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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 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.
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News about Taxation cases in Louisville and nationwide:
IRS Updates Tax Gap Estimates
Washington — Internal Revenue Service officials announced today that they have updated their estimates of the Tax Year 2001 tax gap based on the Na... Read more >
Definition:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
Federal income tax
Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
Self-Employment Tax
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
If you live in the following cities and need an taxation attorney you should contact
our Taxation Attorney as soon as possible:
Ashland
Bardstown
Berea
Bowling Green
Campbellsville
Corbin
Covington
Danville
Elizabethtown
Erlanger
Florence
Frankfort
Ft Mitchell
Georgetown
Glasgow
Henderson
Hopkinsville
Latonia
Lexington
Louisville
Madisonville
Mayfield
Morehead
Murray
Newport
Nicholasville
Owensboro
Paducah
Pikeville
Radcliff
Richmond
Shelbyville
Shepherdsville
Versailles
Winchester
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