Honda Compressed Natural Gas Vehicle is Certified for the Qualified Alternative Fuel Motor Vehicle Tax Credit
WASHINGTON — The Internal Revenue Service has acknowledged the certification by American Honda Motor Company, Inc., that its Honda Civic GX Model Year 2008 vehicle meets the requirements of the Qualified Alternative Fuel Motor Vehicle Credit.
The Qualified Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005. To qualify these vehicles can operate only on alternative fuels or mixed fuels (a combination of alternative fuel and petroleum based fuel). The 2008 Honda Civic GX is an alternative fueled vehicle that operates on compressed natural gas. This vehicle should not be confused with hybrid vehicles.
The Qualified Alternative Fuel Motor Vehicle Credit amount for the Honda Civic GX Model Year 2008 is $4,000.
Wednesday, October 31, 2007
IR-2007-180: IRS Seeks Applications for TE/GE Advisory Committee
IRS Seeks Applications for TE/GE Advisory Committee
WASHINGTON – The Internal Revenue Service is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides a venue for public input into critical tax administration areas.
Vacancies exist in the following customer segments:
* Employee Plans – two vacancies
* Exempt Organizations – two vacancies
* Tax Exempt Bonds – one vacancy
* Indian Tribal Governments – one vacancy
* Federal, State and Local Governments – two vacancies.
The ACT is an organized public forum for the IRS and representatives who deal with employee plans, exempt organizations, tax-exempt bonds, and federal, state, local and Indian tribal governments. The ACT allows the IRS to receive regular input on administrative policy and procedures of the Tax Exempt and Government Entities Division.
Members are appointed by the Secretary of the Treasury and serve two-year terms, beginning in June 2008. Applications can be made by letter or by completing an application form, available on the IRS Web site. In either case, applications should reflect the proposed member’s qualifications. A notice published in the Federal Register, dated Oct. 31, 2007, contains more details about the ACT and the application process.
Applications will be accepted through Nov. 30, 2007
Applications should be sent to Steven Pyrek, TE/GE Communications and Liaison Director, Internal Revenue Service, 1111 Constitution Ave., NW – SE:T:CL Penn Bldg., Washington, DC 20224, or by fax to 202-283-9966 (not a toll-free number).
WASHINGTON – The Internal Revenue Service is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides a venue for public input into critical tax administration areas.
Vacancies exist in the following customer segments:
* Employee Plans – two vacancies
* Exempt Organizations – two vacancies
* Tax Exempt Bonds – one vacancy
* Indian Tribal Governments – one vacancy
* Federal, State and Local Governments – two vacancies.
The ACT is an organized public forum for the IRS and representatives who deal with employee plans, exempt organizations, tax-exempt bonds, and federal, state, local and Indian tribal governments. The ACT allows the IRS to receive regular input on administrative policy and procedures of the Tax Exempt and Government Entities Division.
Members are appointed by the Secretary of the Treasury and serve two-year terms, beginning in June 2008. Applications can be made by letter or by completing an application form, available on the IRS Web site. In either case, applications should reflect the proposed member’s qualifications. A notice published in the Federal Register, dated Oct. 31, 2007, contains more details about the ACT and the application process.
Applications will be accepted through Nov. 30, 2007
Applications should be sent to Steven Pyrek, TE/GE Communications and Liaison Director, Internal Revenue Service, 1111 Constitution Ave., NW – SE:T:CL Penn Bldg., Washington, DC 20224, or by fax to 202-283-9966 (not a toll-free number).
IR-2007-179: IRS Tax Talk Today Focuses on Worker Classification
IRS Tax Talk Today Focuses on Worker Classification
WASHINGTON — The IRS’s November 6, 2007 Tax Talk Today Webcast, “What’s Hot in Employment Taxes: Independent Contractor or Employee?”, will focus exclusively on worker classification issues. The program starts at 2 p.m. ET.
A critical issue for all businesses is properly classifying workers as employees or independent contractors.
During the live, one-hour Webcast, a panel of experts will discuss legislative and judicial background and recent changes regarding worker classification, why the worker classification issue is important and what the IRS is doing about it, and what workers who feel they have been misclassified can do to correct their situation.
Tax professionals and business persons who wish to learn about the subject of worker classification are encouraged to watch and submit questions. The live Webcast enables viewers to ask questions via e-mail to the panelists and receive on-air answers.
Panelists will be Mary C. Gorman, Attorney, IRS Counsel; Richard Schampers, Senior Program Analyst, Employment Tax Policy, IRS; Joseph Tiberio, Program Manager, Employment Tax Policy, IRS; Rebecca Wilson, Attorney, IRS Counsel; Michael P. O'Toole, Esq., Senior Director, Publications and Government Relations, American Payroll Association; and F. Gordon Spoor, CPA/PFS, Spoor & Associates, P.A.
To access the Webcast at no charge, viewers can register online at www.TaxTalkToday.tv. Tax professionals in need of continuing education credits (CECs) are eligible to receive one CEC by viewing the November Webcast.
Archived shows are available on the Web site.
Mark your calendars for the Tuesday, December 11, 2007 and Tuesday, January 8, 2008 shows, which focus on “Getting Ready for Filing Season 2008” for individuals and businesses respectively.
October’s show – “The ABC’s of OPR” – is now available to view via archive.
WASHINGTON — The IRS’s November 6, 2007 Tax Talk Today Webcast, “What’s Hot in Employment Taxes: Independent Contractor or Employee?”, will focus exclusively on worker classification issues. The program starts at 2 p.m. ET.
A critical issue for all businesses is properly classifying workers as employees or independent contractors.
During the live, one-hour Webcast, a panel of experts will discuss legislative and judicial background and recent changes regarding worker classification, why the worker classification issue is important and what the IRS is doing about it, and what workers who feel they have been misclassified can do to correct their situation.
Tax professionals and business persons who wish to learn about the subject of worker classification are encouraged to watch and submit questions. The live Webcast enables viewers to ask questions via e-mail to the panelists and receive on-air answers.
Panelists will be Mary C. Gorman, Attorney, IRS Counsel; Richard Schampers, Senior Program Analyst, Employment Tax Policy, IRS; Joseph Tiberio, Program Manager, Employment Tax Policy, IRS; Rebecca Wilson, Attorney, IRS Counsel; Michael P. O'Toole, Esq., Senior Director, Publications and Government Relations, American Payroll Association; and F. Gordon Spoor, CPA/PFS, Spoor & Associates, P.A.
To access the Webcast at no charge, viewers can register online at www.TaxTalkToday.tv. Tax professionals in need of continuing education credits (CECs) are eligible to receive one CEC by viewing the November Webcast.
Archived shows are available on the Web site.
Mark your calendars for the Tuesday, December 11, 2007 and Tuesday, January 8, 2008 shows, which focus on “Getting Ready for Filing Season 2008” for individuals and businesses respectively.
October’s show – “The ABC’s of OPR” – is now available to view via archive.
Tuesday, October 30, 2007
IR-2007-178: IRS Grants Tax Relief for Southern California Wildfire Victims
IRS Grants Tax Relief for Southern California Wildfire Victims
WASHINGTON — The Internal Revenue Service is extending tax return filing and payment deadlines for victims of the severe Southern California wildfires.
Taxpayers in the Presidential Disaster Area –– consisting of Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura counties –– will have until Jan. 31, 2008, to file returns, pay taxes and perform other time-sensitive acts.
The extended deadline applies to items due on or after Oct. 21, 2007, when the fires began, and on or before Jan. 31, 2008. This includes the federal withholding tax return, Form 941, normally due Oct. 31, and the estimated tax payment for the fourth quarter, normally due Jan. 15.
In addition, the IRS is waiving the failure to deposit penalty for employment and excise deposits due on or after Oct. 21, 2007, and on or before Nov. 5, 2007, as long as the deposits are made by Nov. 5, 2007.
If any affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply during the period from Oct. 21, 2007, to Jan. 31, 2008, or Oct. 21, 2007, through Nov. 5, 2007, for failure to deposit penalties. No penalty or interest will be abated for taxpayers that do not have a filing, payment or deposit due date, including an extended filing or payment due date, during this period.
“As California taxpayers start the recovery process, the last thing they should worry about is meeting a tax deadline,” said IRS Acting Commissioner Linda Stiff. “The IRS offers many resources for disaster victims online at IRS.gov, over the phone and in person.”
IRS computer systems automatically identify taxpayers located in the covered disaster area and apply automatic filing and payment relief. Taxpayers within the covered disaster area do not need to identify themselves as affected by the wildfires by writing on their returns or using the disaster designation in their tax software.
Affected taxpayers who reside or have a business located outside the covered disaster area are required to call the IRS disaster hotline at 1-866-562-5227 to identify themselves as eligible for disaster relief.
Casualty Losses
Affected taxpayers in a presidentially declared disaster area also have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. For details on figuring a casualty loss deduction, see IRS Publication 547, “Casualties, Disasters and Thefts.”
Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “California Wildfires” at the top of the form so that the IRS can expedite the processing of the refund.
Related Information
See the local news release for more specific disaster relief provisions -- http://www.irs.gov/newsroom/article/0,,id=175261,00.html
WASHINGTON — The Internal Revenue Service is extending tax return filing and payment deadlines for victims of the severe Southern California wildfires.
Taxpayers in the Presidential Disaster Area –– consisting of Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura counties –– will have until Jan. 31, 2008, to file returns, pay taxes and perform other time-sensitive acts.
The extended deadline applies to items due on or after Oct. 21, 2007, when the fires began, and on or before Jan. 31, 2008. This includes the federal withholding tax return, Form 941, normally due Oct. 31, and the estimated tax payment for the fourth quarter, normally due Jan. 15.
In addition, the IRS is waiving the failure to deposit penalty for employment and excise deposits due on or after Oct. 21, 2007, and on or before Nov. 5, 2007, as long as the deposits are made by Nov. 5, 2007.
If any affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply during the period from Oct. 21, 2007, to Jan. 31, 2008, or Oct. 21, 2007, through Nov. 5, 2007, for failure to deposit penalties. No penalty or interest will be abated for taxpayers that do not have a filing, payment or deposit due date, including an extended filing or payment due date, during this period.
“As California taxpayers start the recovery process, the last thing they should worry about is meeting a tax deadline,” said IRS Acting Commissioner Linda Stiff. “The IRS offers many resources for disaster victims online at IRS.gov, over the phone and in person.”
IRS computer systems automatically identify taxpayers located in the covered disaster area and apply automatic filing and payment relief. Taxpayers within the covered disaster area do not need to identify themselves as affected by the wildfires by writing on their returns or using the disaster designation in their tax software.
Affected taxpayers who reside or have a business located outside the covered disaster area are required to call the IRS disaster hotline at 1-866-562-5227 to identify themselves as eligible for disaster relief.
Casualty Losses
Affected taxpayers in a presidentially declared disaster area also have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. For details on figuring a casualty loss deduction, see IRS Publication 547, “Casualties, Disasters and Thefts.”
Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “California Wildfires” at the top of the form so that the IRS can expedite the processing of the refund.
Related Information
See the local news release for more specific disaster relief provisions -- http://www.irs.gov/newsroom/article/0,,id=175261,00.html
Friday, October 26, 2007
IR-2007-177: IRS and GWU Host 20th Annual International Tax Conference
IRS and GWU Host 20th Annual International Tax Conference
WASHINGTON — Senior law professors from The George Washington University Law School will join with officials from the Treasury Department and IRS as well as officials from the tax authorities of Korea, Mexico and the United Kingdom to discuss significant tax compliance and treaty issues at the 20th Annual Institute on Current Issues in International Taxation.
The two-day program will be held on Dec. 13 and 14, 2007, at the Grand Hyatt Washington Hotel located at 1000 H Street, N.W., Washington, D.C. Those interested in attending can find out more about the topics, speakers and registration from the GWU Law School web site: http://www.law.gwu.edu/ciit.
The program is designed primarily for corporate tax executives responsible for international tax matters, tax counsels of domestic and foreign multinational corporations, lawyers working in the international tax area and accounting firm partners and managers working in the international tax area.
The conference has been arranged to provide opportunities for lively exchanges between members on the panels who represent government, academia and the private sector and to offer question and answer periods with members of the audience. It will include the perennially popular ‘ask the IRS’ session where IRS officials respond to questions from the audience.
The conference is further described in Announcement 2007-100 -- IRS and GWU Host 20th Annual International Tax Conference
WASHINGTON — Senior law professors from The George Washington University Law School will join with officials from the Treasury Department and IRS as well as officials from the tax authorities of Korea, Mexico and the United Kingdom to discuss significant tax compliance and treaty issues at the 20th Annual Institute on Current Issues in International Taxation.
The two-day program will be held on Dec. 13 and 14, 2007, at the Grand Hyatt Washington Hotel located at 1000 H Street, N.W., Washington, D.C. Those interested in attending can find out more about the topics, speakers and registration from the GWU Law School web site: http://www.law.gwu.edu/ciit.
The program is designed primarily for corporate tax executives responsible for international tax matters, tax counsels of domestic and foreign multinational corporations, lawyers working in the international tax area and accounting firm partners and managers working in the international tax area.
The conference has been arranged to provide opportunities for lively exchanges between members on the panels who represent government, academia and the private sector and to offer question and answer periods with members of the audience. It will include the perennially popular ‘ask the IRS’ session where IRS officials respond to questions from the audience.
The conference is further described in Announcement 2007-100.
.
WASHINGTON — Senior law professors from The George Washington University Law School will join with officials from the Treasury Department and IRS as well as officials from the tax authorities of Korea, Mexico and the United Kingdom to discuss significant tax compliance and treaty issues at the 20th Annual Institute on Current Issues in International Taxation.
The two-day program will be held on Dec. 13 and 14, 2007, at the Grand Hyatt Washington Hotel located at 1000 H Street, N.W., Washington, D.C. Those interested in attending can find out more about the topics, speakers and registration from the GWU Law School web site: http://www.law.gwu.edu/ciit.
The program is designed primarily for corporate tax executives responsible for international tax matters, tax counsels of domestic and foreign multinational corporations, lawyers working in the international tax area and accounting firm partners and managers working in the international tax area.
The conference has been arranged to provide opportunities for lively exchanges between members on the panels who represent government, academia and the private sector and to offer question and answer periods with members of the audience. It will include the perennially popular ‘ask the IRS’ session where IRS officials respond to questions from the audience.
The conference is further described in Announcement 2007-100 -- IRS and GWU Host 20th Annual International Tax Conference
WASHINGTON — Senior law professors from The George Washington University Law School will join with officials from the Treasury Department and IRS as well as officials from the tax authorities of Korea, Mexico and the United Kingdom to discuss significant tax compliance and treaty issues at the 20th Annual Institute on Current Issues in International Taxation.
The two-day program will be held on Dec. 13 and 14, 2007, at the Grand Hyatt Washington Hotel located at 1000 H Street, N.W., Washington, D.C. Those interested in attending can find out more about the topics, speakers and registration from the GWU Law School web site: http://www.law.gwu.edu/ciit.
The program is designed primarily for corporate tax executives responsible for international tax matters, tax counsels of domestic and foreign multinational corporations, lawyers working in the international tax area and accounting firm partners and managers working in the international tax area.
The conference has been arranged to provide opportunities for lively exchanges between members on the panels who represent government, academia and the private sector and to offer question and answer periods with members of the audience. It will include the perennially popular ‘ask the IRS’ session where IRS officials respond to questions from the audience.
The conference is further described in Announcement 2007-100.
.
IR-2007-176: IRS to Hold Workshops for Small and Mid-Sized 501(c)(3) Exempt Organizations
IRS TO HOLD WORKSHOPS FOR SMALL AND MID-SIZED 501(C)(3) EXEMPT ORGANIZATIONS
WASHINGTON — The Internal Revenue Service today announced that it is offering one-day workshops for small and mid-sized section 501(c)(3) exempt organizations during fall and winter 2007 and spring 2008.
The workshop is designed for administrators, volunteers or tax practitioners who are responsible for an organization's tax compliance. Each workshop is limited to 200 attendees and will be filled on a first-come, first-served basis. The non-refundable cost is $45 and includes a text and other IRS forms and publications. Pre-registration is required.
The dates and locations for the one-day workshops in 2007 are as follows:
* Salt Lake City, Utah — Nov. 13, 14 and 15
* Columbia, S. C. — Dec. 4, 5 and 6
* Sacramento, Calif. — Dec. 18, 19 and 20
* Arlington, Va. — April 1, 2 and 3
* Austin, Texas — May 6, 7 and 8
* Columbus, Ohio — May 20, 21 and 22
The workshops will explain what 501(c)(3) organizations must do to keep their tax-exempt status and comply with tax obligations. Each workshop will cover the benefits and responsibilities of tax-exempt status and actions that could jeopardize that status; unrelated business income and gaming; employment issues; an explanation of Form 990 and the new "e-Postcard" filing requirement; and required disclosures. Workshop leaders will also discuss how the Pension Protection Act of 2006 affects exempt organizations.
The workshop does not cover how to apply for tax-exempt status or compliance requirements for non-501(c)(3) organizations.
For more information or to register, go to the Charities & Non-Profits page on the IRS Web site at www.irs.gov/eo and click on the “Calendar of Events” link. Information and registration is also available by calling Events by Design, the IRS’ registration services provider, at 1-800-521-3980.
WASHINGTON — The Internal Revenue Service today announced that it is offering one-day workshops for small and mid-sized section 501(c)(3) exempt organizations during fall and winter 2007 and spring 2008.
The workshop is designed for administrators, volunteers or tax practitioners who are responsible for an organization's tax compliance. Each workshop is limited to 200 attendees and will be filled on a first-come, first-served basis. The non-refundable cost is $45 and includes a text and other IRS forms and publications. Pre-registration is required.
The dates and locations for the one-day workshops in 2007 are as follows:
* Salt Lake City, Utah — Nov. 13, 14 and 15
* Columbia, S. C. — Dec. 4, 5 and 6
* Sacramento, Calif. — Dec. 18, 19 and 20
* Arlington, Va. — April 1, 2 and 3
* Austin, Texas — May 6, 7 and 8
* Columbus, Ohio — May 20, 21 and 22
The workshops will explain what 501(c)(3) organizations must do to keep their tax-exempt status and comply with tax obligations. Each workshop will cover the benefits and responsibilities of tax-exempt status and actions that could jeopardize that status; unrelated business income and gaming; employment issues; an explanation of Form 990 and the new "e-Postcard" filing requirement; and required disclosures. Workshop leaders will also discuss how the Pension Protection Act of 2006 affects exempt organizations.
The workshop does not cover how to apply for tax-exempt status or compliance requirements for non-501(c)(3) organizations.
For more information or to register, go to the Charities & Non-Profits page on the IRS Web site at www.irs.gov/eo and click on the “Calendar of Events” link. Information and registration is also available by calling Events by Design, the IRS’ registration services provider, at 1-800-521-3980.
Thursday, October 25, 2007
IR-2007-175: Purchasers of GM Hybrids Still Qualify for Tax Credit
Purchasers of GM Hybrids Still Qualify for Tax Credit
WASHINGTON — The Internal Revenue Service announced that purchasers of qualified General Motors Corp. hybrid vehicles may continue to claim the Alternative Motor Vehicle Credit.
GMC sold 123 qualifying vehicles to retail dealers in the quarter ending Sept 30, 2007. This brings the cumulative number of qualified GM hybrid vehicles sold to 9,577. The credit amount and make and model of qualified vehicles sold are:
* Chevrolet Silverado Hybrid 2WD, Model Years 2006 and 2007 $250
* Chevrolet Silverado Hybrid 4WD, Model Years 2006 and 2007 $650
* GMC Sierra Hybrid 2WD, Model Years 2006 and 2007 $250
* GMC Sierra Hybrid 4WD, Model Years 2006 and 2007 $650
* Saturn Vue Green Line, Model Year 2007 $650
* Saturn Aura Hybrid, Model Year 2007 $1,300
Purchasers of GMC’s qualified vehicles may continue to rely on the certifications concerning the vehicles’ qualification for the credit.
Original owners may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
Related Item: Hybrid Cars and Alternative Fuel Vehicles
WASHINGTON — The Internal Revenue Service announced that purchasers of qualified General Motors Corp. hybrid vehicles may continue to claim the Alternative Motor Vehicle Credit.
GMC sold 123 qualifying vehicles to retail dealers in the quarter ending Sept 30, 2007. This brings the cumulative number of qualified GM hybrid vehicles sold to 9,577. The credit amount and make and model of qualified vehicles sold are:
* Chevrolet Silverado Hybrid 2WD, Model Years 2006 and 2007 $250
* Chevrolet Silverado Hybrid 4WD, Model Years 2006 and 2007 $650
* GMC Sierra Hybrid 2WD, Model Years 2006 and 2007 $250
* GMC Sierra Hybrid 4WD, Model Years 2006 and 2007 $650
* Saturn Vue Green Line, Model Year 2007 $650
* Saturn Aura Hybrid, Model Year 2007 $1,300
Purchasers of GMC’s qualified vehicles may continue to rely on the certifications concerning the vehicles’ qualification for the credit.
Original owners may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
Related Item: Hybrid Cars and Alternative Fuel Vehicles
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