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File a 2007 Return to
Receive Stimulus Rebate
The IRS says that in most cases taxpayers will not have to do anything extra
this year to get the
economic stimulus payments beginning in May. “If you are eligible for a
payment, all you have to do is file a 2007 tax return and the IRS will do
the rest,” said Acting IRS Commissioner Linda Stiff. The IRS will use
information on the 2007 tax return filed by the taxpayer to determine
eligibility and calculate the amount of the stimulus payments. The IRS will
begin sending taxpayers their payments in early May after the current tax
season concludes. Payments to more than 130 million taxpayers will continue
over several weeks during the spring and summer. A payment schedule for
taxpayers will be announced in the near future.
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IRS Processing Tax Forms
Affected by AMT Legislation
Taxpayers can now file tax forms affected by legislation involving the
Alternative Minimum Tax (AMT). As of last week, IRS systems began to
accept and process returns that include the five affected forms. After
several days of processing, the IRS has confirmed all systems are working
properly. The affected forms are: Form 8863, Education Credits; Form 5695,
Residential Energy Credits; Schedule 2, Form 1040A, Child and Dependent Care
Expenses for Form 1040A Filers; Form 8396, Mortgage Interest Credit; and
Form 8859, District of Columbia First-Time Homebuyer Credit. Approximately
13.5 million taxpayers will use these forms this year.
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Mortgage Workouts,
Now Tax-Free for Many Homeowners
Homeowners whose mortgage debt was partly or entirely forgiven during 2007
may be able to claim
special tax relief by filling out newly-revised Form 982 and attaching
it to their 2007 federal income tax return, according to the IRS.
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Citizens’ Guide Provides
Easy Public Access to Government’s Financial Report
The Treasury Department and the Office of Management and Budget (OMB)
released
The
Government's Financial Health: A Citizens' Guide to the 2007 Financial
Report of the United States Government. The eight-page Citizens' Guide
provides readers with a user-friendly reference tool for finding key results
of the Financial Report released in December 2007. This is the first time
the Federal government has issued this type of summary. A similar summary
report will be published annually hereafter. The guide provides an overview
of the U.S. government's short-term and long-term financial outlook,
including the government's biggest fiscal challenge, the unsustainable
growth in entitlement programs.
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Improve Network
Monitoring
Numerous manufacturers are suggesting replacing Switched Port Analyzer
(SPAN) in order to improve network monitoring. Flow analysis through IP Flow
Information Export (IPFIX) is the way in which network traffic analysis is
heading. Americas at Network Critical claims administrators should resume
utilizing test access points (TAPS) for all views of network traffic,
particularly at speeds of 10 gigabytes or higher. To read this article in its entirety and
much more about developments in technology, access
Technology and Productivity Weekly, the MACPA's electronic technology
newsletter for industry professionals, sponsored by Information, Inc.
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