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Reminders & Alerts for Income Tax Customers
 
New Form for Misclassified Workers

The Internal Revenue Service has developed a new form for employees who have been misclassified as independent contractors by an employer. Form 8919, Uncollected Social Security and Medicare Tax on Wages, will now be used to figure and report the employee’s share of uncollected social security and Medicare taxes due on their compensation.  In the past, misclassified workers  used Form 4137 to report their share of social security and Medicare taxes. Misclassified workers should no longer use this form. Instead, Form 4137 should now only be used by tipped employees to report social security and Medicare taxes on allocated tips and tips not reported to their employers.

 

 

AMT Patch may delay IRS processing of early filers

The IRS has targeted Feb. 11, as the potential starting date for taxpayers to begin submitting returns which include any of the five AMT-related forms affected by the legislation finalized at the end of December 2007. The February date allows the IRS enough time to update and test its systems to accommodate the AMT changes without major disruptions to other operations related to the tax season.

 

 

The IRS provides tax tips for the current tax filing season.

 

Click here 

Prior Tax Provisions extended through 2007
  • Educator Expenses remain deductible against Adjusted Gross Income (AGI). 
  • Qualified Tuition and Fees deduction
  • Itemized deduction for state and local general sales taxes
  • Election to include non-combat pay in earned income for purposes of figuring the Earned Income Credit (EIC)
  • District of Columbia 1st-time homebuyer's deduction (home must have been purchased before 01.Jan.2008)
STAPLES to Provide Free Copies of Tax Returns on April 15
Business Wire via NewsEdge Corporation:

FRAMINGHAM, Mass.--(BUSINESS WIRE)--February 25, 2008--While electronic filing tax returns can save time and money, it is still important to keep a hard copy of tax documents. To make it easy, on April 15, Staples Copy & Print Centers [NASDAQ: SPLS] nationwide will provide free copies, up to 20 pages, of 2007 tax returns.

 

 

  

 

 

 

 

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This page was last modified on Wednesday, February 27, 2008 05:03:42 PM