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Jan 2007 Tax Press ReleasesJan 31, 2007 Ford Hybrids Still Qualify For Tax Credit Washington (IRS) — 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.
The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. Ford sold 5,645 qualifying vehicles to retail dealers during the quarter ending Dec. 31, 2006. This brings the total number of Ford qualifying hybrids reported to date to 22,156.
Purchasers of Ford’s qualified vehicles may... Entire Release
Jan 31, 2007 Telephone Tax Refund Mistakes Washington (IRS) — 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.
“We encourage taxpayers to take a few minutes and review the details of the telephone-tax refund,” said IRS Commissioner Mark W. Everson. “A little extra time will reduce the chance for a mistake, avoid a refund delay and possibly add a few dollars onto refund checks.”
The government... Entire Release
Jan 30, 2007 Taxpayer Advocacy Panel Members Selected Washington (IRS) — 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.
The new panel members will join 64 returning members to round out the panel of 97 volunteers for 2007. The new members were selected from over 700 interested individuals from all over the country, who applied through an open recruitment period last spring.
TAP is a Federa... Entire Release
Jan 29, 2007 New State Sales Tax Calculator Washington (IRS) — 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.
“The Sales Tax Calculator is another interactive tool on the IRS.gov web site designed to help make it easier for taxpayers to figure their taxes,” said IRS Commissioner Mark W. Everson.
Taxpayers who itemize deductions on Schedule A of the Form 1040 in 2006 have the option of deducting the amount of state and local sales taxes paid instead of deducting the... Entire Release
Jan 26, 2007 Online Alternative Minimum Tax Assistance Washington (IRS) — 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 IRS.gov.
“Nobody likes the AMT. But this tool helps people learn quickly whether they’re going to be paying this tax,” said IRS Commissioner Mark W. Everson. “We also remind taxpayers that AMT calculations are automatic when you use e-file rather than filing a paper r... Entire Release
Jan 26, 2007 IRS Tax Form 940 Redesigned Washington (IRS) — 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.
In May 2004, a team led by the IRS office of Taxpayer Burden Reduction began the process of redesigning Form 940. IRS employment tax experts worked with representatives from other federal and state agencies, gathering input from inter... Entire Release
Jan 25, 2007 Some Improperly Requesting Huge Phone Refunds Washington (IRS) — 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.
“While the vast majority of taxpayers are claiming the telephone tax refund correctly, we are seeing some clear abuse involving overstated refund requests,” said IRS Commissioner Mark W. Everson. “P... Entire Release
Jan 24, 2007 2006 Taxes Due On April 17 Washington (IRS) — 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.
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.
“This year, taxpayers have additional time to file and pay beyond the traditional April 15 deadline,” said IRS Commissioner Mark W. Everson. “As we always do, we encourage taxpayers to get... Entire Release
Jan 24, 2007 Spanish-Speaking Tax Information Program Washington (IRS) — 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.
“Los Impuestos y Usted” will focus on a variety of tax issues, including the Earned Income Tax Credit (EITC) for low-income taxpayers, electronic filing (IRS e-file), Free File and tips on how to choose a tax preparer. In addition, the program... Entire Release
Jan 22, 2007 Internet Workshops Help Tax Exempt Organizations Washington (IRS) – 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.
The target audience for the free online workshop, Stay Exempt – Tax Basics for 501(c)(3)s, is organizations that have no tax experts on staff or have no or limited contact with outside advisors on tax compliance issues.
“The Exempt Organizations division has offered face-to-face workshops for small and mid-... Entire Release
Jan 18, 2007 New Information Reporting Program Advisory Committee Members Washington (IRS) — 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.
The eight new members appointed to serve on the committee are:
Richard Hollingsworth, a Manager of Tax Information Returns, H&R Block Financial Advisors, Inc., Detroit, Mich.
Nadine Hughes, Vice President, Agency Services, CompuPay, Inc., Miramar, Fla.
Jon Lakritz, Vice President, National Financial S...Entire Release
Jan 16, 2007 Improved Free File Now Open Washington (IRS) — 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.
Seventy percent of the nation’s taxpayers – 95 million Americans – qualify for Free File. This year, up to 20 Free File Alliance companies will participate in the program run by the IRS and the... Entire Release
Jan 12, 2007 E-File Now Available Washington (IRS) — 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.
“E-file is fastest, safest and most accurate way to file a tax return,” said IRS Commissioner Mark W. Everson. “People will get their refunds faster through e-file. E-file greatly reduces the chances for making an error compared to filing a paper 1040.”
Taxpayers who use IRS e-file and who choose direct deposit can receive their refund in half the time. Also, tax return information is ... Entire Release
Jan 12, 2007 US China Pricing Agreement Concluded Washington (IRS) — 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.
The agreement involves Wal-Mart Stores, Inc. The parties, including Wal-Mart, worked quickly and constructively to establish a mutual agreement process that will benefit future bilateral APAs between the two countries.
“We’re working closely with China as they develop their tax administration system,” said IRS Commissioner Mark W. Everson. “This is an important event, and I’m ... Entire Release
Jan 11, 2007 2007 Nissan Altima Qualified Hybrid Vehicle Washington (IRS) — 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.
The credit amount for the hybrid vehicle certification of the 2007 Nissan Altima Hybrid is $2,350.
Consumers seeking the credit may want to buy early since the full credit is only available for a limited time. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarte... Entire Release
Jan 10, 2007 Professor-In-Residence Program Revitalized Washington (IRS) — The Internal Revenue Service Office of Chief Counsel is reviving its Professor-In-Residence program.
Dormant since the late 1980s, the Professor-In-Residence program provides some of the nation’s top legal academicians the opportunity to contribute to the development of legal tax policy and administration. Reporting directly to IRS Chief Counsel Donald L. Korb, the Professor In Residence provides advice and assistance on a wide array of legal issues within the scope of his or her expertise.
Korb has selected Calvin H. Johnson, the Andrews & Kurt... Entire Release
Jan 10, 2007 IRS Hollywood Reach Agreement On Gift Baskets Washington (IRS) — 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.
The Hollywood Foreign Press Association and the IRS reached a mutually satisfactory agreement that will resolve outstanding tax responsibilities with respect to Golden Globe Awards presenter gift baskets. The Hollywood Foreign Press Association (HFPA) voluntarily approached the IRS last year seeking to clarify the tax issues surrounding the gift baskets, as well as to ens... Entire Release
Jan 09, 2007 Taxpayers 2006 Report To Congress Washington (IRS) — 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.
The AMT was designated as the most serious problem in the Advocate’s report both in its own right and because it symbolizes the broader problem of tax-law complexity. The tax gap remains a hi... Entire Release
Jan 08, 2007 Start Date For Processing Extender Claims Washington (IRS) — 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.
The Feb. 3 date allows the IRS enough... Entire Release
Jan 08, 2007 E-File Available For Partnership Returns Washington (IRS) — 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.
“Electronic filing is a key component to modernizing our tax system,” IRS Commissioner Mark W. Everson said. “E-File improves the speed and accuracy of tax return filing, and we encourage partnership taxpayers to take advantage of this enhanced system.”
Since tax year 1986, the IRS has offered electronic filing of Fo... Entire Release
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