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Taxation Legal News
E-File Returns Running At Record Pace
The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up almost 6 percent from the same period last year.
“Taxpayers can rely on e-file as a safe, accurate way to quickly finish their taxes and get a refund,” said IRS Commissioner Mark W. Everson. “We encourage people to consider e-file and Free File as the tax deadline approaches. For those who haven’t filed, they should make sure to request the telephone excise tax refund if they are eligible.”
According to the new filing season statistics for the week ending March 23, 2007, one of the biggest areas of growth is in returns electronically filed from home. Self-prepared e-filed returns have grown more than 8 percent from last year. E-filed returns from tax professionals have climbed almost 5 percent.
So far this tax filing season, almost 72 percent of all returns have been e-filed, compared to 68 percent for the same period last year. As of last Friday, 29 percent of e-filed returns were filed by people using their home computers, up from 28 percent of e-filed returns for the same period last year. Read more at irs.gov.
Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
These proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Internal Revenue Code. REG-130863-04. Published August 17, 2004.
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2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for ... Read more >
Definition:
For 2004, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck is increased to 37.5 cents a mile for all business miles.
Subchapter S
Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
Limited Liability Company
Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.
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