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Newsroom March 4, 2011
IRS Has $1.1 Billion for People Who Have Not Filed a 2007 Income Tax Return
IR-2011-21, Feb. 28, 2011 — Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced today. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011.
IRS Announces New Effort to Help Struggling Taxpayers Get a Fresh Start; Major Changes Made to Lien Process
IR-2011-20, Feb. 24, 2011 — The IRS announced a series of new steps to help people and businesses pay back taxes and avoid tax liens.
Business taxpayers will no longer receive certain tax packages in the mail from the IRS. Most importantly, the Form 941, Employer’s Quarterly Federal Tax Return will no longer be mailed.
The newest release of redesigned taxpayer notices includes 12 tax collection notices featuring the Service’s new design and plain language standards. The redesigned tax delinquent account (TDA) notices present a clear, clean line and use best practices to aid in comprehension and readability. Redesigned TDA notices include CPs 501, 503, 504, 504B, 521, 523, 601, 603, 604, 604B, 621 and 623.
IRS Headliners & Technical Guidance
Headliner Volume 309, Feb 23, 2011
The Internal Revenue Service released the 2011 update to the Allowable Living Expense Standards on March 1.
Revenue Procedure 2011-21 provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2011 and the amount to be included in income by lessees of passenger automobiles first leased during calendar year 2011.
Notice 2011-19 provides guidance regarding when securities of the employer are readily tradable on an established securities market or readily tradable on an established market for purposes of certain provisions of the Internal Revenue Code relating to employer securities held by certain qualified retirement plans.
Notice 2011-18 provides transitional relief from information reporting requirements in section 6045B of the Internal Revenue Code (“Code”) that apply to issuers of stock with respect to organizational actions that affect the basis of the stock.
Notice 2011-14 providing guidance on the federal tax consequences of payments made to or on behalf of financially distressed homeowners under programs established pursuant to the Treasury Department’s Housing Finance Agency Innovative Fund for the Hardest-Hit Housing Markets and the Department of Housing and Urban Development’s Emergency Homeowners’ Loan Program.
- Business Taxes for the Self-Employed: The Basics - March 29, 2011
- Requirements for Federal Tax Return Preparers – March 30, 2011
- EP Technical Guidance - March 4, 2011
- Form 5330 - Completion and Processing Tidbits - March 24, 2011
- Easy, Low Cost Ways to Start Your Small Business Retirement Plan – April 7, 2011
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