IRS Digital Dispatch Nov. 19, 2004
In this Issue: 1. Enforcement Revenue Reaches Record in 2004 2. Treasury and IRS Issue Indexed Amounts for Health Savings Accounts 3. IRS Sets Standard Mileage Rated for 2005 4. $73 Million in Refund Checks Go Undelivered 5. Treasury and IRS Issue Guidance on New Requirements for Disclosing Reportable Transactions 6. Recent Technical Guidance * * * * * 1. Enforcement Revenue Reaches Record in 2004 Commissioner briefed the news media about enforcement progress, need to increase 2005 funding. For complete remarks and supporting tables see: http://www.irs.gov/newsroom/article/0,,id=131282,00.html 2. Treasury and IRS Issue Indexed Amounts for Health Savings Accounts The Treasury Department and IRS today issued new guidance on the maximum contribution levels for Health Savings Accounts (HSAs) and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that must be used in conjunction with HSAs. These amounts have been indexed for cost-of-living adjustments for 2005 and are included in Revenue Procedure 2004-71. For more about Health Savings Accounts and the other items included in this guidance, such as the Tax Year 2005 tax rate schedules, standard deductions, and other indexed items see: http://www.irs.gov/pub/irs-drop/rp-04-71.pdf 3. IRS Sets Standard Mileage Rated for 2005 The Internal Revenue Service today released the optional standard mileage rates to use for 2005 in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. For businesses, the rate increases a record 3 cents. See: http://www.irs.gov/newsroom/article/0,,id=131232,00.html 4. $73 Million in Refund Checks Go Undelivered The Internal Revenue Service is looking for 87,485 taxpayers whose income tax refund checks could not be delivered. Checks totaling more than $73 million can be reissued as soon as taxpayers correct or update their addresses with the IRS. See: http://www.irs.gov/newsroom/article/0,,id=131152,00.html 5. Treasury and IRS Issue Guidance on New Requirements for Disclosing Reportable Transactions The Treasury Department and the Internal Revenue Service today issued interim guidance reflecting changes to the requirements for disclosure of reportable transactions by taxpayers and material advisors made by the newly enacted American Jobs Creation Act of 2004. See: http://www.irs.gov/newsroom/article/0,,id=131368,00.html 6. Recent Technical Guidance Notice 2004-79 provides guidance regarding the effect of the Working Families Tax Relief Act of 2004 on the definition of dependent that applies to Sec. 106 of the Internal Revenue Code. See: http://www.irs.gov/pub/irs-drop/n-04-79.pdf Revenue Procedures 2004-69 and 2004-70, set forth various factors to be used by property and casualty insurance companies in discounting unpaid losses and in discounting estimated salvage recoverables. See: http://www.irs.gov/pub/irs-drop/rp-04-69.pdf and http://www.irs.gov/pub/irs-drop/rp-04-70.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'.
