Resolution Program |
| The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit tax issues for the Industry Issue Resolution (IIR) Program. The submission of business tax issues where the tax treatment is uncertain, frequently disputed, or burdensome must be received by March 31, 2005. |
| IR-2005-22 |
March 2, 2005 |
| Interest Rates Rise for the Second Quarter of 2005 |
| The Internal Revenue Service today announced there will be a change in the interest rates for the calendar quarter beginning April 1, 2005. |
| IR-2005-21 |
March 2, 2005 |
| E-filing Running at Record Pace |
| At the mid-point of tax filing season, the Internal Revenue Service announced today that taxpayers have used e-file at a record rate. |
| IR-2005-20 |
March 1, 2005 |
| U.S. and Austria Agree on Tax Treatment of Certain Scholarships |
| The Competent Authorities of Austria and the United States have reached a mutual agreement on the taxation of certain scholarships under Article 20 (Students and Trainees) and Article 21 (Other Income) of the U.S.-Austria income tax treaty. |
| FS-2005-14 |
March 1, 2005 |
| Understanding the Tax Gap |
| The Internal Revenue Service developed the concept of the tax gap as a way to gauge taxpayers´ compliance with their federal tax obligations. The tax gap measures the extent to which taxpayers do not file their tax returns and pay the correct tax on time. |
| FS-2005-13 |
March 1, 2005 |
| States See Son of Boss Benefits; Tax Administrators Praise Efforts |
| As part of a larger partnership between the Internal Revenue Service and state tax agencies, states are beginning to see early results from the Son of Boss settlement initiative. |
| IR-2005-19 |
Feb. 28, 2005 |
| IRS Announces the 2005 Dirty Dozen |
| The Internal Revenue Service today unveiled its annual listing of notorious tax scams, the “Dirty Dozen,’ reminding taxpayers to be wary of schemes that promise to eliminate taxes or otherwise sound too good to be true. |
| IR-2005-18 |
Feb. 23, 2005 |
| IRS Unveils Redesigned Employment Tax Return |
| The Internal Revenue Service today unveiled the redesign of the employment tax return Form 941, Employer´s Quarterly Federal Tax Return. The simplified form should help businesses, tax practitioners and payroll companies avoid common errors as well as reduce the burden associated with completing and filing Form 941. |
| IR-2005-17 |
Feb. 22, 2005 |
| Settlement Offer Extended for Executive Stock Option Scheme |
| The Internal Revenue Service today announced a settlement initiative for executives and companies that participated in an abusive tax avoidance transaction involving the transfer of stock options or restricted stock to family controlled entities. |
| PC-2005-02 |
Feb. 18, 2005 |
| Report on IRS Review of Alleged Political Campaign Intervention Statement of IRS Commissioner Mark W. Everson on TIGTA review of Exempt Organizations |
| This report confirms what we´ve said all along. Political considerations played absolutely no part in the inquiries we launched last summer. |
| IR-2005-16 |
Feb. 11, 2005 |
| Certain Tax Returns Go to Different IRS Centers than Last Year |
| 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-2005-15 |
Feb. 10, 2005 |
| U.S. and New Zealand reach Mutual Agreement Regarding Treatment of Income Derived Through Certain Fiscally Transparent Entities |
| The Competent Authorities of the United States and New Zealand have entered into a mutual agreement to clarify the entitlement of members of certain fiscally transparent entities to benefits under the Convention between the United States of America and New Zealand for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, signed on July 23, 1982, and as amended by Protocol signed on July 23, 1982, and as implemented in New Zealand by The Double Taxation Relief (United States of America) Order 1983 signed on July 23 1983. |
| IR-2005-14 |
Feb. 10, 2005 |
| Honda Vehicles Certified for Clean-Fuel Vehicle Deduction |
| The Internal Revenue Service has certified the model year 2005 Honda Insight, the Honda Civic Hybrid, and the Honda Accord Hybrid as being eligible for the clean-fuel vehicle deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new may claim a tax deduction of up to $2,000 on Form 1040. |
| IR-2005-13 |
Feb. 8, 2005 |
| IRS Has $2 Billion for People Who Have Not Filed a 2001 Tax Return |
| Unclaimed refunds totaling more than $2 billion are awaiting about 1.7 million people who failed to file an income tax return for 2001, the Internal Revenue Service announced today. However, in order to collect the money, a return must be filed with the IRS no later than April 15, 2005. |
| IR-2005-12 |
Feb. 1, 2005 |
| IRS Revises Form for Tax-Exempt Bonds |
| The Internal Revenue Service today announced the release of a revised form used by municipalities and other issuers of tax-exempt bonds to make arbitrage related payments. |
| FS-2005-12 |
Feb. 1, 2005 |
| IRS Fights Against Tax Fraud |
| In recent years, the booming real estate market has helped increase mortgage fraud and other phony real estate related schemes. The perpetrators of these schemes range from mortgage brokers looking to make a fast buck to drug dealers laundering their ill-gotten gains. Every year, these fraudulent schemes victimize individuals and businesses from many walks of life, including struggling low-income families lured into home loans they can´t afford, legitimate lenders saddled with over-inflated mortgages and honest real estate investors fleeced out of their investment dollars. |
| FS-2005-11 |
Feb. 1, 2005 |
| Executive Stock Option Settlement Initiative |
| The Internal Revenue Service today announced a settlement initiative for executives and their companies for a tax scheme involving the transfer of stock options or restricted stock to family controlled entities. |
| PC-2005-01 |
Feb. 1, 2005 |
| Statement of IRS Commissioner Mark W. Everson on the FY 2006 Budget |
| The proposed 2006 budget makes a strong commitment to a sound system of tax administration. Overall, the budget calls for a 4.3 percent increase in the IRS budget, with a nearly 8 percent increase for enforcement. |
| IR-2005-11 |
Jan. 27, 2005 |
| New EITC Tool Helps Taxpayers Determine Eligibility |
| The Internal Revenue Service today announced a new Web-based tool to help working families determine if they are eligible for the Earned Income Tax Credit. The EITC Assistant will help take the guess work out of the EITC eligibility rules. |
| IR-2005-10 |
Jan. 19, 2005 |
| IRS, Treasury Issue Guidance on New Penalties on Potentially Abusive Transactions |
| The Treasury Department and the Internal Revenue Service today issued interim guidance on two new penalty provisions enacted as part of the American Jobs Creation Act of 2004. |
| IR-2005-09 |
Jan. 18, 2005 |
| IRS e-file Now Available; Free File Opens Third Year |
| The Internal Revenue Service today marked the opening of IRS e-file with an appeal to taxpayers and tax professionals alike: Hit the ‘send´ button. |
| IR-2005-08 |
Jan. 11, 2005 |
| IRS Announces Electronic Filing Requirements for Large Corporations, Exempt Organizations |
| The Internal Revenue Service released regulations today that require certain large corporations and tax-exempt organizations to electronically file their income tax or annual information returns beginning in 2006. |
| IR-2005-07 |
Jan. 11, 2005 |
| National Taxpayer Advocate Releases 2004 Report to Congress; Cites Tax Law Complexity as Most Serious Problem Facing Taxpayers |
| National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the complexity of the Internal Revenue Code as the most serious problem facing taxpayers and the IRS alike. |
| IR-2005-06 |
Jan. 10, 2005 |
| New Law Encourages Tsunami Relief Contributions |
| The Internal Revenue Service alerted taxpayers who itemize deductions that they may claim on their 2004 tax returns charitable donations made during Jan. 2005 for relief of the victims of the Indian Ocean Tsunami. |
| IR-2005-05 |
Jan. 10, 2005 |
| IRS Issues Fall 2004 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the Fall 2004 issue of the Statistics of Income Bulletin. |
| IR-2005-04 |
Jan. 10, 2005 |
| Revised Schedules K-1 to Reduce Filing Complexity |
| The Internal Revenue Service today announced the availability of the revised Schedules K-1 for this year´s filing season. The schedules have been simplified to reduce common errors and the burden associated with preparation and filing requirements. |
| IR-2005-03 |
Jan. 7, 2005 |
| IRS Liberalizes Interest Suspension Rule for Amended Returns |
| The Internal Revenue Service today announced a liberalization of the rule for interest owed on additional taxes voluntarily reported by taxpayers. |
| IR-2005-02 |
Jan. 4, 2005 |
| IRS Updates Sales Tax Table Publication |
| The Internal Revenue Service announced today that it has updated the optional sales tax tables in Publication 600 for Arkansas, California and Virginia. |
| IR-2005-01 |
Jan. 3, 2005 |
| IRS Begins 2005 Filing Season |
| The Internal Revenue Service today opened the 2005 tax filing season, highlighted by expanded electronic services, easier tax filing rules and new tax law changes. The IRS also expects to surpass a milestone in the e-file program by the April 15 filing deadline. |
| FS-2005-10 |
Jan. 1, 2005 |
| Do You Qualify for the Earned Income Tax Credit? |
| The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. For eligible taxpayers, EITC is a valuable tool to lower their taxes or to claim a refund. The IRS wants all eligible taxpayers, but only those who are eligible, to claim the EITC. Many taxpayers who qualify for EITC may also be eligible for free tax preparation and electronic filing by participating tax professionals and volunteers. Taxpayers and tax professionals should review the rules before attempting to claim the EITC. |
| FS-2005-09 |
Jan. 1, 2005 |
| IRS Details 2005 Free File Initiative |
| Taxpayers with access to a computer and the Internet may 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. |
| FS-2005-08 |
Jan. 1, 2005 |
| Tax 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. |
| FS-2005-07 |
Jan. 1, 2005 |
| A “Qualifying Child” |
| A “qualifying child’ may enable a taxpayer to claim several tax benefits, such as head of household filing status, the exemption for a dependent, the child tax credit, the child and dependent care credit and the earned income tax credit. Prior to 2005, each of these items defined a qualifying child differently, leaving many taxpayers confused. |
| FS-2005-06 |
Jan. 1, 2005 |
| Sales Tax Deduction Option |
| The American Jobs Creation Act of 2004 gives taxpayers the option to claim state and local sales taxes instead of state and local income taxes when they itemize deductions. This option is available for the 2004 and 2005 returns only. |
| FS-2005-05 |
Jan. 1, 2005 |
| Electronic Payment Options for 2005 |
| Taxpayers can pay taxes electronically by authorizing an e-pay option, such as an electronic funds withdrawal from a checking or savings account or by using a credit card. Taxpayers who will be making more than one estimated tax payment may want to enroll in Electronic Federal Tax Payment System. |
| FS-2005-04 |
Jan. 1, 2005 |
| 2005 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-2005-03 |
Jan. 1, 2005 |
| Tax Packages -- 2005 Filing Season |
| The Internal Revenue Service will send taxpayers almost 29.5 million tax packages and about 11 million computer-filing brochures this year. This mail out costs nearly $6.3 million for printing and almost $8.5 million for postage, for an average cost of 36.4 cents per item mailed. Most people will get their tax packages in early January. The IRS expects to receive about 133 million tax returns in 2005. |
| FS-2005-02 |
Jan. 1, 2005 |
| Free Tax Help Available |
| The IRS offers free assistance by computer, fax, telephone and in person. The IRS can help taxpayers get forms and publications and answer a wide range of tax questions. The IRS can also help find free tax preparation services for those who qualify. |
| FS-2005-01 |
Jan. 1, 2005 |
| Highlights -- 2004 Tax Law Changes |
| 2004 Tax Law Changes including Education Incentives, Tax Credits, Retirement Plans / Individual Retirement Arrangements, Extension of Expiring Provisions, Miscellaneous Items, Inflation Adjustments for 2004, Earned Income Tax Credit amounts |
