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Feb 2007 Tax Press ReleasesFeb 28, 2007 Military Member Free Online Tax Filing Washington (IRS) — 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.
Available only through IRS.gov, Free File is fast, easy and safe to use. It is available in English and Spanish. The program can be accessed from any computer that is connected to the Internet, making it especially convenient for those stationed abroad. It can be accessed 24 hours... Entire Release
Feb 28, 2007 Farmer & Fisherman Storm Penalty Relief Washington (IRS) — 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.
The timing and suddenness of the storm, as well as the resulting power outages, may have affected the ability of many farmers and fishermen to file their 2006 calendar year return by March 1, 2007.
Generally, farmers and fisherman can avoid an estimated tax penalty if they file their returns and pay the full amount of tax shown on their return by ... Entire Release
Feb 16, 2007 IRS Targets Those Abusing The Phone Tax Refund Washington (IRS) — 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.
IRS criminal investigators served search warrants at tax preparation businesses in Atlanta, Ga.; Dallas, Tyler and Athens, Texas; Riverside, Calif.; Miami, Fla.; and New Orleans, La. Special ag... Entire Release
Feb 14, 2007 Merck Agrees to Pay IRS $2.3 Billion Washington (IRS) — 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.
Both the IRS and Merck acknowledge that reaching a... Entire Release
Feb 13, 2007 New 16 Members IRS Advisroy Council Washington (IRS) — 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.
The council members are scheduled to meet in Washington, D.C. several times in 2007, with a public report to be provided during a meeting open to the public on November 15, 2007.
The 16 new members appointed to serve on the council are:
Herbert N. Beller, JD, is a partner with Sutherland, Asbill & Brennan; his... Entire Release
Feb 13, 2007 Estimated Tax Penalty Waived For Those Working Abroad Washington (IRS) — 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.
The Tax Increase Prevention and Reconciliation Act of 2005, Pub. L. No. 109-222, 120 Stat. 345 (TIPRA), enacted in May 2006, changed the maximum amount of foreign earned income and housing costs that may be excluded from gross income under section 911 of the Internal Revenue Code.
TIPRA increased the maximum amount of foreign earned income that ma... Entire Release
Feb 13, 2007 IRS Extends Deadline for Embassy Staff Settlement Offer Washington (IRS) — 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.
The deadline for participating in the offer, first announced November 17, had originally been February 20. Following requests from several embassies, the date is being extended to make certain those wishing to participate in the initiative h... Entire Release
Feb 08, 2007 IRS Makes Offer On Backdated Stock Options Washington (IRS) — 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.
If an employee exercised a ‘backdated’ stock option in 2006, the employee may owe an additional 20-percent tax, plus... Entire Release
Feb 08, 2007 GM Hybrids Still Qualify for Tax Credit Washington (IRS) — 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.
General Motors sold 3,358 qualifying vehicles to retail dealers in the quarter ending December 31, 2006. This brings the cumulative number of qualified General Motors hybrid vehicles sold to 5,558. The credit amount and make and model of qualified vehicles sold are:
Chevrolet Sil...Entire Release
Feb 08, 2007 Toyota and Lexus Hybrids Into Phased Out Tax Credits Washington (IRS) — 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.
Toyota sold 67,857 qualifying vehicles to retail dealers in the quarter ending December 31, 2006. This brings the cumulative sales of qualified Toyota hybrid vehicles sold from the period of Jan. 1, 2006, through Dec. 31, 2006, to 212,073.... Entire Release
Feb 07, 2007 Telephone Tax Refund Abuse Washington (IRS) — 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.
This week, IRS Criminal Investigation special agents and IRS revenue agents are conducting special site visits with tax preparers across the nation to prevent inflated requests made for the one-time telephone tax refund. Visits began this week to 22 different tax preparers who have handled more than 1,500 tax returns.
“We are taking this unusual step t... Entire Release
Feb 06, 2007 IRS Begins Processing Returns Claiming Extender Deductions Washington (IRS) — 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.
After completing planned updates to its systems to accommodate the “extender” changes, the IRS began processing on Saturday both e-file and paper tax returns claiming deductions for state and local sales taxes, higher education tuition and fees, and educator expenses.
The IRS emphasized that using e-file is the easiest and most accurate way ... Entire Release
Feb 02, 2007 IRS Begins Work on Whistleblower Office Washington (IRS) — 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.
“This is an important new office at the IRS, and Steve brings a strong background in ethics and tax issues to help get this program off to a good start,” said IRS Commissioner Mark W. Everson. “Under Steve’s leadership, we will meet expectations from Sen. Grassley and ot... Entire Release
Feb 01, 2007 Free Tax Help At 12,000 Sites Washington (IRS) — 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.
The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help to people who earn less than $39,000. The Tax Counseling for the Elderly (TCE) Program offers free tax help to taxpayers who are 60 and older.
“These volunteers help low-income taxpayers meet their filing... Entire Release
Feb 01, 2007 Campaign To Help Low-Income Taxpayers Washington (IRS) — 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.
“The Earned Income Tax Credit helps Americans who work hard but need extra support to make ends meet – people who are often on the first step of the economic ladder... Entire Release
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