Orange County Tax Preparation Services | Preparacion de Impuestos

You are here: Home arrow News
  • Decrease font size
  • Default font size
  • Increase font size
News
IRS Picks 10 New Advisory Council Members PDF Print E-mail
IR-2007-207, Dec. 21, 2007

WASHINGTON — The Internal Revenue Service announced the selection of 10 new members of the Internal Revenue Service Advisory Council (IRSAC), which provides an organized public forum for IRS officials and representatives of the public to discuss key tax administration issues.

Members are picked to represent the taxpaying public, tax professionals, small and large businesses, state tax administrations, and the payroll community. IRSAC was established in 1953 and provides the IRS Commissioner and division heads with important feedback, observations and suggestions.
Read more...
 
2008 Excise Taxes on Air Transportation PDF Print E-mail

IR-2007-208, Dec. 27, 2007

 

WASHINGTON — Today the Internal Revenue Service announced the 2008 inflation adjustments to the excise taxes on air transportation.

Excise taxes apply to the domestic segments of taxable air transportation and to the use of international air facilities. The Consolidated Appropriations Act, 2008, signed into law on Dec. 26, 2007, extends these excise taxes to air transportation that begins or is paid for no later than Feb. 29, 2008.

Read more...
 
Hybrid Cars and Alternative Fuel Vehicles PDF Print E-mail
Vehicles Purchased or Placed in Service

The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer’s tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006.

The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.

Hybrid vehicles have drive trains powered by both an internal combustion engine and a rechargeable battery. Many currently available hybrid vehicles may qualify for the tax credit.

These models have been certified for the credit in the following amounts:

† This reflects a decrease in the credit amount as of Oct. 1, 2006, due to the manufacturers meeting quarterly sales of 60,000 qualified hybrid cars — See Quarterly Sales, below.

†† This credit amount does not phase out. The full amount of the altenative fuel vehicle credit would be available for vehicles purchased on or before December 31, 2010. 

Read more...