Category Archives: IRS News

New Round of IRS Audits Coming This Fall

IRS Updates National Research Program for Individuals IR-2007-113, June 6, 2007 WASHINGTON — Internal Revenue Service officials today announced plans to launch 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. The latest […]

Small Business and Work Opportunity Tax Act of 2007

By David & Mary Mellem, EAs This Act, made Public Law 110-28 by President Bush’s signature on May 25, 2007, increases the Federal Minimum Wage and provides some tax changes as well. It can be found at the government’s web site of thomas.loc.gov by searching for HR 2206 or by going to Public Laws and […]

Small Business Tax Breaks

Courtesy of NAEA – The National Association of Enrolled Agents Small Business Tax Breaks to Be Sent to President (Again) Congress this week approved a package of small business tax breaks and an increase in the minimum wage; both were tagged onto H.R. 2206, a bill funding the Iraq war through September 30, 2007. President […]

IRS Notice 2007-47 – Deductibility of Lodging Expenses

[TaxMama note: This looks like a really important announcement. Especially if it means what I think it means! OK, I am sitting here trying to get my head around this phrase “not incurred in traveling away from home”. And I think I have it finally figured out – but have a call in to IRS […]

$100,000 Low Income Grants

IRS Accepting Applications for Low Income Taxpayer Clinic Matching Grants WASHINGTON — National Taxpayer Advocate Nina E. Olson announced today that the 2008 Low Income Taxpayer Clinic (LITC) grant application process is now open. The LITC grant program is a federal program administered by the Taxpayer Advocate Service, an independent organization within the IRS that […]

Tax Season Sets Records

2007 Tax Season Sets Records for E-file, Direct Deposit, IRS.gov WASHINGTON — The recently completed 2007 tax filing season set a number of electronic records, highlighted by over 76 million electronically-filed individual tax returns and more than 140 million visits to IRS.gov, the Internal Revenue Service said today. “E-file and our other electronic services helped […]

The Tax Custody Issue

Custodial Determination Changes Under Proposed Regulations by David & Mary Mellem, EAs Ashwaubenon Tax Professionals Proposed Regulation §1.152-4 contains changes that will surprise many taxpayers as well as tax professionals. We’ll number the provisions just for simplification. 1) The rules apply when the child’s parents are divorced, legally separated, or live apart at all times […]