NJ Sales Tax Holiday
Juan - December 15, 2005
Sales and Use Tax: Internet
18 states are kicking off a sales tax initiative for Internet commerce, balancing the needs of states against the desires of retailers (more)
Juan - December 29, 2005
* * Instructions Available for Form 8901 * * The IRS has posted instructions to Form 8901, Information on Qualifying Children Who Are Not Dependents, on their website at www.irs.gov, Forms and Publications. The form is used for claiming the child tax credit when the qualifying child is not your dependent. There are only two instances when this form is required: 1) if you or your spouse is filing a joint return, and can be claimed as a dependent on another taxpayer’s return; and 2) your qualifying child is married and files a joint return. * * Written Documentation Required for Vehicle Donations * *
The IRS reminds taxpayers that they must obtain a charity’s written acknowledgment of their vehicle donation before they claim a deduction for the donation. For deductions of more than $500, the taxpayer is required to attach the acknowledgment to the taxpayer’s return for the year of the donation.
Questions have arisen as to whether the charity must sell the vehicle in 2005 for the donor to receive a deduction for 2005. The charity does not need to sell the vehicle in 2005. A taxpayer can take a charitable contribution deduction only for the year the vehicle is transferred to the charity, even if the vehicle is not sold by the charity until a later year. Only taxpayers who itemize their deductions can take a charitable contribution deduction. If the taxpayer receives a written acknowledgment after filing the tax return for the year of the donation, the taxpayer may, after receiving the acknowledgment, file an amended return for that year and claim the deduction on the amended return. * * Tax Year 2005 Form 8453 and Form 8453-OL * * The 2005 Form 8453, U.S. Individual Income Tax Declaration for an IRS e-file Return, and the 2005 Form 8453-OL, U.S. Individual Income Tax Declaration for an IRS e-file Online Return, will be processed by the Andover Submission Processing Center or the Austin Submission Processing Center. Do not mail Forms 8453 or 8453-OL for tax year 2005 to any other service center. Additional information will be included in Publication 1345A for tax year 2005.
IRS Tips
FS-2006-7
IRS tips for reconstructing records destroyed in a disaster.
IR-2005-128
Tax Relief Granted for Hurricane Wilma Victims
IR-2005-120
2006 Pension Contribution dollar limitations on benefits and contributions under qualified retirement plans.
IR-2005-63
IRS to Create Efficiencies with Taxpayer Assistance Centers
NJ Tax Changes July, 2006
New tax Law changes beginning July 15, 2006
NJ December 2006 Newsletter
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