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June 18, 2008

Editor's Note

As the IRS struggles to deliver all of the rebate checks in a somewhat timely fashion and to get the right amounts into the right hands, let's not forget all of those taxpayers who filed for extensions this spring. The IRS claims it will send rebate checks within about two weeks of receiving extended 2007 income tax returns, so that should be an excellent impetus to all of your procrastinating clients to get busy and file long before the October 15 deadline. A friendly reminder letter to your extended clients now might keep you from burning the midnight oil come October.

Gail Perry, CPA
Managing Editor
editor@accountingweb.com


Glitches delay payments from IRS
Hundreds of thousands of taxpayers have been waiting longer than expected for their payments from the IRS. Delays affected those who had fees for e-filing or tax preparation deducted from their refund or who obtained a refund anticipation loan.

Some wait for IRS checks; one taxpayer gets two
Tax preparers are warning taxpayers: If you get more than one stimulus check, it's no windfall. You'll get caught if you try to cash it.

IRS improves Online Payment Agreement application
The Internal Revenue Service has introduced several new features to the interactive Online Payment Agreement application which will make it easier for taxpayers and their authorized representatives to make changes to existing installment agreements.
Additional relief granted to owners of houses destroyed by Hurricane Katrina
If Hurricane Katrina destroyed your primary residence, The Internal Revenue Service has again extended the time you have to sell the lot that the house stood on and enjoy more favorable tax benefits.

For most states, stimulus payments will mean added revenue
The economic stimulus payments that taxpayers have received will not be considered taxable income by the Internal Revenue Service but some of this money may end up in the coffers of individual states, which are free to decide how to treat the payments.

IRS ordered to comply with TRAC records request
A U.S. District judge in the state of Washington has ordered that the Internal Revenue Service is to turn over tax data to Transactional Records Access Clearinghouse (TRAC) researcher and co-director Susan Long. Long has been in and out of court with the IRS for decades.

Blog: The 2006 Telephone Tax Rebate....
Did you overlook the 2007 Telephone Tax Rebate when you filed any of your clients' personal or business returns - or your own? About 30% of eligible taxpayers didn't take advantage of this credit. Were your clients among of them?

Read Eva Rosenberg's Talk to TaxMama blog and add your own comments!

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