Revenue Procedure 2007-59 that permits certain partnerships to aggregate gains and losses from an expanded class of qualified financial assets for purposes of making reverse § 704© allocations under § 1.704-3(e)(3) of the Income Tax Regulations. https://www.irs.gov/pub/irs-drop/rp-07-59.pdf Revenue Procedure 2007-63 updates the rules for determining the amount of an employee’s ordinary and necessary business expenses […]
Category Archives: IRS News
September 12, 2007 – Reminder from IRS The Internal Revenue Service is starting a new National Research Program (NRP) reporting compliance study for individual taxpayers that will provide updated and more accurate audit selection tools and support efforts to reduce the nation’s tax gap. This new NRP study, which begins in October 2007, will be […]
Courtesy of IRS IR-2007-159, Sept. 17, 2007 [TaxMama note: This is a resource we requested from IRS at a Stakeholder meeting earlier this year. IRS put it together quickly, in view of all the sub-prime loan defaults. Incidentally, you will also find some simplistic formulae to help with your computations of the tax effects.] WASHINGTON […]
You Think YOU Have Payroll Tax Problems? Wait Until You See Who’s Not Paying Payroll Taxes Now! IRS has always relentlessly and passionately pursued employers who are delinquent on their payroll taxes. The Service tends to be rather unforgiving because IRS still has to honor thewithholding from workers’ paychecks – and to issue refunds – […]
IR-2007-151, August 28, 2007 WASHINGTON — The Internal Revenue Service announced that purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. Honda sold 6,518 qualifying vehicles to retail dealers […]
Courtesy of IRS – IR-2007-153 WASHINGTON — The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. Profits from all non-farm sole proprietorships totaled $269.9 billion in […]
IR-2007-156 WASHINGTON — The Internal Revenue Service has acknowledged the certification by General Motors Corp. that two of its Model Year 2008 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles. The credit amount for the certified 2008 model year hybrid vehicles are: Chevrolet Malibu hybrid — $1,300 Saturn […]
Phone Customers Can Still Request Excise Tax Refund, IRS Says Courtesy of IRS IR-2007-144 WASHINGTON — Telephone customers can still request this year’s one-time excise tax refund, according to the Internal Revenue Service. Most phone customers, including most cell-phone users, qualify for the refund. The refund covers the three-percent tax paid on long-distance and bundled […]
Courtesy of IRS – STT-2007-22 During summer months many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. Generally, you have made a profit if the […]
IRS Warns of New e-Mail Scam Offering Cash for Participation in “Member Satisfaction Survey” Courtesy of IRS – IR-2007-148, Aug. 28, 2007 WASHINGTON — The Internal Revenue Service today issued a consumer alert regarding a new, two-step e-mail scam that falsely promises recipients they will receive $80 for participating in an online customer satisfaction survey. […]
Courtesy of the Internal Revenue Service Did you recently move to another city for a new job or because your old job is now at a new location? A tax break may be coming your way. How far you moved and the amount of time you spend on the job will have a major impact […]
Courtesy of IRS Even though you may be on vacation, the IRS is always at work thinking about taxes! August and the “Dog Days of Summer” are upon us. Taxes are probably the furthest thing from your mind. But now, months before the end of the year and the start of tax season, is a […]