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1. Legislation Eases Burden on Husband/Wife Businesses
Legislation signed last week simplifies reporting for husband and wife owned businesses.
The new law, effective for tax years beginning after Dec. 31, 2006,
allows a husband and wife who file a joint return to elect to report
income or losses in proportion to their interest in the business and
not as a partnership.
The husband and wife must be the sole owners of the business and
both spouses must materially participate in the business to make this
election.
See page 10 of the technical explanation
of the Small Business and Work Opportunity Tax Act Of 2007 for more
information on the Section 8215, Family Business Tax Simplification.
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2. SSA to Implement SSN Verification Changes
| Beginning August 25, 2007, the Social Security
Administration (SSA) will implement four changes to the Social Security
Number Verification Service:
- SSA will return all names and numbers submitted, not just the mismatches
- Where names and SSNs match, SSA will return only the last four digits of the SSN
- A new unverified code "6" will now be returned when appropriate
- The eight position tracking code will be replaced by a 16 position confirmation number
For more information, visit the SSA Web site.
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3. IRS Warns Taxpayers of New E-mail Scams
| In IR-2007-109, the
IRS alerts taxpayers to the latest versions of an e-mail scam intended
to fool people into believing they are under investigation by
the IRS Criminal Investigation division.
Recipients of questionable e-mails claiming to come from the IRS
should not open any attachments or click on any links contained in the
e-mails. Instead, they should forward the e-mails to phishing@irs.gov
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4. Dial-up EFTPS Support Ends This Year
| All Electronic Federal Tax Payment System (EFTPS)
users currently using the old EFTPS dial-up software must convert to an
enhanced version of the free software by October 31, 2007.
The original EFTPS dial-up software issued prior to 2006 will not be supported after that date.
The enhanced Batch Provider Software and a Quick Start Guide are available for download at Welcome to EFTPS Online. Select “Help & Information” and then “Download” to choose the product to download
Related EFTPS LInks:
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5. Recent IRS Announcements for Small Businesses
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