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IRS News and Updates

posted (10.01.2007)
The Construction Industry and the Tax Gap
Special Web Section for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many
Allowable Living Expense Redesign Changes to the 2007 ALE Standards
IRS to Launch New National Research Program Study in October
No Change in Interest Rates for the Fourth Quarter, 2007
GAO says 6 in 10 Sole Proprietors Underreport Income

posted (6.05.2007)
The Tax Gap: Reporting Capital Gains
2007 Tax Season Sets Records for E-file, Direct Deposit, IRS.gov
New Electronic Filing Requirement for Small Tax-Exempt Organizations

posted (3.19.2007)
IRS Identifies 40 Frivolous Positions for Taxpayers to Avoid
Reminder: IRS Seeks New Issues for the Industry Issue Resolution Program
Accounting Issue for Automobile Dealers to Be Addressed by IRS Industry Issue Resolution Program
Work Opportunity Tax Credit and Welfare-to-Work Credit Extended
15-Year Depreciation for Qualified Leasehold and Restaurant Improvements Extended
IRS Partners with HUD to Promote Tax Incentives for Economically Distressed Areas
IRS Urges Caution about Internet Sites that Resemble the Official IRS Site
IRS Revises Offer in Compromise Application Form
No Change in Interest Rates for the Second Quarter Of 2007
IRS Extends Attributed Tip Income Program Deadline to June 30
Foreign Financial Accounts Reporting Requirements

posted (2.23.2007)
The Tax Gap New Fact Sheet on Deducting Rent and Lease Expenses
IRS to waive Estimated Tax Penalty for US Citizens or Residents living abroad
Looking for Listed Transactions?
2007 Dirty Dozen Tax Scams
IRS Extends Deadline for Settlement Offered to Certain Foreign Embassy Staff
IRS Offers Opportunity for Employers to Satisfy Tax Obligations of Rank-and-File Employees with Backdated Stock Options
IRS Espanol Updated
Headliner 190: Federal Tax Deposit Coupons
IRS Update - January 2007
IRS Grants Relief for Washington Storm, Flooding Victims - January 2007


The IRS.gov Web site offers Tax Professionals Web pages with quick links to tax information for tax pros. You can find links for information on e-services, Offers in Compromise, Basic Tools for Tax Professionals and more.

IRS Headliners can now be researched by volume and/or topic. Feel free to bookmark this site in your browser.

Department of Justice News Releases can be found on the Department of Justice Web site.

IR 2006-25 lists this year's "Dirty Dozen" tax scams. Be sure to check out the information on refund scams; we've seen several in the area already.

Headliner #145 provides information on the standardized procedures for balance due requests and lien processing. It includes a link to Publication 1450, Instructions on How to Request a Certificate of Release of a Federal Tax Lien.

The Taxpayer Advocate's 2005 Annual Report to Congress is now available.

RECENT TECHNICAL GUIDANCE

Notice 2006-5 provides information to payees/filers who receive payments of interest on qualified education loans who are unable to comply with the reporting requirements for loan origination fees and capitalized interest.

Notice 2006-13 announces that IRS and Treasury intend to issue final regulations regarding dual resident corporations filing relief.

Notice 2006-14 A study of the current §751(b) regulations is being done, and the IRS is requesting comments on considering alternative approaches to achieving the purpose of the statute.

Notice 2006-18 publishes the tentative recomputed differential earnings rate for 2004 used by mutual life insurance companies to compute their income tax liability for 2005.

Notice 2006-15 provides an extension of the safe harbor date that applies to certain charitable remainder annuity trusts or charitable remainder unitrusts.

Notice 2006-13 announces that IRS and Treasury intend to issue final regulations under section 1503(d) to provide that a reasonable cause standard similar to Prop. Treas. Reg. § 1.1503(d)-1(c)(1) will apply to cure all late filings under section 1503(d).