FICPA: IRS Tax News
Recent articles pertaining to IRS updates and information.

• IRS Fast Track Settlement Program Expands
  WASHINGTON — The Internal Revenue Service today announced it is expanding the number of test areas for the Fast Track Settlement program for taxpayers under examination by the Small Business/Self-Employed Division.
• IRS Delays for One Year Effective Date of 409A Regulations
  At the urging of the AICPA and other practitioner groups, the Internal Revenue Service announced the effective date for the section 409A final regulations on nonqualified deferred compensation plans will be delayed until Jan. 1, 2009 – one year later than planned. Even before these regulations were finalized, the difficulty for employers to comply with the regulations by Jan. 1, 2008, was apparent, despite the Treasury Department’s efforts to issue an extension for some administrative requirements in Notice 2007-78 (www.irs.gov/pub/irs-drop/n-07-78.pdf).
• Electronic Tax Advisory Committee Gets New Chairman and Members
  WASHINGTON — The Internal Revenue Service today announced the selection of six new members of the Electronic Tax Administration Advisory Committee (ETAAC). The Treasury Department and the IRS Commissioner have approved the new members to serve a three-year term beginning November 2007 and ending in November 2010.
• Certain Payments to Disabled Veterans Ruled Tax-Free; Some May Be Due Refunds
  WASHINGTON — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today.
• IRS Announces Groundbreaking OPR Settlement with Attorneys
  WASHINGTON — The Internal Revenue Service's Office of Professional Responsibility (OPR) announced today a settlement agreement with Michael C. Ormsby and David O. Thompson, in connection with a $31 million municipal bond issuance involving River Park Square in Spokane, Washington in 1998 handled by the former firm of Preston, Gates & Ellis LLP.
• Accounting Convergence Is Key, Says Survey
  A survey of accounting industry leaders from around the world found overwhelming support for convergence of accounting standards.
• IRS Announces 2008 Standard Mileage Rates; Rate for Business Miles Set at 50.5 Cents Per Mile
  WASHINGTON — The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
• Interest Rates Drop for the First Quarter of 2008
  WASHINGON – The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 2008, will drop by one percentage point. The new rates will be:
• DecemberÂ’s Tax Talk Today Will Focus on Filing Season
  WASHINGTON — The 2008 filing season is right around the corner. December’s Tax Talk Today program, “Getting Ready for the Filing Season 2008: Part 1 (Individuals)”, on Tuesday, Dec. 11, 2007 at 2 p.m. will give tax professionals a head start and get preparers off on the right foot.
• FASB Rejects Deferral of Statement 157 for Financial Assets and Liabilities
  Norwalk, CT, November 14, 2007—At its Board meeting today, the Financial Accounting Standards Board (FASB) reaffirmed its vote against a blanket deferral of Statement 157, Fair Value Measurements. For fiscal years beginning after November 15, 2007, companies will be required to implement the standard for financial assets and liabilities, as well as for any other assets and liabilities that are carried at fair value on a recurring basis in financial statements. As a result, Statement 157 becomes effective as originally scheduled in accounting for the financial assets and liabilities of financial institutions.