Table of Contents
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The extraterritorial income exclusion generally does not apply to transactions that begin in 2007. However, income from certain long-term sales and leases may still be eligible for the exclusion. See the Instructions for Form 8873 for details.
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A corporation that is a policyholder owning one or more employer-owned life insurance contracts issued after August 17, 2006, must file new Form 8925, Report of Employer-Owned Life Insurance Contracts.
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Corporations that do not file a Schedule M-3 (Form 1120-PC) with the Form 1120-PC must attach a schedule that reconciles the NAIC Annual Statement with the Form 1120-PC. See Statements on page 3 for more information.
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The election to deduct GO Zone clean-up costs does not apply to costs paid or incurred after December 31, 2007.
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Certain non-life insurance companies that were in a receivership, liquidation, or similar proceeding under the supervision of a state court on April 1, 2004, have until December 31, 2007, to qualify for tax-exempt status under section 501(c)(15). See section 501(c)(15) of the Internal Revenue Code and the transition rules in section 206 of P.L. 108-218 for more information.
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Temporary regulations, effective December 26, 2007, related to component members of a controlled group of corporations and consolidated groups filing life-nonlife income tax returns, are published in Treasury Decision (T.D.) 9369. For more information, see Temporary Regulations sections 1.1561-2T, 1.1563-1T, and 1.1502-47T.
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Final regulations (T.D. 9377), effective January 23, 2008, provide guidance on (a) determining the adjusted basis of amortizable section 197 intangibles for certain insurance contracts, (b) reserve increases after a deemed asset sale under section 338, and (c) the effect of a section 338 election on an insurance company's election, under section 846(e), to use its historical loss payment pattern to discount some unpaid losses. For more information, see T.D. 9377 and Regulations sections 1.197-2(g)(5)(ii), 1.338-11, and 1.846-2(d).
The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.
If the corporation has attempted to deal with an IRS problem unsuccessfully, it should contact the Taxpayer Advocate. The Taxpayer Advocate independently represents the corporation's interests and concerns within the IRS by protecting its rights and resolving problems that have not been fixed through normal channels.
While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that the corporation's case is given a complete and impartial review.
The corporation's assigned personal advocate will listen to its point of view and will work with the corporation to address its concerns. The corporation can expect the advocate to provide:
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An impartial and independent look at your problem,
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Timely acknowledgment,
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The name and phone number of the individual assigned to its case,
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Updates on progress,
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Time frames for action,
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Speedy resolution, and
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Courteous service.
When contacting the Taxpayer Advocate, the corporation should be prepared to provide the following information.
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The corporation's name, address, and employer identification number.
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The name and telephone number of an authorized contact person and the hours he or she can be reached.
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The type of tax return and year(s) involved.
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A detailed description of the problem.
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Previous attempts to solve the problem and the office that was contacted.
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A description of the hardship the corporation is facing and supporting documentation (if applicable).
The corporation can contact a Taxpayer Advocate as follows.
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Call the Taxpayer Advocate's toll-free number: 1-877-777-4778.
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Call, write, or fax the Taxpayer Advocate office in its area (see Pub. 1546 for addresses and phone numbers).
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TTY/TDD help is available by calling 1-800-829-4059.
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Visit the website at www.irs.gov/advocate.
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Download forms, instructions, and publications;
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Order IRS products online;
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Research your tax questions online;
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Search publications online by topic or keyword; and
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Sign up to receive local and national tax news by email.
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Current year forms, instructions, and publications;
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Prior year forms, instructions, and publications;
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Bonus: Historical Tax Products DVD - Ships with the final release;
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Tax Map: an electronic research tool and finding aid;
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Tax law frequently asked questions (FAQs);
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Tax Topics from the IRS telephone response system;
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Fill-in, print and save features for most tax forms;
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Internal Revenue Bulletins; and
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Toll-free and email technical support.
Now more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make taxes easier.
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You can e-file your Form 7004; Form 940 and 941 employment tax returns; Form 1099 and other information returns. Visit www.irs.gov/efile for details.
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You can pay taxes online or by phone using the free Electronic Federal Tax Payment System (EFTPS). Visit www.eftps.gov or call 1-800-555-4477 for details.
Use these electronic options to make filing and paying taxes easier.
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