Table of Contents
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The filing address for certain corporations whose principal business, office, or agency is located in Georgia or Tennessee has changed. See page 3.
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If no tax is due, the late filing penalty for returns required to be filed after 2008 increased to $89 for each month or part of a month (up to 12 months) the return is late or does not include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due. If tax is due, the minimum additional late filing penalty for filing returns after 2008 more than 60 days late increased to $135 or the balance of the tax due on the return, whichever is smaller. See page 5.
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For business start-up and organizational costs paid or incurred after September 8, 2008, a corporation is no longer required to attach a statement to its return or specifically identify the amount deducted as organizational or start-up costs for the election under sections 195(b) or 248(a) to be effective. See page 14.
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The following deductions and credits have been extended.
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The deduction for charitable contributions of certain food inventory.
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The reduction of S corporation stock basis using the adjusted basis, instead of the fair market value, of contributed property.
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The research credit.
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The Indian employment credit.
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The qualified railroad track maintenance credit.
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The energy efficient appliance credit.
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The following credits are new for 2008. For details, see the various credit forms and instructions
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The retention credit and housing credit for affected employers is reported on Form 5884-A, Credits for Affected Midwestern Disaster Area Employers.
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The cellulosic biofuel fuel credit is reported on Form 6478, Alcohol and Cellulosic Biofuel Fuels Credit.
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Holders of new clean energy, Midwestern tax credit, qualified energy conservation, or qualified forestry conservation bonds may be able to claim a credit on Form 8912, Credit to Holders of Tax Credit Bonds.
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The agricultural chemicals security credit is reported on Form 8931, Agricultural Chemicals Security Credit.
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The credit for employer differential wage payments is reported on Form 8932, Credit for Employer Differential Wage Payments.
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The carbon dioxide sequestration credit is reported on Form 8933, Carbon Dioxide Sequestration Credit.
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For information on temporary tax relief for certain taxpayers in Kiowa County, Kansas, and surrounding areas, see Pub. 4492-A, Information for Taxpayers Affected by the May 4, 2007, Kansas Storms and Tornadoes.
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For information on temporary tax relief for certain affected taxpayers in a Midwestern disaster area, see Pub. 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas.
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A new code G was added for box 12 of Schedule K-1 to report certain charitable contributions for which the AGI limitation has been suspended. Use code G to report (a) qualified cash contributions for relief efforts in Midwestern disaster areas and (b) qualified conservation contributions of property used in agriculture or livestock production. See Contributions (100%) (code G) on page 26 for details.
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New codes C and D were added for box 13 of Schedule K-1 to report additional information on the low-income housing credit. The credit attributable to buildings placed in service after 2007 is subject to new limitation rules and must be reported separately on Form 8586, Low-Income Housing Credit.
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The codes used to report the welfare-to-work credit and the new markets credit on Schedule K-1 have changed. These credits are now reported in box 13 using code P.
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Any amounts included in interest income with respect to new clean renewable energy, qualified energy conservation, qualified forestry conservation, or (for bonds issued after October 3, 2008) qualified zone academy bonds is treated as a distribution to shareholders and reported in box 16 of Schedule K-1 using code 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.
To request a direct deposit of the corporation's income tax refund into an account at a U.S. bank or other financial institution, attach Form 8050, Direct Deposit of Corporate Tax Refund. See the instructions for line 27 on page 19.
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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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Tax Map: an electronic research tool and finding aid;
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Tax law frequently asked questions;
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Tax Topics from the IRS telephone response system;
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Internal Revenue Code—Title 26 of the U.S. Code;
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Fill-in, print, and save features for most tax forms;
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Internal Revenue Bulletins;
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Toll-free and email technical support; and
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Two releases during the year.
– The first release will ship early January 2009.
– The final release will ship early March 2009.
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