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IRS Releases New Tax Gap Estimates; Compliance Rates Remain Statistically Unchanged From Previous Study
WASHINGTON — The Internal Revenue Service today released a new set of tax gap estimates for tax year 2006. The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time. The … Continue reading
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More Innocent Spouses Qualify for Relief Under New IRS Guidelines
WASHINGTON — The Internal Revenue Service today released new proposed guidelines designed to provide relief to more innocent spouses requesting equitable relief from income tax liability. A Notice proposing a new revenue procedure, posted today on IRS.gov, revises the threshold … Continue reading
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IRS and Treasury Department Publish Temporary Regulations on Treatment of Tangible Property
WASHINGTON—The Internal Revenue Service and Treasury Department today published in the Federal Register temporary regulations that provide guidance to taxpayers on the treatment of amounts paid to acquire, produce or improve tangible property and regarding the accounting for, and dispositions … Continue reading
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IRS Announces New Advisory Council Members
WASHINGTON — The Internal Revenue Service today announced the selection of seven new members to 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 … Continue reading
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New Tax Guide Helps People Save on Their 2011 Taxes
WASHINGTON— Taxpayers can get the most out of various recovery tax benefits and get a jump on preparing their 2011 federal income tax returns by consulting a newly revised comprehensive tax guide now available on IRS.gov. Publication 17, Your Federal … Continue reading
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Special Tax Credit in 2011
WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the … Continue reading
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IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates … Continue reading
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IRS to Host Public Meeting Dec. 8 on Real-Time Tax System
WASHINGTON –– The Internal Revenue Service will kick off a series of public meetings Thursday, Dec. 8 to gather feedback on how to implement a series of long-term changes to the tax system described by IRS Commissioner Doug Shulman in … Continue reading
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IRS Seeks to Return $153 Million in Undelivered Checks to Taxpayers; Recommends e-file, Direct Deposit to Avoid Future Delivery Problems
WASHINGTON — In an annual reminder to taxpayers, the Internal Revenue Service announced today that it is looking to return $153.3 million in undelivered tax refund checks. In all, 99,123 taxpayers are due refund checks this year that could not … Continue reading
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