| FS-2007-27 |
December 2007 |
| Employment Taxes and Classifying Workers |
| Being an employer carries important responsibilities. Critical issues include making sure all workers are properly classified as employees or independent contractors and making sure taxes are withheld and paid in a timely way. |
| IR-2007-213 |
December 31, 2007 |
| Treasury, IRS Implement Enhanced Standards of Conduct for Tax Return Preparers; Plan Overhaul of Tax Return Preparer Regulatory Regime |
| The Treasury Department and the Internal Revenue Service today issued Notice 2008-13 that implements a May 2007 law that expanded the tax return preparer penalty and heightened the standards of conduct that must be met by tax return preparers in order to avoid that penalty. |
| IR-2007-212 |
December 28, 2007 |
| IRS, Treasury Issue Additional Proposed Regulations on Pension Protection Act Funding Rules |
| The Treasury Department and the Internal Revenue Service today issued proposed regulations that provide employers sponsoring single-employer defined benefit plans with guidance regarding the measurement of pension assets and liabilities under the new funding rules enacted as part of the Pension Protection Act of 2006. |
| IR-2007-211 |
December 28, 2007 |
| Treasury, IRS Issue Proposed Regulations for Cash Balance and Other Hybrid Pension Plans |
| The Treasury Department and Internal Revenue Service (IRS) issued proposed regulations relating to cash balance plans and other hybrid pension plans. |
| IR-2007-210 |
December 28, 2007 |
| Five 2008 GM Vehicles Certified As Qualified Hybrids |
| The Internal Revenue Service has acknowledged the certification by General Motors Corp. that five of its Model Year 2008 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles. |
| IR-2007-209 |
December 27, 2007/td>
|
| Filing Season Opens on Time Except for Certain Taxpayers Potentially Affected by AMT Patch |
| The Internal Revenue Service announced today that the upcoming tax season is expected to start on time for everyone except certain taxpayers potentially affected by late enactment of the Alternative Minimum Tax “patch.” |
| IR-2007-208 |
December 27, 2007 |
| 2008 Excise Taxes on Air Transportation |
| Today the Internal Revenue Service announced the 2008 inflation adjustments to the excise taxes on air transportation. |
| IR-2007-207 |
December 21, 2007 |
| IRS Picks 10 New Advisory Council Members |
| The Internal Revenue Service announced the selection of 10 new members of the Internal Revenue Service Advisory Council (IRSAC), which provides an organized public forum for IRS officials and representatives of the public to discuss key tax administration issues. |
| IR-2007-206 |
December 21, 2007 |
| January Tax Talk Today Features Business Filing Season Issues |
| The Internal Revenue Service’s next Tax Talk Today program picks up where the December show left off. The program, “Getting Ready for the Filing Season 2008: Part 2 (Businesses),” will be available Tuesday, Jan. 8, 2008 at 2 p.m. |
| IR-2007-205 |
December 21, 2007 |
| IRS Debunks Frivolous Tax Arguments |
| The Internal Revenue Service today released an updated document discussing and rebutting many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. |
| IR-2007-204 |
December 20, 2007 |
| IRS Releases Final 2008 Form 990 for Tax-Exempt Organizations, Adjusts Filing Threshold to Provide Transition Relief |
| The IRS issued an updated version of Form 990, the return that charities and other tax-exempt organizations are required to file annually, and provided transition relief so that small exempt organizations will have time to adjust to the new form. |
| IR-2007-203 |
December 20, 2007 |
| Misclassified Workers to File New Social Security Tax Form |
| The Internal Revenue Service has developed a new form for employees who have been misclassified as independent contractors by an employer. Form 8919, Uncollected Social Security and Medicare Tax on Wages, will now be used to figure and report the employee’s share of uncollected social security and Medicare taxes due on their compensation. |
| IR-2007-202 |
December 19, 2007 |
| IRS Works to Quickly, Accurately Implement AMT Patch |
| The Internal Revenue Service announced it will immediately begin the final reprogramming steps for its income-tax processing systems to prepare for the upcoming tax season following final passage of the Alternative Minimum Tax “patch” Wednesday by the House. |
| IR-2007-201 |
December 19, 2007 |
| Procedure Unveiled for Reporting Violations of the Tax Law, Making Reward Claims |
| The Internal Revenue Service today outlined ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. |
| IR-2007-200 |
December 14, 2007 |
| IRS Fast Track Settlement Program Expands |
| The Internal Revenue Service today announced it is expanding the number of test areas for the Fast Track Settlement program for taxpayers under examination by the Small Business/Self-Employed Division. |
| IR-2007-199 |
December 12, 2007 |
| Electronic Tax Advisory Committee Gets New Chairman and Members |
| The Internal Revenue Service today announced the selection of six new members of the Electronic Tax Administration Advisory Committee (ETAAC). The Treasury Department and the IRS Commissioner have approved the new members to serve a three-year term beginning November 2007 and ending in November 2010. |
| IR-2007-198 |
December 12, 2007 |
| Certain Payments to Disabled Veterans Ruled Tax-Free; Some May Be Due Refunds |
| Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today. |
| IR-2007-197 |
December 6, 2007 |
| IRS Announces Groundbreaking OPR Settlement with Attorneys |
| The Internal Revenue Service's Office of Professional Responsibility (OPR) announced today a settlement agreement with Michael C. Ormsby and David O. Thompson, in connection with a $31 million municipal bond issuance involving River Park Square in Spokane, Washington in 1998 handled by the former firm of Preston, Gates & Ellis LLP. |
| IR-2007-196 |
December 5, 2007 |
| IRS Issues List of Vehicles that Qualify for the Alternative Motor Vehicle Credit |
| Purchasers of certain large trucks, buses or other heavy vehicles running on alternative fuel can claim a credit of up $32,000, and purchasers of certain large hybrid trucks and other heavy hybrid vehicles can claim a credit of up to $12,000 if they qualify for the Alternative Motor Vehicle Credit. |
| FS-2007-26 |
November 2007 |
| Reporting Miscellaneous Income |
| While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as: cash earned from side jobs, barter exchanges of goods or services, awards, prizes, contest winnings and gambling proceeds. |
| FS-2007-25 |
November 2007 |
| Information on the Questionable Employment Tax Practices Memorandum of Understanding |
| Questionable employment tax practices (QETP) are employment tax schemes or practices that have no objective other than to avoid federal and/or state employment taxes. |
| IR-2007-195 |
November 30, 2007 |
| IRS Issues Fall 2007 Statistics of Income Bulletin |
| The Internal Revenue Service today released the fall 2007 issue of the Statistics of Income Bulletin, featuring data from 134.4 million individual income tax returns filed for tax year 2005. |
| IR-2007-194 |
November 28, 2007 |
| December’s Tax Talk Today Will Focus on Filing Season |
| The 2008 filing season is right around the corner. December’s Tax Talk Today program, “Getting Ready for the Filing Season 2008: Part 1 (Individuals)”, on Tuesday, Dec. 11, 2007 at 2 p.m. will give tax professionals a head start and get preparers off on the right foot. |
| IR-2007-193 |
November 28, 2007 |
| Interest Rates Drop for the First Quarter of 2008 |
| The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 2008, will drop by one percentage point. The new rates will be: seven (7) percent for overpayments [six (6) percent in the case of a corporation]; seven (7) percent for underpayments; nine (9) percent for large corporate underpayments; and four and one-half (4.5) percent for the portion of a corporate overpayment exceeding $10,000. |
| IR-2007-192 |
November 27, 2007 |
| IRS Announces 2008 Standard Mileage Rates; Rate for Business Miles Set at 50.5 Cents per Mile |
| The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: 50.5 cents per mile for business miles driven; 19 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service of charitable organizations. |
| IR-2007-191 |
November 19, 2007 |
| Honda Hybrid Begins Phase-Out on January 1 |
| The Internal Revenue Service announced today that American Honda Motor Company, Inc, has submitted quarterly reports indicating that its cumulative sales of qualified vehicles to retail dealers reached the 60,000-vehicle limit during the calendar quarter ending Sept. 30, 2007. |
| IR-2007-190 |
November 19, 2007 |
| IRS Reminds Charities and Churches of Political Activity Ban |
| The Internal Revenue Service today reminded section 501(c)(3) organizations, including charities and churches that federal law prohibits them from becoming directly or indirectly involved in campaigns of political candidates. |
| IR-2007-189 |
November 14, 2007 |
| IRS Has $110 Million in Refund Checks Looking for a Home |
| The Internal Revenue Service is looking for 115,478 taxpayers who are due refund checks worth about $110 million after the checks were returned as undeliverable. The refund checks, averaging about $953, can be claimed |
| IR-2007-188 |
November 13, 2007 |
| 2008 Nissan Altima Certified as Qualified Hybrid Vehicle |
| The Internal Revenue Service has acknowledged the certification by Nissan North America, Inc., that its 2008 Nissan Altima Hybrid vehicle meets the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle. |
| IR-2007-187 |
November 9, 2007 |
| Plan Now to Get Full Benefit of Saver’s Credit; Tax Break Helps Low- and Moderate-Income Workers Save for Retirement |
| Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the Internal Revenue Service. |
| IR-2007-186 |
November 8, 2007 |
| 2008 Hybrids Certified As Tax Credit For Toyota and Lexus Comes to an End |
| The Internal Revenue Service acknowledged the certification by Toyota Motor Sales U.S.A., Inc., that several of its Model Year 2008 vehicles qualify for the hybrid vehicle tax credit. Only vehicles purchased prior to Oct. 1, 2007, qualify for a credit. |
| IR-2007-185 |
November 7, 2007 |
| Another Record-Breaking Number of Taxpayers Choose to Electronically File in 2007 |
| The Internal Revenue Service this year received nearly 80 million tax returns through e-file, breaking the record set last year. |
| IR-2007-184 |
November 6, 2007 |
| IRS and States to Share Employment Tax Examination Results |
| Officials from the Internal Revenue Service and more than two dozen state workforce agencies today announced they have entered into agreements to share the results of employment tax examinations. |
| IR-2007-183 |
November 2, 2007 |
| IRS Warns of E-mail Scam Soliciting Donations to California Wildfire Victims |
| The Internal Revenue Service today warned taxpayers to be on the lookout for a new e-mail scam that appears to be a solicitation from the IRS and the U.S. government for charitable contributions to victims of the recent Southern California wildfires. |
| IR-2007-182 |
November 2, 2007 |
| IRS Announces New Chinese, Korean, Russian and Vietnamese Tax Glossaries to Assist Taxpayers |
| The Internal Revenue Service today announced the availability of five new publications to help foreign-language communities understand federal tax forms and publications that are written in English. These new glossaries of tax terminology will help meet increased demand for tax-related resources in languages other than English. |
| FS-2007-24 |
October 2007 |
| Tax Tips for Direct Sellers |
| Some people’s income is based on their sales and not on the number of hours they work. They are known as direct sellers. Sometimes there is confusion regarding the special set of tax rules that applies to direct sellers. |
| IR-2007-181 |
October 31, 2007 |
| Honda Compressed Natural Gas Vehicle is Certified for the Qualified Alternative Fuel Motor Vehicle Tax Credit |
| The Internal Revenue Service has acknowledged the certification by American Honda Motor Company, Inc., that its Honda Civic GX Model Year 2008 vehicle meets the requirements of the Qualified Alternative Fuel Motor Vehicle Credit. |
| IR-2007-180 |
October 31, 2007 |
| 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-2007-179 |
October 31, 2007 |
| IRS Tax Talk Today Focuses on Worker Classification |
| The IRS’s November 6, 2007 Tax Talk Today Webcast, “What’s Hot in Employment Taxes: Independent Contractor or Employee?”, will focus exclusively on worker classification issues. The program starts at 2 p.m. ET. |
| IR-2007-178 |
October 29, 2007 |
| IRS Grants Tax Relief for Southern California Wildfire Victims |
| The Internal Revenue Service is extending tax return filing and payment deadlines for victims of the severe Southern California wildfires. |
| IR-2007-177 |
October 26, 2007 |
| IRS and GWU Host 20th Annual International Tax Conference |
| Senior law professors from The George Washington University Law School will join with officials from the Treasury Department and IRS as well as officials from the tax authorities of Japan, Korea, Mexico and the United Kingdom to discuss significant tax compliance and treaty issues at the 20th Annual Institute on Current Issues in International Taxation. |
| IR-2007-176 |
October 26, 2007 |
| IRS to Hold Workshops for Small and Mid-Sized 501(c)(3) Exempt Organizations |
| The Internal Revenue Service today announced that it is offering one-day workshops for small and mid-sized section 501(c)(3) exempt organizations during fall and winter 2007 and spring 2008. |
| IR-2007-175 |
October 25, 2007 |
| Purchasers of GM Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified General Motors Corp. hybrid vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-174 |
October, 25, 2007 |
| Purchasers of Ford Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified Ford Motor Company vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-173 |
October 19, 2007 |
| Poker Tournament Winnings Must be Reported to the IRS |
| Starting next year, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service, according to the IRS. |
| IR-2007-172 |
October 18, 2007 |
| 2008 Inflation Adjustments Widen Tax Brackets |
| For 2008, personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement, thanks to inflation adjustments announced today by the Internal Revenue Service. |
| IR-2007-171 |
October 18, 2007 |
| IRS Announces Pension Plan Limitations for 2008 |
| For 2008, personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement, thanks to inflation adjustments announced today by the Internal Revenue Service. |
| IR-2007-170 |
October 17, 2007 |
| IRS Warns Taxpayers About Certain Trust Arrangements Sold As Welfare Benefit Funds |
| The Internal Revenue Service and the Treasury Department cautioned taxpayers about participating in certain trust arrangements being sold to professional corporations and other small businesses as welfare benefit funds and identified some of the arrangements as listed transactions. |
| IR-2007-169 |
October 12, 2007 |
| Tax Talk Today Features Office of Professional Responsibility |
| The Internal Revenue Service announced today that the October Tax Talk Today program will be “The ABCs of OPR.” The live hour-long Webcast will focus on the IRS’s Office of Professional Responsibility (OPR), which is responsible for setting, communicating and enforcing standards of competence, integrity and conduct among tax professionals who practice before the IRS. |
| IR-2007-168 |
October 12, 2007 |
| Honda Vehicle Certified As Qualified Hybrid Vehicle |
| The Internal Revenue Service has acknowledged the certification by American Honda Motor Company, Inc. that its Model Year 2008 Honda Civic Hybrid CVT meets the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle. |
| IR-2007-167 |
October 9, 2007 |
| Treasury, IRS Issue Pension Protection Act Guidance |
| The Treasury Department and the Internal Revenue Service (IRS) today issued a notice providing guidance on the methodology used to produce the corporate bond yield curve and segmented rates as part of enhanced pension funding rules for companies enacted by the Pension Protection Act of 2006 (PPA). |
| IR-2007-166 |
October 9, 2007 |
| IRS Offers Relief for Late S Corporation Elections |
| Businesses that are eligible to elect S corporation tax treatment now have a simpler process for requesting relief for late elections under a change announced by the Internal Revenue Service today. |
| IR-2007-165 |
October 5, 2007 |
| Tax-filing Extension Expires October 15; Don’t Overlook Tax Breaks, Choose e-file or Free File, IRS Urges |
| The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax breaks and then file their returns electronically using IRS e-file or the Free File system. |
| IR-2007-164 |
October 4, 2007 |
| Jump In E-filed Corporate Tax Returns Produces Record |
| The Internal Revenue Service announced today that more than 800,000 of the nation’s small businesses and large corporations have electronically filed their tax returns so far this year, a 60 percent increase from last year. |
| IR-2007-163 |
October 1, 2007 |
| IRS Issues Redesigned Allowable Living Expense Standards |
| The Internal Revenue Service today issued the 2007 allowable living expense standards. Allowable living expense standards, also known as collection financial standards, are used to determine the ability of a taxpayer to pay a delinquent tax liability. For purposes of federal tax administration the standards are effective Oct. 1, 2007.
|
| FS-2007-23 |
September 2007 |
| Reporting Auction Income and the Tax Gap |
| Many people don’t realize the income they earn from auctions and consignment sales may be taxable. This fact sheet, the 16th in the Tax Gap series, will help taxpayers better understand what income they are required to report and what deductions they may be entitled to take. |
| IR-2007-162 |
September 26, 2007 |
| Equal Employment Opportunity Commission Recognizes IRS Efforts to Employ Blind, Visually Impaired |
| The Equal Employment Opportunity Commission (EEOC) today recognized IRS Acting Commissioner Linda Stiff for the agency’s ongoing partnership with Lions World Services for the Blind and its efforts to employ persons with visual impairments. |
| IR-2007-161 |
September 25, 2007 |
| New Online Employer Identification Number Application Processes Requests in Minutes |
| Taxpayers can now request an Employer Identification Number (EIN) through a Web-based system that instantly processes requests and generates identification numbers in real time, the Internal Revenue Service announced today. |
| IR-2007-160 |
September 24, 2007 |
| Treasury Chooses AT&T for TNet under Networx Universal |
| The Internal Revenue Service, on behalf of the U.S. Department of the Treasury, today announced the selection of AT&T as the network services provider for the Treasury Network (TNet) acquisition. |
| IR-2007-159 |
September 17, 2007 |
| Special Web Section Unveiled for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many |
| The Internal Revenue Service unveiled a special new section today on IRS.gov for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes. |
| IR-2007-158 |
September 11, 2007 |
| Back-to-School Tax Breaks Help Teachers Pay Classroom Costs; Aid Parents, Students With College Tuition |
| With the new school year now under way, the Internal Revenue Service today reminded teachers, parents and students that saving receipts and keeping good records can help them take advantage of various education-related deductions and credits on their 2007 federal income tax return. |
| IR-2007-157 |
September 10, 2007 |
| Treasury, IRS Extend Documentation Deadline for 409A Compliance |
| The Treasury Department and the Internal Revenue Service (IRS) announced today that taxpayers will have until Dec. 31, 2008, to bring documents into compliance with the final nonqualified deferred compensation regulations under section 409A of the Internal Revenue Code. |
| IR-2007-156 |
September 6, 2007 |
| GM’s 2008 Chevrolet and Saturn Certified As Qualified Hybrid Vehicles |
| The Internal Revenue Service has acknowledged the certification by General Motors Corp. that two of its Model Year 2008 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles. |
| IR-2007-155 |
September 5, 2007 |
| Increase in Federal Minimum Wage Will Not Reduce 45B Credit |
| Employers should be aware of two changes to the credit for the portion of employer Social Security paid with respect to employee cash tips known as the 45B Credit. These changes are the result of recently enacted legislation. |
| IR-2007-154 |
September 4, 2007 |
| No Change in the Interest Rates for the Fourth Quarter, 2007 |
| The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning Oct. 1, 2007. The interest rates are as follows: 8 percent for overpayments (7 percent in the case of a corporation); 8 percent for underpayments; 10 percent for large corporate underpayments; and 5.5 percent for the portion of a corporate overpayment exceeding $10,000. |
| FS-2007-22 |
August 2007 |
| The Construction Industry and the Tax Gap |
| Not reporting or under-reporting business income, including income from construction activities, contributes to the tax gap. Contractors, subcontractors, as well as individual workers need to be aware of everything that counts as income and proper accounting methods so they pay their fair share of taxes. They also need to be aware of all deductible expenses so they don’t overpay their taxes. |
| IR-2007-153 |
August 31, 2007 |
| IRS Issues Summer 2007 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. |
| IR-2007-152 |
August 30, 2007 |
| IRS Announces Closing Agreement Program for Forward-Float Agreements Used with Municipal Bonds |
| The Internal Revenue Service today announced a new Voluntary Closing Agreement Program (VCAP) to address violations of federal tax law on arbitrage investment restrictions. The violations are related to non-fair market value purchases of forward-float investment agreements used in advance refundings of tax-exempt municipal bonds. |
| IR-2007-151 |
August 28, 2007 |
| Honda Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-150 |
August 28, 2007 |
| GM Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified General Motors Corp. hybrid vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-149 |
August 28, 2007 |
| IRS Picks New Members of Leadership Team; Byrd, Gonzalez, Ng, Watson Take New Roles |
| The Internal Revenue Service announced today the selection of four people to key leadership posts across the tax agency. |
| IR-2007-148 |
August 28, 2007 |
| IRS Warns of New E-mail Scam Offering Cash for Participation in “Member Satisfaction Survey” |
| The Internal Revenue Service today issued a consumer alert regarding a new, two-step e-mail scam that falsely promises recipients they will receive $80 for participating in an online customer satisfaction survey. |
| IR-2007-147 |
August 23, 2007 |
| Nissan Hybrid Still Qualifies for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified Nissan North America Inc. vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-146 |
August 23, 2007 |
| Corporate Use of e-File Up as Deadline Approaches |
| As the Sept. 17 deadline approaches for calendar year filers of corporate returns who filed for extensions, the IRS urges certain corporate filers to be aware of their obligation to file electronically. |
| IR-2007-145 |
August 22, 2007 |
| Stephen Larson Named Acting Associate Chief Counsel, Financial Institutions and Products |
| The Office of Chief Counsel for the Internal Revenue Service announced the assignment of Stephen Larson, former Acting General Counsel of the Treasury Department, to the position of Acting Associate Chief Counsel, Financial Institutions and Products. |
| IR-2007-144 |
August 21, 2007 |
| Phone Customers Can Still Request Excise Tax Refund, IRS Says |
| Telephone customers can still request this year’s one-time excise tax refund, according to the Internal Revenue Service. |
| IR-2007-143 |
August 14, 2007 |
| Treasury, IRS Issue Guidance on Transactions of Interest |
| The Treasury Department and the Internal Revenue Service today issued two notices that identify as transactions of interest certain transactions involving “toggling” grantor trusts and certain transactions involving contributions of a successor member interest in a limited liability company. |
| IR-2007-142 |
August 7, 2007 |
| New Rule Will Not Affect Teacher Salaries in Upcoming School Year |
| Moving to clear up confusion about a recent tax law change, the Internal Revenue Service today reassured teachers and other school employees that new deferred-compensation rules will not affect the way their pay is taxed during the upcoming school year. |
| IR-2007-141 |
August 6, 2007 |
| IRS Seeks New Issues for Industry Issue Resolution Program |
| The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit controversial or frequently disputed tax issues to the Industry Issue Resolution (IIR) Program. |
| IR-2007-140 |
August 6 , 2007 |
| Purchasers of Ford Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified Ford Motor Company vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-139 |
August 6, 2007 |
| Phase-Out Credit for Toyota and Lexus Hybrids Continues With Reporting of Second Quarter Sales |
| After reviewing the second quarter 2007 sales of Toyota Motor Sales USA Inc., the Internal Revenue Service announced that purchasers of qualifying Toyota and Lexus vehicles may continue to claim the Alternative Motor Vehicle Credit. Given the number of vehicles sold, the phase out period for Toyota vehicles began on Oct. 1, 2006. |
| IR-2007-138 |
August 2, 2007 |
| IRS Seeks Comments on Updates to Corporate and Partnership Tax Forms |
| The Internal Revenue Service has released for comment and discussion draft revisions to Form 1065, U.S. Return of Partnership Income, and Form 1120, U.S. Corporation Income Tax Return. The IRS plans to have the forms and related schedules ready for use for taxable years ending on or after Dec. 31, 2008. Comments are due from the public by Sept. 14, 2007. |
| IR-2007-137 |
August 2, 2007 |
| Treasury, IRS Release Report on Improving Voluntary Compliance |
| The Treasury Department and the Internal Revenue Service (IRS) released today an IRS report addressing the agency’s implementation of the 2006 strategy to improve voluntary compliance with federal tax laws. A copy of the report is attached. |
| IR-2007-136 |
August 1, 2007 |
| George Blaine Named Associate Chief Counsel, Income Tax & Accounting |
| The Internal Revenue Service announced today the appointment of George Blaine to the position of Associate Chief Counsel, Income Tax and Accounting, (ITA) effective August. 3, 2007. He will replace Lewis Fernandez who will retire on that date. |
| IR-2007-135 |
August 1, 2007 |
| Summertime Tax Tips Available on IRS.gov and via E-Mail |
| To help people with tax planning, the Internal Revenue Service is publishing Summertime Tax Tips to provide useful and concise advice on topics that affect millions of taxpayers. |
| FS-2007-21 |
July 2007 |
| Rental Property and the Tax Gap |
| Not reporting or under-reporting rental income contributes to the tax gap. Landlords need to be aware of everything that counts as income so they pay their fair share of taxes. They also need to be aware of all deductible expenses so they don’t overpay their taxes. |
| IR-2007-134 |
July 31, 2007 |
| Victims of 2005 Hurricanes Get Additional Year to Sell Vacant Land |
| The Internal Revenue Service is extending for an additional year the time limit within which victims of Hurricanes Katrina, Rita and Wilma have to sell vacant land that they had owned and used as part of their principal residence that was destroyed as a result of the hurricanes. |
| IR-2007-133 |
July 25, 2007 |
| Hydrogen-Powered Honda Vehicle Qualifies for Tax Credit |
| The Internal Revenue Service acknowledged the certification by American Honda Motor Company, Inc, that one of its vehicles meets the requirements of the Alternative Motor Vehicle Credit as a qualified fuel cell vehicle. |
| IR-2007-132 |
July 19, 2007 |
| IRS Releases Interim Report on Tax-Exempt Hospitals and Community Benefit Project |
| The Internal Revenue Service released an interim report summarizing responses from almost 500 tax-exempt hospitals to a May 2006 questionnaire about how they provide and report benefits to the community. Providing community benefit is required for hospitals seeking and retaining tax-exempt status as charities. |
| IR-2007-131 |
July 19, 2007 |
| National Taxpayer Advocate Releases Report to Congress; Identifies Priority Challenges and Issues for Upcoming Year |
| National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be improving taxpayer services, ensuring that taxpayer rights are protected in the IRS’s private debt collection initiative, and making the IRS’s offer-in-compromise program more accessible for taxpayers who are unable to pay their tax debts in full. |
| IR-2007-130 |
July 16, 2007 |
| New Electronic PIN Signature Requirement Begins in 2008 |
| The Internal Revenue Service will simplify the signature process for electronically filed individual income tax returns submitted by tax practitioners. The simplification eliminates the need for a paper signature document to be sent to the IRS in support of electronically filed tax returns. |
| IR-2007-129 |
July 12, 2007 |
| IRS to Notify Small Tax-Exempt Organizations of New Information Reporting Requirement |
| The Internal Revenue Service today announced that it began mailing educational letters this month to more than 650,000 small tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, “Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ.” |
| IR-2007-128 |
July 12, 2007 |
| Electronic Excise Tax Filing Is Coming; IRS Will Accept Paper Forms 2290 in Interim |
| The Internal Revenue Service will add three excise tax forms this year to the ever-expanding list of federal tax returns and schedules that can be filed electronically. |
| IR-2007-127 |
July 9, 2007 |
| Chief Counsel Seeking Comment on Gift Tax Consequences of Trusts Employing Distribution Committee |
| The Internal Revenue Service announced today that it is reconsidering a series of private letter rulings (PLRs) issued by the Office of the Associate Chief Counsel, Passthroughs & Special Industries. |
| IR-2007-126 |
July 6, 2007 |
| Mazda Vehicles Certified As Qualified Hybrid Vehicles |
| The Internal Revenue Service has acknowledged the certification by Mazda Motor of America, Inc., that several of its Model Year 2008 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles. |
| IR-2007-125 |
July 5, 2007 |
| Revised Innocent Spouse Form Now Available |
| The Internal Revenue Service today announced a redesigned Form 8857, Request for Innocent Spouse Relief, that will help reduce follow-up questions and reduce the burden on taxpayers. |
| FS-2007-20 |
June 2007/td>
|
| Reporting Farm Income and Expenses |
| To educate taxpayers about their filing obligations, this fact sheet, the thirteenth in a series, highlights some income sources and deductible business expenses of farmers. Incorrect reporting of farm income and expenses accounts for part of the estimated $345 billion per year in unpaid taxes, according to IRS estimates. |
| IR-2007-124 |
June 28, 2007 |
| IRS Launches Four New “Life Cycles” on IRS.gov to Help Tax-Exempt Organizations Comply with the Law |
| The Internal Revenue Service today launched four new "Life Cycles" — Web-based information tools — to help guide tax-exempt organizations through the federal tax rules and requirements that pertain to them. |
| IR-2007-123 |
June 21, 2007 |
| IRS Expands Project to Ensure Eligible Public School Employees Are Allowed to Participate in Retirement Annuities |
| The Internal Revenue Service is expanding an outreach effort to ensure that public schools throughout the United States are complying with the universal availability requirement for retirement annuities they may offer. Some schools and school districts may be overlooking offering employees the opportunity to participate in these retirement plans. |
| IR-2007-122 |
June 20, 2007 |
| No Change in the Interest Rates for the Third Quarter of 2007 |
| The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning July 1, 2007. The interest rates are as follows: eight (8) percent for overpayments [seven (7) percent in the case of a corporation]; eight (8) percent for underpayments; ten (10) percent for large corporate underpayments; and five and one-half (5.5) percent for the portion of a corporate overpayment exceeding $10,000. |
| IR-2007-121 |
June 20, 2007 |
| IRS Advises Employers, Payers, Agents to Use New Appointment Form 2678 |
| The Internal Revenue Service recommends that employers, payers and their agents begin using a new, improved version of the agent appointment form immediately, to avoid delays in having the IRS approve the agent appointments. |
| IR-2007-120 |
June 19, 2007 |
| IRS Chief Counsel Announces New Executive Appointments |
| Internal Revenue Service Chief Counsel Donald L. Korb has announced several Senior Executive Service moves. |
| IR-2007-119 |
June 18, 2007 |
| IRS Issues Spring 2007 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the spring 2007 issue of the Statistics of Income Bulletin. Highlights include articles on high-income individual income tax returns, taxpayers reporting noncash contributions, farm proprietorship returns, qualified zone academy bonds, international boycott reports and S corporations. |
| IR-2007-118 |
June 15, 2007 |
| IRS Reminds Tax Professionals to Register Early for Tax Forum |
| As the Nationwide tax Forums begin, tax professionals are being reminded to make reservations now for one of six forums being held throughout the country. |
| IR-2007-117 |
June 14, 2007 |
| IRS Releases Discussion Draft of Redesigned Form 990 for Tax-Exempt Organizations |
| The Internal Revenue Service today released for comment and discussion a draft Form 990, the annual return required to be filed by tax-exempt organizations to report information about their operations. The IRS hopes to have the form ready for use for the 2008 filing year (returns filed in 2009). |
| IR-2007-116 |
June 13, 2007 |
| Deadline Extended until July 2 for Reporting on Foreign Bank and Financial Accounts |
| Taxpayers have an additional two days this year, until July 2, 2007, to file the Report of Foreign Bank and Financial Accounts (FBAR), Form TD F 90-22.1, the Internal Revenue Service announced today. |
| IR-2007-115 |
June 11, 2006 |
| Transitional Penalty Relief Provided to Tax Return Preparers |
| The Internal Revenue Service and Treasury Department today released Notice 2007-54, providing guidance and transitional relief for the return preparer penalty provisions amended by the Small Business and Work Opportunity Act of 2007. The new amendments are effective for returns prepared after May 25, 2007. |
| IR-2007-114 |
June 8, 2007 |
| Government Moves to Curb Telephone Tax Refund Fraud; Tax Preparers Indicted in Four States, One Enters Guilty Plea |
| Moving to curb abuse of this year’s one-time telephone excise tax refund program, the Justice Department and the Internal Revenue Service obtained federal indictments this spring against tax preparers who allegedly filed thousands of dollars in fraudulent refund claims. |
| IR-2007-113 |
June. 6, 2007 |
| IRS Updates National Research Program for Individuals |
| Internal Revenue Service officials today announced plans to launch a new National Research Program (NRP) reporting compliance study for individual taxpayers that will provide updated and more accurate audit selection tools and support efforts to reduce the nation’s tax gap. |
| IR-2007-112 |
June 5, 2007 |
| Application Available for Reduced Installment Agreement User Fee |
| The application for requesting a reduced fee for entering into an installment agreement for the payment of federal taxes owed is available, the Internal Revenue Service announced today. Form 13844, Application for Reduced User Fee for Installment Agreements, is used to request the reduction. The IRS is working to automate the application process to calculate the appropriate user fees up front, eventually phasing out Form 13844. |
| IR-2007-111 |
June 5, 2007 |
| IRS Chief Counsel Selects Gregg D. Polsky as 2007-2008 Professor in Residence |
| Internal Revenue Service Chief Counsel Donald L. Korb has selected Gregg D. Polsky as the 2007-2008 Professor in Residence. He succeeds Calvin Johnson, whose term as Professor in Residence concluded on May 31, 2007. |
| IR-2007-110 |
June 1, 2007 |
| IRS Encourages Taxpayers to Safeguard Tax, Financial Records In Preparation for Hurricane Season |
| As the hurricane season begins today, the Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of hurricanes and other disasters. |
| FS-2007-19 |
May 2007 |
| Reporting Capital Gains |
| In order to educate taxpayers about their filing obligations, this fact sheet, the twelfth in a series, provides information with regard to capital gains reporting. Incorrect reporting of capital gains accounts for part of an estimated $345 billion per year in unpaid taxes, according to Internal Revenue Service estimates. |
| IR-2007-109 |
May 31, 2007 |
| IRS Warns Taxpayers of New E-mail Scams |
| A new variation of the refund scheme may be directed toward organizations that distribute funds to other organizations or individuals. In an attempt to seem legitimate, the scam e-mail claims to be sent by, and contains the name and supposed signature of, the Director of the IRS Exempt Organizations area of the IRS. The e-mail asks recipients to click on a link to access a form for a tax refund. In reality, taxpayers claim their tax refunds through the filing of an annual tax return, not a separate application form. |
| IR-2007-108 |
May 25, 2007 |
| Ford Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified Ford Motor Company vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-107 |
May 25, 2007 |
| Terri McField Named Special Counsel to the Chief Counsel (Legislation) |
| The Internal Revenue Service announced the appointment of Terri McField to the position of Special Counsel to the Chief Counsel (Legislation) effective May, 29. She will be replacing Clarissa Potter who became the Deputy Chief Counsel in September 2006. |
| IR-2007-106 |
May 24, 2007 |
| IRS Seeking ETAAC Applicants from Large Businesses |
| The Internal Revenue Service is seeking applicants from large businesses who file annual corporation or partnership returns for membership on the Electronic Tax Administration Advisory Committee (ETAAC). The IRS defines large businesses as enterprises with assets greater than $10 million. |
| IR-2007-105 |
May 23, 2007 |
| IRS Announces Public Meeting of ACT, Names New Members |
| The Internal Revenue Service’s Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting June 13, 2007, at 9 a.m. at 1111 Constitution Ave., N.W., Washington, D.C. At the public meeting, six ACT project teams will present recommendations to the IRS Commissioner and senior leadership of the IRS’s Tax Exempt and Government Entities Division (TE/GE). |
| IR-2007-104 |
May 23, 2007 |
| Joint International Tax Shelter Information Centre Expands and Opens a Second Office in the United Kingdom |
| The Commissioners of the Australian, Canadian, United Kingdom and United States tax administrations have decided to open a second office of the Joint International Tax Shelter Information Centre (JITSIC) in London in fall 2007. Additionally, Japan has accepted an invitation to join JITSIC, and a representative of the National Tax Agency will be present at the London centre. |
| IR-2007-103 |
May 23, 2007 |
| Sidley Austin LLP Pays IRS $39.4 Million Penalty |
| The Internal Revenue Service today announced that it has reached a settlement with the law firm of Sidley AustinLLP,the successor firm of the merger in 2001 between Sidley & Austin and Brown & WoodLLP, which has paid a civil tax shelter promoter penalty of $39.4 million. The penalty stems from the firm’s promotion of abusive tax shelters and a failure to comply with tax shelter registration requirements. |
| IR-2007-102 |
May 21, 2007 |
| IRS Announces 2007 Low Income Taxpayer Clinics Grant Recipients |
| National Taxpayer Advocate Nina E. Olson announced today that the Internal Revenue Service has awarded almost $8 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2007 grant cycle (Jan. 1, 2007, through Dec. 31, 2007). |
| IR-2007-101 |
May 17, 2007 |
| IRS Accepting Applications for Low Income Taxpayer Clinic Matching Grants |
| National Taxpayer Advocate Nina E. Olson announced today that the 2008 Low Income Taxpayer Clinic (LITC) grant application process is now open. The LITC grant program is a federal program administered by the Taxpayer Advocate Service, an independent organization within the IRS that helps taxpayers resolve problems with the IRS and recommends changes to prevent taxpayer problems. |
| IR-2007-100 |
May 15, 2007 |
| 2007 Tax Season Sets Records for E-file, Direct Deposit, IRS.gov |
| National Taxpayer Advocate Nina E. Olson announced today that the 2008 Low Income Taxpayer Clinic (LITC) grant application process is now open. The LITC grant program is a federal program administered by the Taxpayer Advocate Service, an independent organization within the IRS that helps taxpayers resolve problems with the IRS and recommends changes to prevent taxpayer problems. |
| IR-2007-99 |
May 11, 2007 |
| Many Churches, Nonprofits Qualify for Telephone Tax Refund |
| Churches, charities and other tax-exempt organizations that paid the federal excise tax on long-distance or bundled telephone service qualify for this year’s one-time telephone excise tax refund, according to the Internal Revenue Service. |
| IR-2007-98 |
May 9, 2007 |
| Deadline for Submitting Clean Coal Allocation Requests Remains June 30 |
| Applications for the 2007 allocation for clean coal projects are due to the Department of Energy (DOE) on or before June 30, 2007. Contrary to the expectation in an earlier information release (IR-2006-184), the Internal Revenue Service no longer expects to change the deadline to June 1. |
| IR-2007-97 |
May 7, 2007 |
| Nissan Hybrid Still Qualifies for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified Nissan North America Inc. vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. |
| IR-2007-96 |
May 2, 2007 |
| Phase-Out of Credit for Toyota and Lexus Hybrids Continues With Reporting of First Quarter Sales |
| After reviewing Toyota Motor Sales USA, Inc.’s, 2007 first quarter sales, the Internal Revenue Service announced that purchasers of Toyota and Lexus vehicles may continue to claim the Alternative Motor Vehicle Credit. Based on the number of vehicles sold, the phase-out period for Toyota vehicles began on Oct. 1, 2006. |
| IR-2007-95 |
May 2, 2007 |
| GM Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified General Motors Corp. hybrid vehicles may continue to claim the Alternative Motor Vehicle Credit. |
| IR-2007-94 |
May 1, 2007 |
| IRS Draft Form 1120-F and New Schedule M-3 (1120-F) Now Available for Public Comment |
| The Internal Revenue Service has issued for public comment draft versions of the revised Form 1120-F, U.S. Income Tax Return of a Foreign Corporation, for tax year 2007 and related schedules, including Schedule M-3, new for 2007. Taxpayers with $10 million or more in total reportable assets filing Form 1120-F for tax years ending on or after Dec. 31, 2007 will be required to file Schedule M-3. |
| IR-2007-93 |
April 27, 2007 |
| IRS Seeks Nominations for Internal Revenue Service Advisory Council |
| The Internal Revenue Service is requesting membership nominations for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted from May 1, 2007, through June 15, 2007. |
| IR-2007-92 |
April 18, 2007 |
| IRS Gives Northeast Storms Victims Until April 26 to File Tax Returns |
| Taxpayers affected by the major storm that hit the Northeastern United States April 16 now have until Thursday, April 26 to file their tax returns, the Internal Revenue Service said today. |
| IR-2007-91 |
April 18, 2007 |
| Taxpayers, Tax Professionals with TurboTax Problems Have Until Midnight April 19 to e-file |
| Taxpayers who were unable to e-file their tax returns Tuesday using Intuit Inc. software products have until midnight on Thursday, April 19, to file their returns, the Internal Revenue Service announced Wednesday. |
| FAQ Storm 04/16/07 |
April 16, 2007 |
| Frequently Asked Questions about the April 16, 2007, Storm Relief |
| Q: What are the actions that are covered by the additional 48-hour filing and payment relief? |
| IR-2007-90 |
April 17, 2007 |
| IRS Grants Six-Month Filing, Payment Extension Following Virginia Tech Shooting |
| The Internal Revenue Service today granted a six-month tax filing and payment extension to those affected by the shootings Monday at Virginia Tech, in Blacksburg, Va. This relief applies to the victims, their families, emergency responders and university students and employees. |
| IR-2007-89 |
April 16, 2007 |
| IRS Gives April 16 Storm Victims Additional 48 Hours to File Income Tax Returns |
| Victims of the major storm affecting several Northeastern states on Monday, April 16 will have two additional days to file their tax returns beyond the April 17 tax deadline, the Internal Revenue Service announced today. (Notice: This News Release has been Superceded by News Release 2007-92) |
| IR-2007-88 |
April 16, 2007 |
| IRS Offers Last-Minute Reminders |
| With the April 17 tax return filing and tax payment deadline imminent, the Internal Revenue Service offers last-minute tips for those who haven’t yet filed or paid. |
| FS-2007-18 |
April 2007 |
| Business or Hobby? Answer Has Implications for Deductions |
| The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is a business or a hobby, an activity not engaged in for profit. |
| IR-2007-87 |
April 13, 2007 |
| Late Tax Scam Discovered; Free File Users Reminded to Use IRS.gov |
| The Internal Revenue Service learned late Friday of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masquerading as a member of the Free File Alliance. The IRS reminded taxpayers the only place to access the Free File program is through the official IRS.gov Web site. |
| IR-2007-86 |
April 13, 2007 |
| Modernized e-File Allows Electronic Filing of Partnership Returns |
| The Internal Revenue Service today reminded taxpayers that the new electronic platform, Modernized e-File, allows partnerships to electronically file Form 1065, U.S. Return of Partnership Income, and Form 1065-B, U.S. Return of Income of Electing Large Partnerships. Partnerships can also submit their request for extensions through Modernized e-File. |
| IR-2007-85 |
April 12, 2007 |
| IRS Offers Several Tax Payment Options |
| The Internal Revenue Service today reminded taxpayers to file their tax returns by the April 17 deadline and to pay as much as they can of any taxes they owe to minimize any accrued penalties and interest. |
| IR-2007-84 |
April 11, 2007 |
| IRS Completes Taxpayer Assistance Blueprint |
| The Internal Revenue Service today announced it has submitted to Congress the completed Taxpayer Assistance Blueprint. The Blueprint is the joint response of the IRS, the IRS Oversight Board and the National Taxpayer Advocate to a congressional mandate for the development of a five-year plan for the delivery of taxpayer service. |
| IR-2007-83 |
April 11, 2007 |
| IRS E-File for Business Tops One Million Returns |
| The Internal Revenue Service announced today that more than one million business taxpayers have electronically filed tax returns so far this year. Corporate e-filed returns have increased by nearly 50 percent over this period last year. |
| IR-2007-82 |
April 10, 2007 |
| IRS Urges Taxpayers to e-file Extension Requests By April 17 Filing Deadline |
| The Internal Revenue Service urges taxpayers who need additional time to complete their tax return to submit their request for an automatic extension electronically by April 17. E-filing an extension is convenient, safe and secure, and taxpayers receive confirmation to keep with their records. |
| IR-2007-81 |
April 9, 2007 |
| IRS Offers Last-Minute Tips for Taxpayers |
| With the April 17 tax filing deadline close at hand, the IRS offers some tips for those still working on their paper tax forms. |
| IR-2007-80 |
April 6, 2007 |
| Trends Show Last-minute Tax Filers Using E-file More |
| With electronic filing running at a record pace, new Internal Revenue Service data released today shows more and more taxpayers are using e-file in advance of the April 17 tax deadline than in years past. |
| IR-2007-79 |
April 4, 2007 |
| April 17 Tax Deadline Rapidly Approaching |
| The Internal Revenue Service today issued a reminder that 2006 federal tax returns must be filed, and any taxes owed must be paid, by no later than April 17, 2007. |
| IR-2007-78 |
April 3, 2007 |
| IRS Seeks Applicants for the Electronic Tax Administration Advisory Committee |
| The Internal Revenue Service is seeking applicants for vacancies on the Electronic Tax Administration Advisory Committee (ETAAC) during the fall of 2007. ETAAC members are appointed by the Secretary of the Treasury and serve a three-year term. |
| IR-2007-77 |
April 3, 2007 |
| IRS Urges Taxpayers to Avoid Common Mistakes |
| The Internal Revenue Service today urged taxpayers to review their tax returns for common errors that could delay the processing of their return and refund. |
| IR-2007-76 |
April 3, 2007 |
| IRS Seeks Nominations for Information Reporting Program Advisory Committee |
| The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee. The deadline for submitting applications is May 31, 2007. |
| IR-2007-75 |
April 2, 2007 |
| IRS Warns of Phony e-Mails Claiming to Come from the IRS |
| The Internal Revenue Service today alerted taxpayers about Internet scams in which fraudulent e-mails are sent that appear to be from the IRS. |
| FS-2007-17 |
March 2007 |
| Deducting “Other” Business Expenses |
| The Internal Revenue Service has issued a number of educational fact sheets reminding taxpayers to know the rules for deducting several specific business expenses. This fact sheet, the tenth in the series, reminds taxpayers to follow appropriate guidelines when deducting expenses that fall under the category of “Other” on the Schedule C, Profit or Loss from Business. |
| IR-2007-74 |
March 30, 2007 |
| E-File Returns Running at Record Pace |
| The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up almost 6 percent from the same period last year. |
| IR-2007-73 |
March 29, 2007 |
| IRS Issues Regulations on Transactions Designed to Artificially Generate Foreign Tax Credits |
| The Internal Revenue Service and Treasury Department today announced the release of proposed regulations that would disallow foreign tax credits for foreign taxes purportedly paid in connection with certain artificially engineered, highly structured transactions. |
| IR-2007-72 |
March 29, 2007 |
| IRS Encourages Taxpayers to Take Advantage of Overlooked Tax Benefits |
| The Internal Revenue Service today urged taxpayers to take a moment before they file their income tax returns to be sure they do not overlook several important benefits to which they may be entitled. |
| IR-2007-71 |
March 29, 2007 |
| Jenkens & Gilchrist Admits It Is Subject to $76 Million IRS Penalty |
| The Internal Revenue Service today announced that it has reached a settlement with the law firm of Jenkens & Gilchrist, which agreed that they are subject to a penalty of $76 million. The penalty stems from the firm’s promotion of abusive and fraudulent tax shelters and violation of the tax law concerning tax shelter registration and maintenance and turnover to the IRS of tax shelter investor lists. |
| IR-2007-70 |
March 27, 2007 |
| Many Cell Phone Customers May Be Overlooking Telephone Tax Refund; Before You File, See if You Qualify, IRS Advises |
| Many cell-phone users appear to be overlooking the telephone tax refund in the mistaken belief that this one-time refund only applies to land-line customers. |
| IR-2007-69 |
March 26, 2007 |
| Williams Will Head IRS’ ETA Office; Holland to Direct EITC Program |
| The Internal Revenue Service today announced the appointment of David R. Williams as Director, Electronic Tax Administration and Refundable Credits. Reporting to Williams and focusing entirely on administration of the Earned Income Tax Credit program will be Debra Holland, Director, EITC. |
| IR-2007-68 |
March 23, 2007 |
| IRS Announces Enhancements to Online Payment Agreement Application |
| With the filing deadline approaching, the Internal Revenue Service today announced enhancements to the interactive Online Payment Agreement application on IRS.gov. |
| IR-2007-67 |
March 22, 2007 |
| IRS Further Extends Deadline for Settlement Offered To Certain Foreign Embassy Staff |
| The Internal Revenue Service is providing a further extension, until June 30, 2007, of the deadline for current and former U.S.-based employees of foreign embassies, consular offices and missions and international organizations to participate in a one-time settlement initiative to resolve outstanding tax matters related to their employment. |
| IR-2007-66 |
March 22, 2007 |
| IRS Invites Taxpayers to Apply for Taxpayer Advocacy 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-2007-65 |
March 22, 2007 |
| Electronically Filed Returns Up More Than 5 Percent |
| The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up more than 5 percent from the same period last year. |
| IR-2007-64 |
March 19, 2007 |
| 2007 Saturn Aura Certified As Qualified Hybrid Vehicle |
| The Internal Revenue Service has acknowledged the certification by General Motors Corp. that its 2007 Saturn Aura Hybrid vehicle meets the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle. |
| IR-2007-63 |
March 16, 2007 |
| IRS Releases 2006 Data Book |
| The Internal Revenue Service announced today that its 2006 Data Book is available on the IRS Web site. The report describes activities conducted by the IRS from October 1, 2005, through September 30, 2006, and includes information about returns filed and taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce. |
| IR-2007-62 |
March 16, 2007 |
| IRS Web Site, Where’s My Refund? See Increased Use |
| The Internal Revenue Service released statistics today showing that taxpayers’ use of IRS.gov, which includes features such as Where’s My Refund? is increasing. Use of the IRS Web site has increased 9 percent over this time last year to 83.3 million visits. |
| IR-2007-61 |
March 15, 2007 |
| IRS Identifies 40 Frivolous Positions for Taxpayers to Avoid |
| The Internal Revenue Service today issued guidance identifying dozens of frivolous positions that taxpayers should avoid when filing their tax returns. The guidance lists 40 positions which have no basis for validity in existing law or which have been deemed frivolous by the United States Tax Court or other federal court. |
| IR-2007-60 |
March 15, 2007 |
| Phone Card Retailers Usually Qualify for Telephone Tax Refund |
| Under the law, retailers and other businesses that sell prepaid phone cards for long-distance service usually qualify for the telephone tax refund. |
| IR-2007-59 |
March 14, 2007 |
| Free File Usage Tops 2 Million |
| The Internal Revenue Service reminds taxpayers to take advantage of Free File, which allows most taxpayers to electronically file their tax returns at no cost through this Web site. Through March 13, almost 2.6 million taxpayers have electronically filed their returns using Free File. |
| IR-2007-58 |
March 13, 2007 |
| IRS Urges Caution about Internet Sites that Resemble the Official IRS Site |
| The Internal Revenue Service today reminded taxpayers that the address of the official IRS government Web site is www.irs.gov. |
| IR-2007-57 |
March 12, 2007 |
| IRS Reminds Corporations to E-File or File for an Extension by March 15 |
| Today the Internal Revenue Service reminds certain corporations with assets of $10 million or more and whose tax year is the calendar year to e-file their returns or file for an extension by the March 15 filing deadline. Corporate taxpayers who chose to request extensions are encouraged to submit their requests through e-file. |
| IR-2007-56 |
March 12, 2007 |
| Interest Factors for Corporations Requesting Telephone Tax Refund Posted On IRS.gov |
| The Internal Revenue Service today reminded corporations, facing a March 15 tax-filing deadline, that they can use interest factors posted on IRS.gov to help them figure the one-time telephone excise tax refund. |
| IR-2007-55 |
March 12, 2007 |
| IRS Issues Winter 2006-2007 Statistics of Income Bulletin |
| The Internal Revenue Service today announced the release of the Winter 2006-2007 issue of the Statistics of Income Bulletin. Highlights include articles on individual income taxes, split-interest trusts and tax-exempt organizations. |
| IR-2007-54 |
March 12, 2007 |
| No Change In Interest Rates For The Second Quarter Of 2007 |
| The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning April 1, 2007. The interest rates are as follows: eight (8) percent for overpayments [seven (7) percent in the case of a corporation]; eight (8) percent for underpayments; ten (10) percent for large corporate underpayments; and five and one-half (5.5) percent for the portion of a corporate overpayment exceeding $10,000. |
| FS-2007-16 |
March 2007 |
| Revisions to Form 656, Offer in Compromise |
| The Internal Revenue Service (IRS) has announced the release of Form 656, Offer in Compromise, revision February 2007. The Form 656 package was last revised in 2004 to help taxpayers correctly and completely prepare an offer and reduce the chances of an offer being returned for omissions. The new form retains the taxpayer burden reduction features while adding significant changes as a result of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA). |
| FS-2007-15 |
February 2007 |
| Foreign Financial Accounts Reporting Requirements |
| With the globalization of the economy, more and more people in the U.S. have foreign financial accounts. While there are many legitimate reasons to own foreign financial accounts, there are also responsibilities that go along with owning such accounts. Foreign account owners must remember that they may have to report their accounts to the government, even if the accounts do not generate any taxable income. |
| IR-2007-53 |
March 8, 2007 |
| Direct Deposit Refunds Top $100 Billion; Now They Can Be Deposited In Up To Three Accounts |
| For millions of Americans, the refund check is no longer in the mail; it’s in the bank. According to the Internal Revenue Service, direct-deposit refunds soared over the $100 billion mark last week as a growing number of taxpayers are choosing the speed and convenience of direct deposit, rather than receiving a paper check. |
| IR-2007-52 |
March 8, 2007 |
| Free File Available for Requesting Telephone Tax Refund |
| The Internal Revenue Service reminds telephone customers who do not normally file tax returns that they can use Free File to request the telephone excise tax refund. This group includes low-income people, many of them senior citizens. IRS's Free File is the easiest and quickest way to request the refund, which, if directly deposited, could arrive in the taxpayer's bank account in two weeks or less. |
| IR-2007-51 |
March 6, 2007 |
| IRS Has $2.2 Billion for People Who Have Not Filed a 2003 Tax Return |
| Unclaimed refunds totaling approximately $2.2 billion are awaiting about 1.8 million people who failed to file a federal income tax return for 2003, the Internal Revenue Service announced today. However, in order to collect the money, a return for 2003 must be filed with an IRS office no later than Tuesday, April 17, 2007. |
| IR-2007-50 |
March 5, 2007 |
| IRS Revises Offer in Compromise Application Form |
| 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-2007-49 |
March 2, 2007 |
| Home Computer E-File Usage Grows in 2007 |
| The Internal Revenue Service announced today that taxpayers are continuing to file their tax returns electronically from home computers at a record pace, up almost 7 percent from the same period last year. |
| IR-2007-48 |
March 1, 2007 |
| New Online Option Coming for Payment of U.S. Residency Certification Fee |
| Persons who pay user fees associated with Form 8802, Application for United States Residency Certification, will be able to pay them electronically through the IRS Web site beginning April 2, 2007. |
| IR-2007-47 |
March 1, 2007 |
| 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 to the Industry Issue Resolution (IIR) Program topics for resolution involving a controversy, a dispute or an unnecessary burden on taxpayers. |
| IR-2007-46 |
February 28, 2007 |
| Free Online Tax Filing Available to Many Military Members |
| The Internal Revenue Service reminds members of the military to take advantage of Free File, which allows taxpayers to prepare and e-file their federal income tax return online for free. Taxpayers who have an adjusted gross income of $52,000 or less in 2006 are eligible. |
| IR-2007-45 |
February 28, 2007 |
| Farmers, Fishermen Affected by Storms Can Seek Penalty Relief |
| The Internal Revenue Service announced today that farmers and fishermen may ask the IRS to waive any estimated tax penalties if they were affected by the snowstorms that began on February 19, 2007. |
| IR-2007-44 |
February 28, 2007 |
| IRS Extends Attributed Tip Income Program Deadline to June 30 |
| The IRS has extended the 2007 deadline until June 30 for restaurant or beverage businesses to elect to participate in the Attributed Tip Income Program. |
| IR-2007-43 |
February 28, 2007 |
| Michael R. Chesman to Head IRS Office of Professional Responsibility |
| Internal Revenue Service Commissioner Mark W. Everson today announced the appointment of Michael R. Chesman as Director of the Office of Professional Responsibility. |
| IR-2007-42 |
February 27, 2007 |
| IRS Offers Tips for Accurate Schedule K-1 Reporting |
| The Internal Revenue Service today provided tips to businesses, individuals and tax professionals to avoid errors involving Schedules K-1. |
| IR-2007-41 |
February 26, 2007 |
| Eileen Mayer Will Lead IRS’ Criminal Investigation Division |
| Eileen Mayer, currently head of the IRS’s Office of Fraud / Bank Secrecy Act, was named today as head of the agency’s Criminal Investigation Division. |
| FS-2007-14 |
February 2007 |
| Deducting Rent and Lease Expenses |
| The Internal Revenue Service reminds taxpayers to follow specific guidelines when deducting rent and lease expenses incurred as part of a trade or business. |
| IR-2007-40 |
February 23, 2007 |
| 10 Million Taxpayers Miss Out on Telephone Tax Refunds; IRS Urges People to Check before Filing |
| The Internal Revenue Service today urged taxpayers to check to see if they qualify for the telephone excise tax refund after more than 10 million early filers did not request the one-time refund. |
| IR-2007-39 |
February 22, 2007 |
| Accounting Issue for Automobile Dealers To Be Addressed by IRS Industry Issue Resolution Program |
| The Internal Revenue Service and the Treasury Department today announced that they will work to publish guidance for automobile wholesalers, manufacturers and dealers regarding the proper treatment of the dollar-value, last-in, first out (LIFO) inventory method for pooling purposes of crossover vehicles, which have characteristics of trucks and cars. |
| IR-2007-38 |
February 20, 2007 |
| Purchasers of Honda Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. |
| IR-2007-37 |
February 20, 2007 |
| Fraudulent Telephone Tax Refunds, Abusive Roth IRAs Top Off 2007 “Dirty Dozen” Tax Scams |
| The Internal Revenue Service today identified 12 of the most blatant scams affecting American taxpayers and warned people not to fall for schemes peddled by scamsters. |
| IR-2007-36 |
February 16, 2007 |
| IRS Moves to Stop Abusive Telephone Tax Refund Requests; Search Warrants Target Tax Preparers in Seven Cities Nationwide |
| Search warrants were carried out in seven cities this week by special agents from the Internal Revenue Service. According to affidavits filed in federal court, the IRS is seeking evidence from tax-preparation businesses suspected of preparing returns on behalf of clients requesting egregious amounts involving this year’s special telephone excise tax refund. |
| IR-2007-35 |
February 14, 2007 |
| Merck Agrees to Pay IRS $2.3 Billion |
| The IRS announced today that it had entered into an agreement that resolves several disputed tax issues with Merck & Co., Inc. and its subsidiaries. The agreement will result in a payment to the government of approximately $2.3 billion in federal tax, net interest and penalties, and resolves all issues that had been in dispute between the parties for the tax years 1993-2001. The resolution is one of the largest achieved in recent years by the Service and a taxpayer through the examination process. |
| IR-2007-34 |
February 13, 2007 |
| IRS Extends Deadline for Settlement Offered To Certain Foreign Embassy Staff |
| The Internal Revenue Service will extend until March 30 the deadline for current and former U.S.-based employees of foreign embassies, consular offices and missions and international organizations to participate in a one-time settlement initiative to resolve outstanding tax matters related to their employment. |
| IR-2007-33 |
February 13, 2007 |
| IRS Selects 16 New Members for IRS Advisory Council |
| The Internal Revenue Service today announced the selection of 16 new members for the Internal Revenue Service Advisory Council (IRSAC). These appointees will join 11 returning members who are in their last year of a three-year term. |
| IR-2007-32 |
February 13, 2007 |
| IRS to Waive Estimated Tax Penalty for U.S. Citizens or Residents Living and Working Abroad |
| The Internal Revenue Service and U.S. Treasury today announced that they have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad. |
| IR-2007-31 |
February 9, 2007 |
| New Chiefs at Human Capital Office, Agency-Wide Shared Services |
| The IRS Commissioner has selected Robert Buggs as the Chief Human Capital Officer and Jim Falcone as the new Chief, Agency-Wide Shared Services. |
| IR-2007-30 |
February 8, 2007 |
| IRS Offers Opportunity for Employers to Satisfy Tax Obligations of Rank-and-File Employees with ‘Backdated’ Stock Options |
| Internal Revenue Service officials today announced an initiative aimed at providing relief for rank-and-file employees affected by their companies’ issuance of backdated and other mispriced stock options. While the program will be available to help these employees who may be unaware that they held backdated options, the opportunity will not be available for backdated options exercised by most corporate executives or other insiders. |
| IR-2007-29 |
February 8, 2007 |
| Purchasers of GM Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of General Motors Corp. qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. |
| IR-2007-28 |
February 8, 2007 |
| Phase-Out Credit for Toyota and Lexus Hybrids Continues With Reporting of Fourth Quarter Sales |
| After reviewing the fourth quarter sales of Toyota Motor Sales USA Inc., the Internal Revenue Service announced that purchasers Toyota and Lexus vehicles may continue to claim the Alternative Motor Vehicle Credit. Given the number of vehicles sold, the phase out period for Toyota vehicles began on October 1, 2006. |
| IR-2007-27 |
February 7, 2007 |
| IRS Moves to Prevent Telephone Tax Refund Abuse; Help Taxpayers Make Accurate Requests |
| The Internal Revenue Service announced today it is taking additional steps to prevent abuse by tax preparers and help taxpayers make accurate requests for the one-time telephone excise tax refund. |
| IR-2007-26 |
February 6, 2007 |
| IRS Begins Processing Returns Claiming Extender Deductions; Urges Taxpayers to File Electronically, Check on Phone Tax Refund |
| The Internal Revenue Service has started processing tax returns that claim key tax provisions renewed by legislation enacted in December and urged taxpayers not to overlook the one-time telephone tax refund. |
| IRS Commissioner Statement |
February 5, 2007 |
| Statement of IRS Commissioner Mark W. Everson on the FY 2008 Budget |
| “The president’s 2008 budget request for the IRS, together with the accompanying legislative proposals concerning tax administration, is welcome. They will do much to promote compliance with our tax law. I appreciate the strong support that Secretary Paulson and OMB Director Portman have given for our efforts.” |
| IR-2007-25 |
February 2, 2007 |
| IRS Begins Work on Whistleblower Office; Whitlock Named First Director |
| The Internal Revenue Service today named Stephen A. Whitlock as director of its new Whistleblower Office, where he will be responsible for administering the program designed to receive information that helps uncover tax cheating and to provide appropriate rewards to whistleblowers. |
| IR-2007-24 |
February 1, 2007 |
| Paulson, IRS Launch Campaign to Help Low-Income Taxpayers Take Advantage of Tax Credit, Free Tax Help |
| Treasury Secretary Henry M. Paulson, Treasurer Anna Escobedo Cabral and IRS Commissioner Mark W. Everson and the IRS’ national partners launched Earned Income Tax Credit (EITC) Awareness Day at a Treasury Department press conference today. The event kicks off a nationwide campaign to inform taxpayers about this important credit for working families and the availability of free tax help. |
| IR-2007-23 |
February 1, 2007 |
| Free Tax Help Available at Sites Nationwide |
| More than 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax preparation services for low-income and elderly taxpayers. |
| FS-2007-13 |
February 2007 |
| Eligibility Rules Outlined for EITC |
| The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. The EITC is a valuable tool helping eligible taxpayers to lower their taxes or to claim a refund. The IRS wants all eligible taxpayers to claim this credit. |
| FS-2007-12 |
January 2007 |
| Tax 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. This includes inflated requests for the special one-time refund of the long-distance telephone tax. Preparers may also manipulate income figures to obtain tax credits, such as the Earned Income Tax Credit, fraudulently. |
| FS-2007-11 |
January 2007 |
| Electronic Payment Options for 2007 |
| 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 paying with a credit card. Taxpayers making recurring payments may want to enroll in EFTPS. |
| FS-2007-10 |
January 2007 |
| Deducting Travel, Entertainment and Gift Expenses |
| The Internal Revenue Service reminds taxpayers that there are specific guidelines to be followed when deducting travel, entertainment and gift expenses. |
| FS-2007-09 |
January 2007 |
| Credit Available for Taxpayers Who Purchased or Leased Hybrid Vehicles In 2006 |
| Taxpayers who purchased or leased any of 44 different models of hybrid vehicles in 2006 may be entitled to a tax credit on their 2006 returns worth as much as $3,150 for the most fuel-efficient models. The precise amount of the credit depends on the make and model of the vehicle and when the vehicle was purchased. Taxpayers may claim the credit on their 2006 tax returns only if they placed a qualified hybrid vehicle in service in 2006. |
| FS-2007-08 |
January 2007 |
| 2007 IRS E-File |
| More and more Americans are choosing e-file, which lets them electronically file an accurate tax return or get an extension of time to file without sending any paper to the Internal Revenue Service. |
| FS-2007-07 |
January 2007 |
| Tax Packages for the 2007 Filing Season |
| The Internal Revenue Service will send taxpayers almost 17.1 million tax packages and 12.5 million postcards in 2007. The 4-page postcards are sent to those filers who prepared their 2006 tax returns using a computer, but filed a paper tax return. The postcards describe the advantages of e-filing and cost about 20 cents each for printing and postage. |
| FS-2007-06 |
January 2007 |
| Free Tax Help Available |
| The IRS offers free assistance by computer and 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-2007-05 |
January 2007 |
| Taxpayers Have More Direct Deposit Options for Their 2006 Refunds |
| Starting in 2007, taxpayers have more choices and flexibility for the direct deposit of their 2006 federal income tax refunds. For the first time, they can split their refunds among up to three accounts held by as many as three different U.S. financial institutions, such as banks, mutual funds, brokerage firms or credit unions. |
| FS-2007-04 |
January 2007 |
| Special Steps Needed for Paper 1040 Filers to Claim Late Tax Changes |
| Following the enactment of late tax legislation in December, taxpayers using a paper Form 1040 will need to follow special instructions if they are claiming any of three key deductions. |
| FS-2007-03 |
January 2007 |
| Recently Enacted Tax Law Extends State Sales Tax Deduction |
| The American Jobs Creation Act of 2004 gave taxpayers the option to claim state and local sales taxes instead of state and local income taxes when they itemize deductions. Under the law the option was available for the 2004 and 2005 returns only, but recent legislation has extended the availability of this deduction through 2007. |
| FS-2007-02 |
January 2007 |
| Highlights of 2006 Tax Law Changes |
| New energy-saving tax credits, expanded retirement savings incentives and new rules for giving to charity are among the changes taxpayers will find when they start filling out their 2006 federal income tax returns. |
| FS-2007-01 |
January 2007 |
| One-Time Tax Refund Available to Long-Distance Telephone Customers |
| This year, telephone customers can request a one-time refund of taxes they paid on long-distance and bundled telephone service. Individuals, businesses and tax-exempt organizations can request this refund as a credit on their 2006 federal income tax returns. |
| IR-2007-22 |
January 31, 2007 |
| Purchasers of Ford Hybrids Still Qualify for Tax Credit |
| The Internal Revenue Service announced that purchasers of qualified Ford Motor Company vehicles may continue to claim the Alternative Motor Vehicle Credit. Also, four qualifying 2008 Ford hybrid vehicles were announced. |
| IR-2007-21 |
January 31, 2007 |
| Mistakes Abound on Telephone-Tax Refund Requests; IRS Offers Tips for Getting a Speedy Refund |
| The Internal Revenue Service today offered taxpayers tips for requesting the telephone excise tax refund, after early tax returns show some people are making basic mistakes, others are requesting excessive refunds and many are missing out on the refunds, altogether. |
| IR-2007-20 |
January 30, 2007 |
| Taxpayer Advocacy Panel Members Selected |
| The Treasury Department and the Internal Revenue Service are pleased to announce the selection of 33 new members to serve on the nationwide Taxpayer Advocacy Panel (TAP), a Federal Advisory committee charged with providing direct taxpayer input to the Internal Revenue Service. |
| IR-2007-19 |
January 29, 2007 |
| New State Sales Tax Calculator Debuts on IRS.gov |
| The Internal Revenue Service is providing a new online tool to help individual taxpayers determine whether they might benefit by electing to deduct their state and local general sales taxes. |
| IR-2007-18 |
January 26, 2007 |
| IRS.gov Offers Online Alternative Minimum Tax Assistance |
| The Internal Revenue Service announced that it has updated its online tool to help taxpayers determine whether they may owe the Alternative Minimum Tax (AMT). Most taxpayers can enter their data and get an answer in five to 10 minutes using this Internet-based calculator, available at on this Web site. |
| IR-2007-17 |
January 26, 2007 |
| Redesigned Form 940 Has Many Improvements for Tax Year 2006 |
| Payroll professionals and business owners who file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, for 2006, due by Jan. 31, will notice several improvements in the form and instructions. The IRS has redesigned Form 940 to be more user-friendly, reducing the burden for more than one million filers. |
| IR-2007-16 |
January 25, 2007 |
| Some Telephone Tax Refund Requests May Be Too High; IRS Will Deny Improper Requests |
| The Internal Revenue Service said today that early filings show some individual taxpayers have requested large and apparently improper amounts for the special telephone tax refund. The IRS is investigating potential abuses in this area and will take prompt action against taxpayers who claim improper refund amounts and the return preparers who help them. |
| TETR-03 |
January 2007 |
| Telephone Tax Refunds: Questions and Answers for Businesses and Tax-Exempt Organizations |
| The IRS has developed a formula that most businesses and tax-exempt organizations can use to figure their refund. To use the formula, eligible taxpayers need only review their phone bills for 2 months, instead of all 41 months included in the refund period. In addition, eligible taxpayers need to know their total telephone expenses for the 41-month period and the number of employees reported on their federal withholding tax return (Form 941) for the second quarter of 2006. |
| TETR-02 |
January 2007 |
| Telephone Tax Refund Questions and Answers for Individuals |
| The telephone tax refund is a one-time payment available on your 2006 federal income tax return, designed to refund previously collected federal excise taxes on long-distance or bundled services. It is available to anyone who paid such taxes on landline, wireless, or Voice over Internet Protocol (VoIP) service. |
| TETR-01 |
January 2007 |
| Telephone Excise Tax Refund |
| The Telephone Excise Tax Refund (TETR) is a one-time payment available on your 2006 federal income tax return. It is designed to refund previously collected long distance telephone taxes. Individuals, businesses and tax-exempt organizations are eligible to request it. |
| Supplement |
January 2007 |
| Questions and Answers — April 17 Deadline |
| Taxpayers will have extra time to file and pay because April 15 falls on a Sunday in 2007, and the following day, Monday, April 16, is Emancipation Day, a legal holiday in the District of Columbia. |
| IR-2007-15 |
January 24, 2007 |
| Taxpayers Have Until April 17 to File and Pay |
| Taxpayers across the nation will have until Tuesday, April 17, 2007, to file their 2006 returns and pay any taxes due, the Internal Revenue Service announced today. |
| IR-2007-14 |
January 24, 2007 |
| IRS, Telemundo Host Tax Information Program for Spanish-Speaking Taxpayers |
| The Internal Revenue Service is joining national television network Telemundo in a special one-hour tax program for Spanish-speaking taxpayers on Sunday, Jan. 28. The program, “Los Impuestos y Usted” (“Taxes and You”), will air at 3:30 p.m. Eastern and Pacific Time, and at 2:30 p.m. Central and Mountain Time. |
| IR-2007-13 |
January 22, 2007 |
| New Internet-Based Workshop Helps Tax Exempt Organizations Remain in Compliance |
| The Internal Revenue Service has launched a new Internet-based version of its popular Exempt Organizations Workshop covering tax compliance issues confronted by small and mid-sized tax-exempt organizations, including charities and churches. |
| IR-2007-12 |
January 18, 2007 |
| IRS Selects New Members for Information Reporting Program Advisory Committee |
| The Internal Revenue Service has selected eight new members for the Information Reporting Program Advisory Committee (IRPAC). The appointees join 15 returning members who are in the second or third year of their three-year terms. |
| IR-2007-11 |
January 16, 2007 |
| Improved, Expanded Free File Program Opens Today for 95 Million Taxpayers |
| The Internal Revenue Service and its private-sector partners today announced the opening of this year's Free File program with a series of improvements and changes to help taxpayers. The free tax preparation and free electronic filing initiative begins its fifth year with more consumer-friendly features and expanded services for Spanish-speaking taxpayers. |
| IR-2007-10 |
January 12, 2007 |
| IRS E-File Opens for 2007 Filing Season |
| Taxpayers may file their 2006 tax returns electronically beginning today as the Internal Revenue Service opens the e-file program following a record-setting year. |
| IR-2007-09 |
January 12, 2007 |
| First Bilateral Advance Pricing Agreement Concluded Between the United States and the Peoples Republic of China |
| The Internal Revenue Service today announced the completion of the first bilateral advance pricing agreement (“APA”) between the U.S. and the People’s Republic of China. |
| IR-2007-08 |
January 11, 2007 |
| 2007 Nissan Altima Certified as Qualified Hybrid Vehicle |
| The Internal Revenue Service has acknowledged the certification by Nissan North America, Inc., that its 2007 Nissan Altima Hybrid vehicle meets the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle. |
| IRS Fed-State Pilot Program |
January 11, 2007 |
| U.S. Treasury and Illinois Dept. of Revenue Announce First in the Nation Federal-State Tax Payment Pilot |
| Illinois business taxpayers are the first in the nation to be able to pay state withholding and federal taxes at the same time through a single system. |
| IR-2007-07 |
January 10, 2007 |
| IRS, Treasury Issue Guidance on New Distribution Provisions of the Pension Protection Act |
| The Treasury Department and the IRS issued a notice today providing extensive guidance on several Pension Protection Act rules relating to distributions from tax-qualified retirement plans. |
| IR-2007-06 |
January 10, 2007 |
| IRS Chief Counsel Revitalizes Professor-in-Residence Program |
| The Internal Revenue Service Office of Chief Counsel is reviving its Professor-in-Residence program. |
| IR-2007-05 |
January 10, 2007 |
| IRS, Hollywood Foreign Press Association Reach Agreement On Gift Baskets |
| The Internal Revenue Service announced today another milestone in its outreach campaign to the entertainment industry regarding the taxability of gift bags and promotional items. |
| IR-2007-04 |
January 9, 2007 |
| National Taxpayer Advocate Releases 2006 Report to Congress: Stresses Need for Action on AMT and Tax Gap; Focuses on IRS Collection and Transparency |
| National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, designating the alternative minimum tax for individuals (AMT) and the federal tax gap as the most serious problems facing taxpayers. The report also focuses extensively on concerns about IRS collection policies and the transparency of IRS information to the taxpaying public. |
| IR-2007-03 |
January 8, 2007 |
| IRS Plans Feb. 3 Start Date for Processing Extender Claims |
| The Internal Revenue Service plans a Feb. 3 start date for processing tax returns that claim key tax provisions enacted in December. The IRS announced today that it will begin processing both e-file and paper tax returns on Feb. 3 that include claims for the major “extender” provisions, including deductions for state and local sales taxes, higher education tuition and fees, and educator expenses. Any other tax returns for individuals that do not claim the extender provision can be filed as normal this month. |
| IR-2007-02 |
January 8, 2007 |
| Modernized e-File Available for Partnership Returns |
| Beginning today, partnership taxpayers can electronically file tax year 2006 Form 1065, U.S. Return of Partnership Income, and Form 1065-B, U.S. Return of Income for Electing Large Partnerships, using the Modernized e-File platform. |
| IR-2007-01 |
January 4, 2007 |
| 2007 Filing Season Kicks Off with New Features, Extended Tax Breaks; Tax Forms in Mail This Week |
| The Internal Revenue Service today began a busy 2007 filing season that features telephone excise tax refunds, a new refund deposit feature and recently enacted tax breaks that may require extra attention from taxpayers. |
