Tax news March 2007

Tax

Hybrid Car Credits Running on Empty

With Honda reportedly close to selling its 60,000th hybrid car, the credits for purchasing Honda hybrids could soon be cut in half.If Honda hits the IRS threshold before the end of March, the credit will be cut in half beginning July 1, 2007. If it hits the threshold in April, May, or June, the credit will be cut in half beginning October 1, 2007.The credits for purchasing Toyota and Lexus hybrids already have been reduced by half and will be halved again beginning April 1, 2007.
Tax

White Paper: Assessing Your System Risks Before Attackers Do

By Stephen Northcutt, Jerry Shenk, Dave Shackleford,Tim Rosenberg, Raul Siles and Steve ManciniWith multi-tier network architectures, Web services, custom applications, and heterogeneous server platform environments, keeping data and information assets secure is more difficult than ever. Coupled with this added complexity is the fact that criminal organizations have organized their hacking efforts; it is no longer just “script kiddies” trying to break into your network.
Tax

Double-Check Creative, Risky Tax Arguments

Anyone who has ever felt used and abused by the government because they have to fork over hard-earned wages will recognize the protests listed on the IRS document, The Truth about Frivolous Tax Arguments. Just in case you were thinking of challenging Uncle Sam’s authority to impose taxes, you may want to check the results for the many individuals and groups who’ve gone before you in attempting to avoid compliance with federal tax laws, recommends the National Association of Enrolled Agents.
Community News

IRS: Preparers Miss 4.8 Million Phone Refunds

The Internal Revenue Service reports more than 10 million early filers did not request the one-time telephone excise tax refund. And nearly half of those returns — more than 4.8 million — were completed by a tax preparer.In the first release of this year’s weekly filing season statistics, about 30 percent of all taxpayers did not request the telephone tax refund.“Many taxpayers are overlooking this special refund and the chance to get a bigger refund,” IRS Commissioner Mark W. Everson told IRS e-News for Tax Professionals.
Tax

Honda Hybrid Car Credit Update

The Internal Revenue Service announced that purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. Honda sold 12,716 qualifying vehicles to retail dealers in the quarter ending Dec. 31, 2006. This brings the cumulative number of qualified Honda hybrid vehicles sold as of Dec.

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