IRS Digital Dispatch Oct. 15, 2004
In this Issue: 1. Oct. 19 Tax Talk Today Program Focuses on e-file and e-pay for Business Clients 2. Educators Should Save Receipts for Reinstated Deduction 3. 2005 Toyota Prius Certified for Clean-Fuel Deduction; New Law Restores Full Deduction Amount for 2004 and 2005 4. Filing Deadlines Near for Section 527 Political Organizations 5. IRS and Virgin Islands Announce Partnership 6. Recent Technical Guidance Recent Technical Guidance * * * * * 1. October 19 Tax Talk Today Focuses on e-file and e-pay for Business Clients Practitioners can now electronically file corporate returns for their business clients. Since its introduction in 2004, more than 40,000 Forms 1120, U.S. Corporate Income Tax Return, have been e-filed. The October 19 Tax Talk Today webcast will discuss the significant advantages e-filing corporate returns has for the tax professional. It provides real time processing of acknowledgements and streamlined error detection. The show will also focus on e-payment as an option for your clients and the FTD Penalty Rebate program. This program will also update the IRS e-services as well as the status of federal and state e-file programs. The live webcast will be Tuesday, October 19, 2004 from 2 to 3 p.m. ET. This show is for tax professionals who prepare a full range of tax returns, including corporate returns. See:http://www.taxtalktoday.org/ for additional information on the resource page. 2. Educators Should Save Receipts for Reinstated Deduction The Internal Revenue Service today advised teachers and other educators to save their receipts for books and other classroom supplies. They will be able to deduct up to $250 of such expenses again this year, following recently-enacted legislation. See: http://www.irs.gov/newsroom/article/0,,id=130137,00.html 3. 2005 Toyota Prius Certified for Clean-Fuel Deduction; New Law Restores Full Deduction Amount for 2004 and 2005 The Internal Revenue Service has certified the Toyota Prius for model year 2005 as being eligible for the clean-burning fuel deduction. The certification means taxpayers who purchase this vehicle new may claim a tax deduction of $2,000 on Form 1040. See: http://www.irs.gov/newsroom/article/0,,id=130146,00.html 4. Filing Deadlines Near for Section 527 Political Organizations The Internal Revenue Service today reminded tax-exempt political organizations that filing deadlines are approaching for disclosure statements prior to the Nov. 2 election date. Information on 2004 political contributions and expenditures will be available for public inspection on the IRS website. See: http://www.irs.gov/newsroom/article/0,,id=130147,00.html 5. IRS and Virgin Islands Announce Partnership Internal Revenue Service and Virgin Islands Bureau of Internal Revenue (VI BIR) tax officials today announced the establishment of a new partnership to work together on common tax enforcement issues. The Virgin Islands joins 48 states, the District of Columbia and New York City on the list of tax agencies that have signed partnership agreements with the IRS. See: http://www.irs.gov/newsroom/article/0,,id=130141,00.html 6. Recent Technical Guidance Notice 2004-68 announces that IRS and Treasury will amend the check-the-box regulations to add the European Societas Europaea to the per se corporations list effective October 8, 2004, and add certain other foreign entities to the per se corporations list effective October 7, 2004. See: http://www.irs.gov/pub/irs-drop/n-04-68.pdf Notice 2004-69 contains the corporate bond weighted average interest rate update for purposes of IRC 412(b)(5)(B)(ii)(II) and the interest rate on 30-year Treasury securities under IRC 417(e)(3)(A)(ii)(II) for plan years beginning in October 2004. See: http://www.irs.gov/pub/irs-drop/n-04-69.pdf Notice 2004-70 provides guidance regarding the extent to which distributions, inclusions and other amounts received by, or included in the income of, individual shareholders as ordinary income from foreign corporations subject to certain anti-deferral regimes may be treated as qualified dividend income for purposes of section 1(h)(11) of the Internal Revenue Code (Code). See: http://www.irs.gov/pub/irs-drop/n-04-70.pdf Revenue Procedure 2004-60 provides the annual update on per diem allowances and methods used to compute deductions for business travel. See: http://www.irs.gov/pub/irs-drop/rp-04-60.pdf Revenue Procedure 2004-61, provides for the allocation of the national limitation for qualified zone academy bonds among the States, the District of Columbia and the possessions of the United States. See: http://www.irs.gov/pub/irs-drop/rp-04-61.pdf * * * * * --- If you know someone who might want to subscribe to this mailing list, please forward this message to them and they can send a blank e-mail to mailto:[EMAIL PROTECTED] in order to subscribe. --- This message was distributed automatically from the mailing list digitaldispatch. PLEASE DO NOT REPLY TO THIS MESSAGE. To unsubscribe from this list, send a blank email to mailto:[EMAIL PROTECTED] --- To subscribe to or unsubscribe from another list, please go to http://www.irs.gov/newsroom/index.html and click on 'e-News Subscriptions'.
