Fact Sheets 2008
Tax Law Changes Related to Midwestern Disaster Areas
FS-2008-27, December 2008 — Guidance applies to individual situations, retirement funds and charitable contributions.
IRS Reminder: Make Use of Recent Tax Law Changes for 2008 and Dec. 31 Is the Last Day for Most of These Actions
FS-2008-26, December 2008 — The IRS offers end-of-year tax planning tips to consider.
Wage Compensation for S Corporation Officers
FS-2008-25, August 2008 — This fact sheet clarifies information that small business taxpayers should understand regarding the tax law for corporate officers who perform services.
Avoiding Incorrect Self-Employed Retirement Deductions
FS-2008-24, July 2008 — Retirement plans are not just for big businesses. They are also available for sole proprietorships. If you are self-employed small business owner, you can set up a qualified retirement plan for yourself and your employees.
Is Your Hobby a For-Profit Endeavor?
FS-2008-23, June 2008 — IRS reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit or as a hobby.
Choosing a Business Structure
FS-2008-22, May 2008 — Choosing the right legal structure for your businss is vital because it may affect your tax bill , among other things.
Business Provisions of the Economic Stimulus Act of 2008
FS-2008-21, June 2008 — The tax breaks for business in the 2008 Economic Stimulus Act are not automatic; businesses must act soon to get the full advantage.
Tax Challenges of Business Income
FS-2008-20, April 2008 — IRS research shows that much of the tax gap results from under reporting of small business income.
Avoiding Penalties and the Tax Gap
FS-2008-19, March 2008 — The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion.
Like-Kind Exchanges Under IRC Code Section 1031
FS-2008-18, February 2008 — How a business can defer reporting and paying tax on a capital gain by reinvesting the proceeds in property similar to what the business- sold.
Low-Income Individuals with No Filing Obligations May Still Qualify for Economic Stimulus Payments
FS-2008-17, March 2008 — Low-income individuals must file a simple 2007 federal income tax return showing at least $3,000 in qualifying income.
Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans’ Benefits
FS-2008-16, February 2008 — Some low-income workers and recipients of Social Security, certain veterans’ benefits and certain Railroad Retirement benefits may qualify for economic stimulus payments this year from the federal government.
Facts about the 2008 Stimulus Payments
FS-2008-15, February 2008 — Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.
Examination and Compliance Check Processes For Exempt Organizations
FS-2008-14, February 2008 — The IRS has a variety of tools at its disposal to make certain that tax-exempt organizations comply with federal law designed to ensure they are entitled to any tax exemption they may claim.
IRS Complaint Process For Tax Exempt Organizations
FS-2008-13, February 2008 — The IRS gives serious consideration to complaints made alleging the abuse of the tax exempt status granted to certain organizations.
Help Yourself by Filing Past-Due Tax Returns
FS-2008-12, January 2008 — Better understand the importance of filing past-due returns.
Eligibility Rules Outlined for EITC
FS-2008-11, January 2008 — The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes.
Tax Return Preparer Fraud
FS-2008-10, January 2008 — Get hints from IRS on how to choose a reputable tax preparer.
Identity Theft E-mail Scams a Growing Problem
FS-2008-9, January 2008 — The aim of an identity theft or "phishing" scam is to steal a victim's financial resources.
Credit Available for Taxpayers Who Purchased or Leased a Wide Range of Hybrid Models In 2007
FS-2008-8, January 2008 — Credit is available for vehicles put into service in 2007.
IRS Offers Free Tax Help
FS-2008-7, January 2008 — Get assistance through IRS.gov, over the phone or in person.
Electronic Payment Options for 2008
FS-2008-6, January 2008 — Pay by free electronic funds withdrawal, by credit card or sign up for EFTPS.
Divide and Prosper: Refund Splitting Creates Asset Building Opportunities for Direct Deposit Filers
FS-2008-5, January 2008 — Taxpayers can designate up to three bank, fund, brokerage or credit union accounts for their refunds.
2008 IRS E-File
FS-2008-4, January 2008 — Why more than 80 million will choose e-file this year.
New Electronic Signature Requirement for Tax Practitioners
FS-2008-3, January 2008 — Preparers can use either a Self-Select PIN or a Practitioner PIN.
Don’t Overlook These Valuable Tax Credits
FS-2008-2, January 2008 — Taxpayers may qualify for the Earned Income Tax Credit, Child Tax Credit, Saver's Credit or others.
Highlights of 2007 Tax Changes: Law Raises AMT Exemption, Filers of Five Forms Must Wait Until Feb. 11
FS-2008-1, January 2008 — Important information on the AMT, extender tax breaks, IRA contribution limits and more.
News Release and Fact Sheet Archive
News releases and fact sheets from November 2002 forward and an archive of news releases and fact sheets in PDF format back to 1997.