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Mar 2007 Tax Press ReleasesMar 23, 2007 IRS Online Payment Agreement Application Washington (IRS) — With the filing deadline approaching, the IRS today announced enhancements to the interactive Online Payment Agreement application on IRS.gov.
The Web-based application allows eligible taxpayers or their authorized representatives to self-qualify, apply and receive immediate notification of approval for installment agreements – including paperless direct debit agreements.
Two recent enhancements provide added functionality. The first permits individuals who have not yet received a bill to establish pre-assessed agreements on current tax year Fo... Entire Release
Mar 22, 2007 Apply To IRS Taxpayer Advocacy Panel Washington (IRS) — 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.
The mission of the Panel is to listen to taxpayers, identify taxpayers’ issues, and make recommendations for improving IRS service and customer satisfaction. Taxpayer Advocacy Panel (TAP) members:
Provide opportunities for citizen input and make recommendations to the IRS o...Entire Release
Mar 22, 2007 Embassy Staff Settlement Deadline Extended Washington (IRS) — 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.
Following requests from several embassies, the date is again being extended to make certain those wishing to participate in the initiative have the opportunity to do so.
The offer is open to employees of thos... Entire Release
Mar 22, 2007 Electronically Files Returns Up 5% Washington (IRS) — 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.
“Taxpayers are filing electronically at a record pace this year,” said IRS Commissioner Mark W. Everson. “We encourage people to consider e-file and Free File as the tax deadline approaches. E-file reduces taxpayer errors and gets refunds back quickly.”
According to the new filing season statistics for the week ending March 16, 2007, one of the biggest areas o... Entire Release
Mar 19, 2007 Saturn Aura IRS Hybrid Certified Washington (IRS) — 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.
The credit amount for the hybrid vehicle certification of the 2007 Saturn Aura Hybrid is $1,300.
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 quarter after the... Entire Release
Mar 14, 2007 Free File Usage Tops 2 Million Washington (IRS) — 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 IRS.gov. Through March 13, almost 2.6 million taxpayers have electronically filed their returns using Free File.
Seventy percent of U.S. taxpayers are eligible for Free File since they have an adjusted gross income of $52,000 or less. Free File can only be accessed through IRS.gov. The program is a partnership between the IRS and the Free File Alliance, a group of private sector tax p... Entire Release
Mar 13, 2007 The Real IRS Website Washington (IRS) - The Internal Revenue Service today reminded taxpayers that the address of the official IRS government Web site is www.irs.gov.
Taxpayers may be confused by the proliferation of Internet sites that contain some form of the Internal Revenue Service name or IRS acronym with a .com, .net, .org or other designation in the address instead of .gov. Since many of these sites also bear a striking resemblance to the real IRS site, taxpayers may be misled into thinking that the site they have accessed is indeed the official IRS government site. These sites a... Entire Release
Mar 12, 2007 Corporations Must File For Extension By March 15 Washington (IRS) — 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.
"We are seeing significant increases in the number of electronically filed corporate tax returns due to the e-filing requirement for certain corporate taxpayers, the availability of enhanced electronic filing software, and... Entire Release
Mar 12, 2007 Interest Factors Telephone Tax refund Washington (IRS) — 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.
Corporations, including S corporations, preparing calendar-year 2006 income-tax returns with a March 15 due date, should use the interest factors posted at http://www.irs.gov/pub/irs-dft/corp3-15.pdf, rather than those in the instructions for Form 8913, Credit for Telephone Excise Tax Paid. By law, the interest rates that apply to corporat... Entire Release
Mar 12, 2007 IRS 2006-07 Statistics Of Income Bulletin Washington (IRS) — 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.
Preliminary data for tax year 2005 indicate that taxpayers filed 134.5 million U.S. individual income tax returns, an increase of 1.6 percent from the preliminary estimate of 132.4 million returns filed for tax year 2004. Adjusted gross income (AGI) increased by 8.9 percent from the previous year to $7.4 trillion for ... Entire Release
Mar 12, 2007 No Interest Rate Change 2007 2nd Quarter Washington (IRS) — 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.
Under the Internal Revenue Code, the rate of interest is determined on a q...Entire Release
Mar 08, 2007 Free File Telephone Tax Refund Washington (IRS) — 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.
“This program provides the option for most people to do their taxes electronically and for free," said IRS Commissioner Mark W. Everson. "Free File is a... Entire Release
Mar 07, 2007 Direct Deposit Refunds Top $100 Billion Washington (IRS) — 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.
“At the halfway point, the filing season is proceeding smoothly,” said IRS Commissioner Mark W. Everson. “There are a couple of noteworthy items so far. Taxpayers are choosing direct deposit of refunds at a record pace. Elect... Entire Release
Mar 06, 2007 $2.2 Billion Waiting To Be Claimed Washington (IRS) — Unclaimed refunds totaling more than $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.
The IRS estimates that half of those who could claim refunds would receive more than $611. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had t... Entire Release
Mar 05, 2007 IRS Revises Compromise Form Washington (IRS) — The Internal Revenue Service announced today that the newly revised taxpayer application for an offer in compromise, the Form 656 package, is now available.
An offer in compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax liability. Under certain circumstances, the IRS has the authority to settle federal tax liabilities by accepting less than full payment.
"We hope that these changes help more people who qualify satisfy their tax obligations,” said IRS Commissioner Mark W. Everson.
The Form 656 package wa... Entire Release
Mar 02, 2007 Home Computer E-File Usage Grows in 2007 Washington (IRS) — 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.
“People using home computers are helping e-file grow this year," said IRS Commissioner Mark W. Everson. “Taxpayers can rely on e-file as a safe, accurate way to quickly finish their taxes and get a refund. For those who haven’t filed, they should make sure to request the telephone excise refund tax if they are eligible.”
Overall, e-file has in... Entire Release
Mar 01, 2007 Online Option For US Residency Certification Fee Washington (IRS) — 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.
The new online payment option can be accessed on the “Electronic Payment of User Fees” page on IRS.gov. Applicants should select Form 8802 from the list of available user fees. The Web site will provide information about the user fee and the fee schedule. When the transaction is completed, the applicant will receive a confirmation number and must include... Entire Release
Mar 01, 2007 Industry Issue Resolution Program Washington (IRS) — 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.
Though submissions can be made at anytime for consideration in the IIR program, submitted issues received by March 31, 2007, will also be considered for the 2007-2008 Treasury and IRS Guidance Priority List.
The objective of the IIR program is to resolve business tax issues common to signifi... Entire Release
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