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1. Filing
Season Statistics
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Get
the latest stats in news release IR-2007-85.
In addition, find out about alternative payment
options taxpayers may consider if they owe taxes.
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2. File
Extension Requests By April 17 Filing Deadline
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Taxpayers
who need additional time to complete their tax
returns can submit their request for an automatic
extension by April 17. The extension gives
taxpayers until October 15 to file the tax return.
It does not give the taxpayer an extension of time
to pay. Use Form
4868 to request an extension to file.
Taxpayers who e-file requests will receive a
confirmation.
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3. IRS
Reminds Partnerships to Use Modernized e-File to File by
April 17
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The
IRS reminds certain partnerships with more than
100 partners to use Modernized
e-File to file their Form 1065, U.S.
Return of Partnership Income, or Form 1065B, U.S.
Return of Income of Electing Large Partnerships,
or to file for an extension by the April 17 filing
deadline.
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4. IRS
Completes Taxpayer Assistance Blueprint
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The
Taxpayer Assistance Blueprint submitted to
Congress is the joint response of the IRS, the IRS
Oversight Board and the National Taxpayer Advocate
to a congressional mandate for the development of
a five-year plan for the delivery of taxpayer
service. It represents the most extensive IRS
research ever conducted into the needs,
preferences and behaviors of taxpayers and
partners who assist them in complying with the tax
laws, such as volunteer and paid tax return
preparers. See news release IR-2007-84
for more info and a link to the Blueprint.
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5. New
Publications from the IRS
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Publication
4588, Basic Tax for Green Card Holders
Guide, addresses the tax issues of resident
aliens (Green Card Holders).
Publication
4591, Small Business Federal Tax
Responsibilities, is a one-stop resource for
small businesses and the self-employed. It
provides important Web links and other resources
to help small business owners understand their tax
responsibilities.
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6. New
Electronic Filing Requirement for Small Tax-Exempt
Organizations
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Beginning
in 2008, small tax-exempt organizations that
previously were not required to file returns may
be required to file an annual electronic notice
Form 990-N (e-Postcard). For more information, go
to IRS.gov.
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7. Department of Justice
(DOJ) Tax Cases
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8. Technical
Guidance
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Notice
2007-34 sets forth guidance regarding the
application of section 409A to split-dollar life
insurance arrangements. The notice addresses the
identification of the types of arrangements
subject to section 409A, including the application
of the statutory effective date rules under
section 409A. It also includes guidance on
bringing such arrangements into compliance with
section 409A, and provides certain related relief
under the effective date provisions of the
regulations under section 61 and section 7875
addressing split-dollar life insurance
arrangements. It will be in IRB 2007-17 dated
April 23, 2007.
Revenue
Procedure 2007-30 provides (1) limitations on
depreciation deductions for owners of cars,
trucks, and vans first placed in service by the
taxpayer during calendar year 2007; and (2) the
amounts to be included in income by lessees of
cars, trucks, and vans first leased by the
taxpayer during calendar year 2007. It will be in
IRB 2007-18 dated April 30, 2007.
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