IRS TAX RETURN COPY RATE TO INCREASE

Tax Return Copy Rate to Increase
Washington, D.C. (Oct. 31, 2008) By WebCPA staff

The Internal Revenue Service plans to increase the fee for obtaining an exact copy of a previously filed and processed tax return with all the attachments.
Beginning Nov. 1, the fee will increase to $57 from $39 to reflect better the cost of processing the request. Taxpayers or their designated representatives must still complete and mail the Form 4506, Request for Copy of Tax Return to complete the request. Copies are generally available for returns filed in the current and past six years.

However, the IRS noted that it would still provide a tax return transcript for many returns free of charge. A transcript provides most of the information contained in a tax return and usually includes the information that mortgage companies and other lending institutions require for loan and employment verification purposes.

Taxpayers can obtain transcripts by completing and mailing a Form 4506-T, Request for Transcript of Tax Return, by calling the IRS at (800) 829-1040, visiting a local Taxpayer Assistance Center or going through a tax professional if that person or company prepared their prior-year return. Transcripts represent more than 93 percent of all requests for tax account information, the IRS noted.

2008 Mileage Rate Increases

IRS Increases Mileage Rates
Due to rising gas prices, the mileage rate will increase by eight cents to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008. The new rate for computing deductible medical or moving expenses will also increase by eight cents to 27 cents a mile. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile. See news release IR-2008-82 and Announcement 2008-63.

This means that everyone WHO USES THEIR VEHICLE FOR BUSINESS PURPOSES and takes the standard mileage rate will have to know both their business and total mileage up through June 30, 2008 and then the balance for the rest of the year.

Presidential Candidate Tax Plan Comparison

Oct. 27, 2008 (SmartPros)
— With the 2008 presidential election just over a week away, it's important to be informed and SmartPros has gathered some resources to help you get up to speed on the candidate's tax plans.

http://accounting.smartpros.com/x63583.xml

Undelivered Refunds and Economic Stimulus Payments

Oct. 27, 2008
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Inside This Issue
Undelivered Refunds and Economic Stimulus Payments

1. Undelivered Refunds and Economic Stimulus Payments

The IRS has $266 million in returned checks due to mailing address errors. News release IR-2008-123 has more information, or listen to the audio interview.