| IR-2008-29 |
February 28, 2008 |
| IRS Changes Muni Bond VCAP Program, Seeks Comments |
| The Internal Revenue Service today announced updated procedures related to the Tax Exempt Bond Voluntary Closing Agreement Program (TEB VCAP). The IRS is also soliciting comments from the public on ways the program could be refined and expanded. |
| IR-2008-28 |
February 28, 2008 |
| Special Economic Stimulus Letters Reach Mailboxes in March |
| More than 130 million American households will begin receiving Internal Revenue Service letters next week reminding them to file a 2007 tax return in order to receive a 2008 economic stimulus payment. |
| IR-2008-27 |
February 28, 2008 |
| IRS Issues Winter 2008 Statistics of Income Bulletin |
| The Internal Revenue Service today released the winter 2008 issue of the Statistics of Income Bulletin, featuring data from 134.4 million individual income tax returns filed for tax year 2005. Of those returns, 90.6 million were “taxable.” This means that they reported total income tax greater than zero. The number of taxable returns in tax year 2005 was up 1.7 percent from 2004. |
| IR-2008-26 |
February 26, 2008 |
| IRS and Tax Treaty Partners Target Liechtenstein Accounts |
| The Internal Revenue Service is initiating enforcement action involving more than 100 U.S. taxpayers to ensure proper income reporting and tax payment in connection with accounts in Liechtenstein. |
| IR-2008-25 |
February 25, 2008 |
| E-Postcard Filing Now Available on IRS.gov for Small Tax-Exempt Organizations |
| The Internal Revenue Service announced the launch of a simple electronic filing system that small tax-exempt organizations may use to comply with a new law requiring them to file an annual return. |
| FS-2008-14 |
February 2008 |
| Examination and Compliance Check Processes For Exempt Organizations |
| The Internal Revenue Service has a variety of tools at its disposal to make certain that tax-exempt organizations comply with federal law designed to ensure they are entitled to any tax exemption they may claim. |
| FS-2008-13 |
February 2008 |
| IRS Complaint Process For Tax Exempt Organizations |
| The Internal Revenue Service gives serious consideration to complaints made alleging the abuse of the tax exempt status granted to certain organizations. |
| IR-2008-24 |
February 22, 2008 |
| Form 4136 Revised; Some Farmers, Fishermen Have Until March 10 to E-File, IRS Says |
| Agricultural industry taxpayers, farmers and fishermen, who electronically file Form 1040 returns with Form 4136, Credit for Federal Tax Paid on Fuels, must wait until March 3 to e-file the newly-revised Form 4136. |
| IR-2008-23 |
February 22, 2008 |
| Credit for Honda Hybrids Begins to Phase-Out |
| After reviewing the fourth quarter 2007 sales of American Honda Motor Company, Inc., the Internal Revenue Service announced that purchasers of qualifying Honda vehicles may continue to claim the Alternative Motor Vehicle Credit. Given the number of vehicles sold, the phase out period for Honda vehicles began on Jan. 1, 2008. |
| IR-2008-22 |
February 21, 2008 |
| 2008 Economic Stimulus Act Provides Tax Benefits to Businesses |
| In addition to providing stimulus payments to individuals, the Economic Stimulus Act of 2008 provides incentives to businesses. These incentives include a special 50-percent depreciation allowance for 2008 purchases and an increase in the small business expensing limitation for tax years beginning in 2008. |
| IR-2008-21 |
February 15, 2008 |
| More Information on Stimulus Payments Posted to IRS.gov; New Details for Recipients of Social Security, Veterans Benefits |
| The Internal Revenue Service released additional information today about the upcoming economic stimulus payments in a specially designed section for taxpayers on IRS.gov. |
| IR-2008-20 |
February 15, 2008 |
| IRS Seeks Candidates for Electronic Tax Administration Advisory Committee |
| The Internal Revenue Service is seeking candidates for membership on the Electronic Tax Administration Advisory Committee (ETAAC). All applicants should submit a resume and complete an application form for the fall vacancies. In addition, the IRS will require a federal tax check waiver and a Federal Bureau of Investigation (FBI) check of the best qualified applicants. The deadline for submitting applications is Tuesday, April 1, 2008. |
| IR-2008-19 |
February 14, 2008 |
| IRS Successfully Processing Tax Forms Affected by AMT Legislation |
| The Internal Revenue Service is now processing five tax forms affected by legislation involving the Alternative Minimum Tax (AMT). |
| IR-2008-18 |
February 13, 2008 |
| IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate |
| The Internal Revenue Service today advised taxpayers that in most cases they will not have to do anything extra this year to get the economic stimulus payments beginning in May. |
| IR-2008-17 |
February 12, 2008 |
| Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form |
| Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service. |
| IR-2008-16 |
February 8, 2008 |
| IRS Announces Energy Bond Allocations |
| The Internal Revenue Service today announced 312 projects eligible to be financed with tax-credit bonds under the Clean Renewable Energy Bonds (CREB) program. |
| IR-2008-15 |
February7, 2008 |
| Tax Returns from Seven States Go to Different Centers |
| As some taxpayers begin to prepare their paper tax returns, the Internal Revenue Service notes that some may be sending their returns to a different service center than last year. Those who received a tax instruction booklet from the IRS in the mail and use the labels included with the booklet can be assured that their tax returns will go to the correct address. Taxpayers who e-file are not affected by these changes. |
| IR-2008-14 |
February 6, 2008 |
| IRS Offers New Online Help Tools for 2008 Tax Filers |
| Things have gotten easier for taxpayers who need help preparing their federal returns this year. The IRS has enhanced both Publication 17 and Where’s My Refund?, two key electronic tools available on this Web site, IRS.gov, the official Web site of the IRS. These improvements will help any taxpayer with Internet access find answers to tax questions quickly, prepare returns accurately and file on time. |
| FS-2008-12 |
January 2008 |
| Help Yourself by Filing Past-Due Tax Returns |
| Most citizens voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law. |
| FS-2008-11 |
January 2008 |
| Eligibility Rules Outlined for EITC |
| The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. The EITC is a valuable tool helping eligible taxpayers to lower their taxes or to claim a refund. The IRS wants all eligible taxpayers to claim this credit. |
| FS-2008-10 |
January 2008 |
| Tax Return Preparer Fraud |
| Return preparer fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients. Preparers may manipulate income figures to fraudulently obtain tax credits, such as the Earned Income Tax Credit. |
| FS-2008-09 |
January 2008 |
| Identity Theft E-mail Scams a Growing Problem |
| The Internal Revenue Service has issued an increasing number of warnings over the last few years about e-mail scams targeting individuals, businesses, exempt organizations and other taxpayers. The scams, popularly known as “phishing” scams, use phony e-mails that falsely claim to come from the IRS. |
| FS-2008-08 |
January 2008 |
| Credit Available for Taxpayers Who Purchased or Leased a Wide Range of Hybrid Models In 2007 |
| Taxpayers who purchased or leased to others a hybrid passenger automobile or light truck in 2007 must take care when determining whether they qualify for the Alternative Motor Vehicle Credit because the credit amount varies, or may not be available, depending on the manufacturer, and when the vehicle was purchased. |
| FS-2008-07 |
January 2008 |
| IRS Offers Free Tax Help |
| The Internal Revenue Service offers free tax help by computer and telephone and in person. The IRS helps taxpayers get forms and publications and answers a wide range of tax questions. The IRS can also help individuals find free tax preparation services. |
| FS-2008-06 |
January 2008 |
| Electronic Payment Options for 2008 |
| Each year more and more taxpayers opt to pay their taxes electronically because electronic payments provide them with more options. Taxpayers can set up an e-pay option including electronic funds withdrawal from a checking or savings account. Paying with a credit card is another e-pay option. |
| FS-2008-05 |
January 2008 |
| Divide and Prosper: Refund Splitting Creates Asset Building Opportunities for Direct Deposit Filers |
| Splitting a refund with the direct deposit option enables taxpayers to deposit their money where they want it in the first place. Instead of having a refund electronically deposited into a checking account and later moving part of it to another account, a taxpayer can now allocate the refund among up to three different accounts at up to three different U.S. banks, mutual funds, brokerage firms or credit unions. |
| FS-2008-04 |
January 2008 |
| 2008 IRS E-File |
| Most taxpayers and tax preparers this year will use IRS e-file to file their tax returns or get extensions of time to file. In the process they will not have to send a single scrap of paper to the Internal Revenue Service. |
| FS-2008-03 |
January 2008 |
| New Electronic Signature Requirement for Tax Practitioners |
| The IRS has simplified the signature process for electronically filed individual income tax returns submitted by tax practitioners. The simplified process eliminates the need for a paper signature document to be sent to the IRS in support of electronically filed tax returns. |
| FS-2008-02 |
January 2008 |
| Don’t Overlook These Valuable Tax Credits |
| Tax credits can help you pay part of the cost of raising a family, going to college, saving for retirement, making energy-saving improvements to your home and getting daycare so you can work or go to school. Each year, many taxpayers overlook them, even though they often qualify for one or more of these credits. |
| FS-2008-01 |
January 2008 |
| Highlights of 2007 Tax Changes: Law Raises AMT Exemption, Filers of Five Forms Must Wait Until February 11 |
| AMT exemptions rise. Filing is delayed for some taxpayers. Several popular deductions reappear on IRS forms. Tax relief is available to struggling homeowners whose mortgage debt is forgiven. Retirement savings incentives expand. A new deduction is available for some mortgage insurance premiums. And new recordkeeping rules apply to cash donations to charity. |
| IR-2008-13 |
January 31, 2008 |
| EITC Awareness Kicks Off Today; Free Tax Help Available |
| The Department of Treasury, the Internal Revenue Service and scores of community partners nationwide today kicked off EITC Awareness Day to promote the refundable tax credit for low-wage workers and options for free tax preparation. |
| IR-2008-12 |
January 31, 2008 |
| IRS Partners Host Free Tax Help for Low-Income, Elderly Taxpayers |
| Nearly 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. |
| IR-2008-11 |
January 30, 2008 |
| IRS Warns of New E-Mail and Telephone Scams Using the IRS Name; Advance Payment Scams Starting |
| The Treasury Department and the Internal Revenue Service are pleased to announce the selection of 41 new members to serve on the nationwide Taxpayer Advocacy Panel (TAP), a Federal Advisory Committee charged with providing direct taxpayer input to the IRS. |
| IR-2008-10 |
January 22, 2008 |
| Taxpayer Advocacy Panel Members Selected |
| The Treasury Department and the Internal Revenue Service are pleased to announce the selection of 41 new members to serve on the nationwide Taxpayer Advocacy Panel (TAP), a Federal Advisory Committee charged with providing direct taxpayer input to the IRS. |
| IR-2008-09 |
January 15, 2008 |
| IRS, Telemundo Host Tax Information Program for Spanish-Speaking Taxpayers |
| The Internal Revenue Service is joining national TV network Telemundo in a special one-hour tax program for Spanish-speaking taxpayers on Sunday, Jan. 27. |
| IR-2008-08 |
January 14, 2008 |
| IRS Names Four New Frivolous Claims to Avoid |
| The Internal Revenue Service today issued a notice that lists four additional erroneous legal positions that taxpayers should refrain from using as an excuse to avoid paying their taxes. |
| IR-2008-07 |
January 11, 2008 |
| IRS Picks 20 New Advisory Committee Members |
| The Internal Revenue Service announced the selection of 20 new members of the Information Reporting Program Advisory Committee (IRPAC), which provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public.The Internal Revenue Service announced the selection of 20 new members of the Information Reporting Program Advisory Committee (IRPAC), which provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. |
| IR-2008-06 |
January 10, 2008 |
| Most Taxpayers Eligible to File Their Taxes Online for Free |
| The Internal Revenue Service and its private-sector partners today announced the Jan. 11 opening of this year's Free File program. The free tax preparation and electronic filing initiative begins its sixth year with high customer satisfaction ratings. |
| IR-2008-05 |
January 10, 2008 |
| IRS E-File Opens for 2008 Filing Season for Most Taxpayers |
| Most taxpayers may file their 2007 tax returns electronically beginning Jan. 11 as the Internal Revenue Service opens the e-file program. |
| IR-2008-04 |
January 9, 2008 |
| National Taxpayer Advocate Delivers Report to Congress |
| National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, focusing particular attention on the consequences of changes to the tax code enacted late in the year and the need for a coordinated IRS approach to combat the cash economy portion of the tax gap. Olson also urged Congress to enact a Taxpayer Bill of Rights and to authorize symbolic “apology payments” in egregious cases where taxpayers suffer significant harm as a result of IRS errors. The report contains a second volume that describes the results of six research studies, including one that shows that low income taxpayers fare much better in IRS Earned Income Tax Credit audits when they are represented by practitioners. |
| IR-2008-03 |
January 3, 2008 |
| IRS Accepts Integrated Utility Company Issue for Industry Issue Resolution Program |
| The Internal Revenue Service and the Treasury Department today announced that they will work to publish guidance on a method for integrated utilities to use when calculating the tax deduction for domestic production of electricity and natural gas, as well as other production activities. |
| IR-2008-02 |
January 3, 2008 |
| Treasury and IRS Give Taxpayers Greater Control over Information Held by Tax Preparers; Propose Marketing Restrictions on RALs |
| The Treasury Department and the Internal Revenue Service today released final regulations and a related revenue procedure giving taxpayers greater protection and control over their tax return information held by tax return preparers. Treasury and the IRS also issued a separate request for public comment on a proposal to restrict the marketing of refund anticipation loans and similar products. |
| IR-2008-01 |
January 2, 2008 |
| Tax Packages Arrive in Mail; IRS Reminds Taxpayers to e-file and Watch for Tax Law Changes |
| With millions of tax packages beginning to arrive in mailboxes this week, the Internal Revenue Service today reminded taxpayers to watch for commonly overlooked tax credits and late tax law changes that could affect their tax returns. |
