Fact Sheets 2006


Notice: Historical Content

This is an archival or historical document and may not reflect current law, policies or procedures.

Deducting Business Supply Expenses

FS-2006-28, December 2006 — The seventh in a series, this fact sheet addresses business supply expense deductions.

Depreciation Reminders

FS-2006-27, November 2006 — This fact sheet, the sixth in a series, explains the rules pertaining to depreciation.

Car and Truck Expense Deduction Reminders

FS-2006-26, October 2006 — This fact sheet explains the rules for deducting car and truck expenses.

Home Office Deduction Reminders

FS-2006-25, September 2006 — This fact sheet, the fourth in a series, explains the rules for deducting home office expenses.

Third-Party Reporting Reminders

FS-2006-24, August 2006—This fact sheet, the third in a series, explains the rules pertaining to third-party payer reporting of income.

Cost of Goods Sold and the Tax Gap

FS-2006-23, July 2006—This fact sheet, the second in a series on the tax gap, explains to taxpayers how to compute Cost of Goods Sold.

Revamped Offer in Compromise Program Plays New Role in Collection Process

FS-2006-22, July 2006 — Effective July 16, 2006, a new federal law will change the way the offer in compromise (OIC) program operates and its role in the Internal Revenue Service collection process.

IRS Reminds Businesses to Classify Workers Correctly

FS-2006-21, June 2006 — Businesses must correctly determine whether workers are employees or independent contractors.

Business Income and the Tax Gap

FS-2006-20, June 2006 — The first in a series on the tax gap, this fact sheet addresses gross income for small businesses and the self-employed.

IRS Encourages Taxpayers to Safeguard Financial and Tax Records During Hurricane Preparedness Week

FS-2006-19, May 2006 — With the approach of hurricane season, the Internal Revenue Service encourages taxpayers to safeguard their records as part of National Hurricane Preparedness Week.

Safeguards Included in Private Debt Collection Initiative

FS-2006-18, March 2006 — IRS has put taxpayer protections in place.

Election Year Activities and the Prohibition on Political Campaign Intervention for Section 501(c)(3) Organizations

FS-2006-17, February 2006 — The IRS is releasing this fact sheet to provide information to help section 501(c)(3) organizations stay in compliance with the federal tax law.

Tax Return Preparer Fraud

FS-2006-16, February 2006 — The IRS issues hints for taxpayers on how to distinguish between reputable and possibly fraudulent tax return preparers.

Do You Qualify for the Earned Income Tax Credit?

FS-2006-15, January 2006 — Learn about the special features and new rules regarding the Earned Income Tax Credit.

Highlights of the Energy Policy Act of 2005 for Individuals

FS-2006-14, Jan. 2006 — New tax law provides credits for energy efficient improvements to homes and the purchasing and leasing of hybrid and certain other vehicles.

Tax Law Changes Affecting Businesses in the Gulf Region

FS-2006-13, January 2006 — Businesses affected by Hurricanes Katrina, Rita and Wilma should be aware of recent tax law changes that may benefit them.

Tax Law Changes Related to Hurricanes Katrina, Rita and Wilma

FS-2006-12, January 2006 — Tax laws written at the end of 2005 provide tax breaks for those affected by Hurricanes Katrina, Rita and Wilma.

The Collection Process

FS-2006-11, January 2006 — Collection proceedings may be started against taxpayers who do not pay the taxes they owe.

The Examination (Audit) Process

FS-2006-10, January 2006 — The IRS selects tax returns to examine (audit) to verify that the tax reported on the return is correct.

Taxpayers Can Claim General Sales Taxes Instead of Income Taxes as Itemized Deduction

FS-2006-9, January 2006 — Taxpayers who itemize their deductions can claim either state and local income taxes or state and local general sales taxes.

Substitute Forms W-2 for Hurricane Victims

FS-2006-8, January 2006 — Hurricane victims who have difficulty obtaining their Form W-2 or other information documents have options available to them.

Reconstructing Your Records

FS-2006-7, January 2006 — The IRS has helpful tips on how to reconstruct tax and financial records that were destroyed in a disaster

IRS Offers Filing Season Assistance to Hurricane Victims

FS-2006-6, January 2006 — Hurricane victims have a special toll-free number to call in addition to other resources.

Electronic Payment Options for 2006

FS-2006-5, January 2006 — Taxpayers have several electronic filing and payment options to choose from.

2006 IRS E-file

FS-2006-4, January 2006 — There are many good reasons for, and numerous options available to, taxpayers for electronically filing their tax returns.

Tax Packages for the 2006 Filing Season

FS-2006-3, January 2006 — This filing season, the IRS is sending taxpayers tax packages, computer filing post cards, brochures on electronic filing and Form 1040-V payment vouchers.

Free Tax Help Available

FS-2006-2, January 2006 — The IRS offers free assistance to taxpayers through a variety of means.

Highlights of 2005 Tax Law Changes

FS-2006-1, January 2006 — Changes made to the tax law in 2005 may affect your tax situation.

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