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Taxation Legal News
Electronically Filed Returns Up More Than 5 Percent
The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up more than 5 percent from the same period last year.
“Taxpayers are filing electronically at a record pace this year,” said IRS Commissioner Mark W. Everson. “We encourage people to consider e-file and Free File as the tax deadline approaches. E-file reduces taxpayer errors and gets refunds back quickly.”
According to the new filing season statistics for the week ending March 16, 2007, one of the biggest areas of growth is in returns filed electronically from home. Self-prepared e-filed returns have grown more than 8 percent from last year. E-filed returns from tax professionals have climbed more than 4 percent.
So far this tax filing season, 73 percent of all returns have been e-filed, compared to 70 percent for the same period last year. As of last Friday, 29 percent of e-filed returns were filed by people using their home computers, up from 28 percent of e-filed returns for the same period last year. Read more at irs.gov.
Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.
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Definition:
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
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