News Releases for December 2007


Notice: Historical Content

This is an archival or historical document and may not reflect current law, policies or procedures.

Treasury, IRS Implement Enhanced Standards of Conduct for Tax Return Preparers; Plan Overhaul of Tax Return Preparer Regulatory Regime

IR-2007-213, Dec. 31, 2007 — The Treasury Department and the IRS today issued Notice 2008-13 that implements a May 2007 law that expanded the tax return preparer penalty and heightened the standards of conduct that must be met by tax return preparers in order to avoid that penalty.

IRS, Treasury Issue Additional Proposed Regulations on Pension Protection Act Funding Rules

IR-2007-212, Dec. 28, 2007 — The Treasury Department and the IRS today issued proposed regulations that provide employers sponsoring single-employer defined benefit plans with guidance regarding the measurement of pension assets and liabilities under the new funding rules enacted as part of the Pension Protection Act of 2006.

Treasury, IRS Issue Proposed Regulations for Cash Balance and Other Hybrid Pension Plans

IR-2007-211, Dec. 28, 2007 — The Treasury Department and IRS issued proposed regulations relating to cash balance plans and other hybrid pension plans.

Five 2008 GM Vehicles Certified As Qualified Hybrids

IR-2007-210, Dec. 28, 2007 — The IRS has acknowledged the certification by General Motors Corp. that five of its Model Year 2008 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles.

Filing Season Opens on Time Except for Certain Taxpayers Potentially Affected by AMT Patch

IR-2007-209, Dec. 27, 2007 — The Internal Revenue Service announced today that the upcoming tax season is expected to start on time for everyone except certain taxpayers potentially affected by late enactment of the Alternative Minimum Tax “patch.”

2008 Excise Taxes on Air Transportation

IR-2007-208, Dec. 27, 2007 — The Internal Revenue Service announced the 2008 inflation adjustments to the excise taxes on air transportation.

IRS Picks 10 New Advisory Council Members

IR-2007-207, Dec. 21, 2007 — The Internal Revenue Service announced the selection of 10 new members of the Internal Revenue Service Advisory Council (IRSAC), which provides an organized public forum for IRS officials and representatives of the public to discuss key tax administration issues.

January Tax Talk Today Features Business Filing Season Issues

IR-2007-206, Dec. 21, 2007 — Next Tax Talk Today Show – “Getting Ready for the Filing Season 2008: Part 2 (Businesses)” – will be available Tuesday, Jan. 8, 2008 at 2 p.m.

IRS Debunks Frivolous Tax Arguments 2007

IR-2007-205, Dec. 21, 2007 — The IRS released an updated document discussing and rebutting many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws.

IRS Releases Final 2008 Form 990 for Tax-Exempt Organizations, Adjusts Filing Threshold to Provide Transition Relief

IR-2007-204, Dec. 20, 2007 — The IRS issued an updated version of Form 990, the return that charities and other tax-exempt organizations are required to file annually, and provided transition relief so that small exempt organizations will have time to adjust to the new form.

Misclassified Workers to File New Social Security Tax Form

IR-2007-203, Dec. 20, 2007 — Employees who were misclassified by their employers as independent contractors should use new Form 8919 to figure and report their share of uncollected social security and Medicare taxes.

IRS Works to Quickly, Accurately Implement AMT Patch

IR-2007-202, Dec. 19, 2007 — The Internal Revenue Service announced it will immediately begin the final reprogramming steps for its income-tax processing systems to prepare for the upcoming tax season following final passage of the Alternative Minimum Tax “patch” Wednesday by the House.

Procedure Unveiled for Reporting Violations of the Tax Law, Making Reward Claims

IR-2007-201, Dec. 19, 2007 — The IRS outlined ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed.

IRS Fast Track Settlement Program Expands

IR-2007-200, Dec. 14, 2007— Small Businesses and individuals in more areas can now use the IRS Fast Track Settlement program.

Electronic Tax Advisory Committee Gets New Chairman and Members

IR-2007-199, Dec. 12, 2007 — New members will serve through November 2010.

Certain Payments to Disabled Veterans Ruled Tax-Free; Some May Be Due Refunds

IR-2007-198, Dec. 12, 2007 — Payments under the VA's Compensated Work Therapy (CWT) program are no longer taxable. Disabled veterans who paid tax on these benefits in the past three years can now claim refunds.

IRS Announces Groundbreaking OPR Settlement with Attorneys

IR-2007-197, Dec. 6, 2007 — The IRS Office of Professional Responsibility (OPR) announced today a settlement agreement with Michael C. Ormsby and David O. Thompson, in connection with a $31 million municipal bond issuance involving River Park Square in Spokane, Washington in 1998 handled by the former firm of Preston, Gates & Ellis LLP.

IRS Issues List of Vehicles that Qualify for the Alternative Motor Vehicle Credit

IR-2007-196, Dec. 5, 2007 — The IRS said purchasers of certain large trucks, buses or other heavy vehicles running on alternative fuel can claim a credit of up $32,000, and purchasers of certain large hybrid trucks and other heavy hybrid vehicles can claim a credit of up to $12,000 if they qualify for the Alternative Motor Vehicle Credit.

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