Tax Packages Arrive in Mail: The IRS is sending 16.5 million 1040 tax packages to taxpayers this month who have filed paper tax returns in the past. The packages do not include any tax credit forms and certain other forms due to late tax law changes involving the alternative minimum tax (AMT) patch. Copies of these forms are available on IRS.gov.
Get links to fact sheets and more information to help your clients in news release IR-2008-1.
Hybrid Vehicle Update Five 2008 General Motors Corp. vehicles qualify for the Alternative Motor Vehicle Credit. News release IR-2007-210 lists the credit amounts, makes and models. Employment Taxes and Classifying Workers Fact sheet FS-2007-27, the nineteenth in the Tax Gap series, helps business owners better understand their responsibilities regarding employment taxes and classifying workers. Taxpayers Given Greater Control over Information Held by Tax Preparers
The Treasury Department and the IRS released final regulations and a related revenue procedure giving taxpayers greater protection and control over their tax return information held by tax return preparers. They also issued a separate request for public comment on a proposal to restrict the marketing of refund anticipation loans and similar products. Details are in news release IR-2008-2. The Treasury Department and the IRS issued Notice 2008-13 that implements a May 2007 law that expanded the tax return preparer penalty and heightened the standards of conduct that must be met by tax return preparers to avoid that penalty. It also solicits comments from preparers on a planned overhaul of the tax return preparer penalty regime anticipated to be completed by the end of 2008. See news release IR-2007-213.
Treasury, IRS Implement Enhanced Standards of Conduct for Tax Return Preparers; Plan Overhaul of Tax Preparer Regulatory Regime
Proposed Regulations Issued on Pension Protection Act Funding Rules
The Treasury Department and the IRS issued proposed regulations that provide employers sponsoring single-employer defined benefit plans with guidance regarding the measurement of pension assets and liabilities under the new funding rules enacted as part of the Pension Protection Act of 2006. See news release IR-2007-212. The latest volume of the Headliner is now available. Volume 220
Servicewide Approach to International Tax Administration
Latest Internal Revenue Bulletins: Internal Revenue Bulletins
