Fact Sheets 2007 | |
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Employment Taxes and Classifying Workers FS-2007-27, December 2007 - Being an employer carries important responsibilities. Critical issues include making sure all workers are properly classified as employees or independent contractors and making sure taxes are withheld and paid in a timely way. Reporting Miscellaneous Income FS-2007-26, November 2007 While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income. Information on the Questionable Employment Tax Practices Memorandum of Understanding FS-2007-25, November 2007 -- This fact sheet provides information about agreements between the IRS and more than two dozen state workforce agencies regarding the sharing of employment tax examination results. Tax Tips for Direct Sellers FS-2007-24, October 2007 — Some people’s income is based on their sales and not on the number of hours they work. They are known as direct sellers. Sometimes there is confusion regarding the special set of tax rules that applies to direct sellers. Reporting Auction Income and the Tax Gap FS-2007-23, September 2007 — This fact sheet identifies reportable income and possible deductions. The Construction Industry and the Tax Gap FS-2007-22, August 2007 - Not reporting or under-reporting business income, including income from construction activities, contributes to the tax gap. Rental Property and the Tax Gap FS-2007-21, July 2007 — Not reporting or under-reporting rental income contributes to the tax gap. Reporting Farm Income and Expenses FS-2007-20, June 2007 — Livestock, produce and grain sales are common sources of farm income. Reporting Capital Gains FS-2007-19, May 2007 — You have a capital gain if you sell the asset for more than your basis. Business or Hobby? Answer Has Implications for Deductions FS-2007-18, April 2007 — The IRS generally presumes an activity is carried on for profit if it makes a profit during at least three of the last five tax years. Deducting “Other” Business Expenses FS-2007-17, March 2007 — Amortization of certain costs, bad debts, business start-up costs, GO Zone costs are among "other" expenses. Revisions to Form 656, Offer in Compromise FS-2007-16, March 2007 — The IRS announces the release of Form 656, Offer in Compromise, revised February 2007. Foreign Financial Accounts Reporting Requirements FS-2007-15, February 2007 — Foreign account owners may have to report their accounts to the government, even if the accounts do not generate any taxable income. Deducting Rent and Lease Expenses FS-2007-14, February 2007 — They account for part of the overstated adjustments, deductions, exemptions and credits that add up to $30 billion per year in unpaid taxes. Eligibility Rules Outlined for EITC FS-2007-13, February 2007 — Eligible taxpayers should claim the Earned Income Tax Credit; find out more about the eligibility requirements. Tax Return Preparer Fraud FS-2007-12, January 2007 — Taxpayers should use caution when engaging professional tax return preparers and learn the warning signs of potential fraud. Electronic Payment Options for 2007 FS-2007-11, January 2007 — Taxpayer have a variety of electronic means to pay their taxes in 2007. Deducting Travel, Entertainment and Gift Expenses FS-2007-10, January 2007 — In general, taxpayers may deduct ordinary and necessary business-related expenses. Credit Available for Taxpayers Who Purchased or Leased Hybrid Vehicles In 2006 FS-2007-9, January 2007 — Taxpayers who purchased or leased any of 44 different models of hybrid vehicles in 2006 may be entitled to a tax credit on their 2006 returns worth as much as $3,150 for the most fuel-efficient models. 2007 IRS E-File FS-2007-8, January 2007 — Find out all the options available to taxpayers who file their returns electronically in 2007. Tax Packages for the 2007 Filing Season FS-2007-7, January 2007 — Tax packages are in the mail. Free Tax Help Available FS-2007-6, January 2007 — Taxpayers who need free assistance from the IRS have several options available to them. Taxpayers Have More Direct Deposit Options for Their 2006 Refunds FS-2007-5, January 2007 — For the first time, taxpayers will be able to have their refunds split and directly deposited to up to three separate financial accounts. Special Steps Needed for Paper 1040 Filers to Claim Late Tax Changes FS-2007-4, January 2007 — Because of late tax legislation, taxpayers will have to follow special instructions when using the major tax forms while claiming certain deductions. Recently Enacted Tax Law Extends State Sales Tax Deduction FS-2007-3, January 2007 — Taxpayers who itemize on their tax return may choose to deduct state and local sales taxes instead of state and local income taxes this year and next. Highlights of 2006 Tax Law Changes FS-2007-2, January 2007 — Taxpayers will find new credits, incentives for saving and special rules for charitable donations this year. One-Time Tax Refund Available to Long-Distance Telephone Customers FS-2007-1, January 2007 — Individuals, businesses and tax-exempt organizations can request the refund as a credit on their 2006 tax return. 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. |
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Page Last Reviewed or Updated: January 16, 2008