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Nov 2006 Tax Press ReleasesNov 30, 2006 Section 409A: Withholding for Amounts Includible in Gross Income Washington (IRS) — Today Treasury and the IRS issued Notice 2006-100 providing guidance to employers and payers on their reporting and wage withholding requirements for calendar years 2005 and 2006 with respect to deferrals of compensation and amounts includible in gross income under IRC § 409A and relief from reporting deferrals that are not includible in income during those years. The notice supersedes Notice 2005-94.
Under the relief in the notice, employers and other payers need not report annual deferrals of compensation that are not includible in income under ... Entire Release
Nov 30, 2006 $1 Billion Clean Coal Projects Tax Credits Washington (IRS) — The Internal Revenue Service announced that it has allocated nearly $1 billion of tax credits to nine planned clean coal projects.
The Energy Policy Act of 2005 authorized $1.65 billion in tax credits for clean coal projects. The Act allocated $800 million of credits to integrated gasification combined cycle (IGCC) projects, $500 million to non-IGCC advanced coal electricity generation projects and $350 million to gasification projects. The $800 million allocated to IGCC projects is required to be allocated in relatively equal amounts among bitum... Entire Release
Nov 22, 2006 More Hondas Certified For Hybrid Tax Credits Washington (IRS) - The Internal Revenue Service has acknowledged the certification by American Honda Motor Company, Inc., that several of its Model Year 2007 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles.
The hybrid vehicle certifications recently acknowledged by the IRS and their credit amounts are:
Honda Civic Hybrid CVT, Model Year 2007 $2,100
Honda Accord Hybrid AT, Model Year 2007 $1,300
Honda Accord Hybrid Navi AT, Model 2007 $1,300
Consumers seeking the credit may want to ...Entire Release
Nov 22, 2006 Honda Compressed Natural Gas Vehicle Certified For Tax Credit Washington (IRS) — The Internal Revenue Service has acknowledged the certification by American Honda Motor Company, Inc., that its Honda Civic GX Model Year 2007 vehicle meets the requirements of the Alternative Motor Vehicle Credit.
The qualified Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005. The new credit includes separate credits for four distinct categories: (1) fuel cell vehicles, (2) advanced lean burn technology vehicles, (3) hybrid vehicles and (4) alternative fuel vehicles.
The credit amount for the Honda Civic GX... Entire Release
Nov 20, 2006 Clean Renewable Energy Bond Washington (IRS) — This information release provides certain general information regarding the results of the volume cap allocation process for the new Clean Energy Renewable Bonds (“CREBs”) program created under the Energy Tax Incentives Act of 2005.
The Internal Revenue Service announced that a total of 610 projects for State and local governmental borrowers and for electrical cooperative borrowers will receive volume cap allocations of authority to issue tax credit bonds under the new CREBs program.
New Internal Revenue Code Section 54 authorizes the Secretar... Entire Release
Nov 17, 2006 IRS Settlement Offer To Foreign Embassy Staff Washington (IRS) — The Internal Revenue Service today encouraged U.S.-based employees and former employees of foreign embassies, foreign consular offices and international organizations to participate in a one-time settlement initiative to resolve tax matters related to their employment.
The offer is only open to U.S. citizens, green-card holders and foreign employees with a U.S. tax obligation. Accredited diplomatic personnel are generally exempt from income taxes on their wages under international treaties or agreements.
The IRS estimates that as many as half o... Entire Release
Nov 16, 2006 Telephone Tax Refund: Business & Tax Exempts Washington (IRS) — The Internal Revenue Service today announced a formula that will allow businesses and tax-exempt organizations to estimate their federal telephone excise tax refunds.
“The formula will provide a less burdensome option than gathering up to 41 months of old phone records,” said IRS Commissioner Mark W. Everson.
In May 2006, the IRS announced that individuals, businesses and tax-exempt organizations who paid the long-distance telephone excise tax can request the refund on their 2006 federal income tax returns.
“Businesses and tax-exempt organiz... Entire Release
Nov 16, 2006 95,746 IRS Tax Refunds Not Delivered Washington (IRS) — An average refund of $963 is waiting for 95,746 taxpayers whose refund checks have been returned to the Internal Revenue Service as undeliverable.
The checks, worth a total of $92.2 million, can be claimed as soon as their owners update their addresses with the IRS. In some cases, a taxpayer has more than one check waiting.
“Every year, many taxpayers miss their refunds because they move without notifying the IRS or Postal Service of a change of address,” IRS Commissioner Mark W. Everson said. "For those missing their check, the IRS is making i... Entire Release
Nov 15, 2006 Honda Hybrids Still Qualify For Tax Credit Washington (IRS) - The Internal Revenue Service announced that purchasers of qualified American Honda Motor Company, Inc., vehicles may continue to claim the Alternative Motor Vehicle Credit.
Honda sold 9,912 qualifying vehicles to retail dealers during the quarter ending Sept. 30, 2006. The credit amount and make and model of qualified vehicles sold are:
Honda Accord Hybrid, Model Year 2006*: $1,300
Honda Accord Hybrid Navi Model Year 2006*: $1,300
Honda Civic Hybrid Model Year 2006: $2,100
Honda Insight Model Year 2006: $1,450
* 2006 ...Entire Release
Nov 09, 2006 2007 Inflation Adjustments Widen Tax Brackets Washington (IRS) — Personal exemptions and standard deductions will rise, tax brackets will widen and income limits for IRAs will increase in 2007, thanks to inflation adjustments announced today by the Internal Revenue Service.
By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, are being adjusted for 2007. Key changes affecting 2007 returns, filed by most taxpayers in early 2008, include the following:
The value...Entire Release
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