IRS Seeks Comments on Split-Refund Form
The Internal Revenue Service (IRS) has released a draft of http://www.irs.gov/pub/irs-dft/f8888--dft.pdf Form 8888, Direct Deposit of Refund, the new form for taxpayers who opt to split their refunds among accounts, and it is now available for public comment.
Starting in January, taxpayers have more choice and flexibility for direct deposits of their 2006 federal income tax refunds. They can split their refunds among up to three checking or savings accounts and three different financial institutions, using Form 8888. This new option will be available for tax returns filed either electronically or on paper.
Taxpayers can continue to use the direct deposit line on Form 1040 to electronically send their refunds to one checking or savings account. This change will give taxpayers more options for managing their refunds, teamed with the speed and safety of direct deposit.
Tax professionals, taxpayers, and other interested parties have 30 days to make suggestions regarding the form and its instructions. The draft Form 8888 is posted on the IRS web site under the tax professional section. Comments may be submitted electronically to the IRS by selecting http://www.irs.gov/formspubs/page/0,,id=10179,00.html Comments on Draft Forms and Publications.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.