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 […]
Category Archives: IRS – Information
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 […]
Today we hear from Dean in Pennsylvania who wants to know, “Has the AMT for 2007 been ‘officially’ lowered by the IRS from $62,550 to $45,000? I can’t find mention of this on IRS website.”
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. […]
Today we hear from Lars in Hawaii who tells us, “I am preparing a 2006 California – CA (540NR) tax return for a client who moved to Hawaii in June 06. This client has two W-2’s. The first six months he lived in CA; the second six months in Hawaii. It would seem that this […]
Today we hear from Christine in PA who throws us this curve ball. She says, “I just saw on the news that the gentleman that caught Barry Bonds 756th home run ball is selling it because he can’t afford the tax bill for just possessing it. I’m not aware of the tax that would be […]
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 […]
Tax Advice for Starting, Operating or Closing a Small Business Courtesy of the Internal Revenue Service To many citizens, running a successful business is part of the American dream. But while they may be experts in their chosen field, few small business owners are tax experts. From starting a new business to operating or even […]
Shades of 1984 and McCarthyism! This new rule is going further than simply holding employers responsible for ensuring that the workers they hire are all legal. That is as it should be. Everyone should take responsibility for their own actions and choices. However, it includes a snitch-factor – encouraging employees to turn others in – […]