Tax News

CCH (cch.taxgroup.com) reports:

The IRS has released the inflation-adjusted tax rate tables for tax years beginning in 2008, as well as the 2008 standard deduction and personal exemption amounts. The 2008 standard deduction is $10,900 for surviving spouses and for married individuals who file joint returns, $8,000 for heads of households and $5,450 for unmarried individuals and married persons filing separate returns. The personal exemption for tax years beginning in 2008 has been increased to $3,500. The threshold amounts at which the phaseout of the tax benefit of the personal exemption begins and ends and the "applicable amount" for triggering the phaseout of itemized deductions have also been determined.
The standard deduction amount for individuals who may be claimed as dependents by other taxpayers for 2008 may not exceed the greater of $900, or the sum of $300 and the individual's earned income. The additional standard deduction amounts for the aged and for the blind are $1,050 for each, and increase to $1,350 if an individual is unmarried and is not a surviving spouse. Further, the amount used to reduce the net unearned income of certain minor children subject to the "kiddie tax" at their parents' marginal rate is $900. The maximum credit allowed in the case of the adoption of a child with special needs is $11,650; the maximum credit allowed with regard to other adoptions is the amount of qualified adoption expenses up to $11,650. The earned income limit for the maximum credit has increased to $8,580 for a qualifying individual with one child, $12,060 for a taxpayer with two or more children, and $5,720 for a taxpayer with no children. The EIC will be denied if the aggregate amount of certain investment income exceeds $2,950.
Changes
Proposed Reg. §1.148-3(d)(1)(iv) provides that on the last day of each bond year during which there are amounts allocated to gross proceeds of an issue that are subject to the rebate requirement, and on the final maturity date, there can be included as a payment a computation credit of $1,400 for any bond year ending in 2007. For bond years ending after 2007, this amount will be adjusted for inflation. For 2008, this amount is $1,430. Also, for 2008, inflation-adjusted items in Code Secs. 25B, 219 and 408A
will be included in a separate news release with other pension- and retirement-related items. In the future, these amounts will not be included in this annual guidance. In addition, inflation-adjusted items for health savings accounts under Code Sec. 223 are no longer published in this guidance.
Inflation adjustments for other items are also included, among those are the low-income housing credit, the overall limitation on itemized deductions, the qualified transportation fringe exclusion and long-term care premiums. These changes apply to tax years beginning in 2008 and to certain transactions or events that are deemed to have occurred in calendar year 2008.
IR-2007-172, 2007FED ¶46,677
Rev. Proc. 2007-66, 2007FED ¶46,678
Rev. Proc. 2007-66, FINH ¶30,564
Rev. Proc. 2007-66, ETR ¶66,837
Other References:
Code Sec. 1
CCH Reference - 2007FED ¶107B
CCH Reference - 2007FED ¶660.05
CCH Reference - 2007FED ¶660.055
CCH Reference - 2007FED ¶1090.11
CCH Reference - 2007FED ¶1201.05
CCH Reference - 2007FED ¶1201.07
CCH Reference - 2007FED ¶1201.13
CCH Reference - 2007FED ¶1201.28
CCH Reference - 2007FED ¶1201.33
CCH Reference - 2007FED ¶1201.34
CCH Reference - 2007FED ¶1201.51
CCH Reference - 2007FED ¶1201.525
CCH Reference - 2007FED ¶1201.53
CCH Reference - 2007FED ¶1201.565
CCH Reference - 2007FED ¶1201.57
CCH Reference - 2007FED ¶1201.575
CCH Reference - 2007FED ¶1201.58
CCH Reference - 2007FED ¶1201.585
CCH Reference - 2007FED ¶1201.59
CCH Reference - 2007FED ¶3270.30
CCH Reference - 2007FED ¶3280.01
CCH Reference - 2007FED ¶3280.025
CCH Reference - 2007FED ¶3280.07
CCH Reference - 2007FED ¶3280.073
CCH Reference - 2007FED ¶3290.01
Code Sec. 23
CCH Reference - 2007FED ¶3725.04
CCH Reference - 2007FED ¶3725.06
CCH Reference - 2007FED ¶3725.07
CCH Reference - 2007FED ¶3725.25
Code Sec. 24
CCH Reference - 2007FED ¶3770.03
CCH Reference - 2007FED ¶3770.07
CCH Reference - 2007FED ¶3770.25
Code Sec. 25A
CCH Reference - 2007FED ¶3830.024
CCH Reference - 2007FED ¶3830.031
CCH Reference - 2007FED ¶3830.035
CCH Reference - 2007FED ¶3830.07
CCH Reference - 2007FED ¶3830.25
Code Sec. 25B
CCH Reference - 2007FED ¶3838.03
CCH Reference - 2007FED ¶3838.07
CCH Reference - 2007FED ¶3838.10
CCH Reference - 2007FED ¶3838.25
Code Sec. 32
CCH Reference - 2007FED ¶4082.032
CCH Reference - 2007FED ¶4082.048
CCH Reference - 2007FED ¶4082.07
CCH Reference - 2007FED ¶4082.45
Code Sec. 42
CCH Reference - 2007FED ¶4385.05
CCH Reference - 2007FED ¶4385.07
CCH Reference - 2007FED ¶4385.83
Code Sec. 55
CCH Reference - 2007FED ¶5101.045
Code Sec. 59
CCH Reference - 2007FED ¶5411.01
Code Sec. 61
CCH Reference - 2007FED ¶5504.025
Code Sec. 62
CCH Reference - 2007FED ¶6006.0324
CCH Reference - 2007FED ¶6006.0325
CCH Reference - 2007FED ¶6006.106
Code Sec. 63
CCH Reference - 2007FED ¶6023.023
CCH Reference - 2007FED ¶6023.034
CCH Reference - 2007FED ¶6023.036
CCH Reference - 2007FED ¶6023.07
CCH Reference - 2007FED ¶6023.10
Code Sec. 68
CCH Reference - 2007FED ¶6081.01
CCH Reference - 2007FED ¶6081.20
Code Sec. 132
CCH Reference - 2007FED ¶7438.054
CCH Reference - 2007FED ¶7438.07
CCH Reference - 2007FED ¶7438.77
Code Sec. 135
CCH Reference - 2007FED ¶7551.021
CCH Reference - 2007FED ¶7551.20
Code Sec. 137
CCH Reference - 2007FED ¶7625.01
CCH Reference - 2007FED ¶7625.021
CCH Reference - 2007FED ¶7625.025
CCH Reference - 2007FED ¶7625.027
CCH Reference - 2007FED ¶7625.10
Code Sec. 146
CCH Reference - 2007FED ¶7854.07
CCH Reference - 2007FED ¶7854.75
Code Sec. 148
CCH Reference - 2007FED ¶7889.036
CCH Reference - 2007FED ¶7889.105
Code Sec. 151
CCH Reference - 2007FED ¶8005.037
CCH Reference - 2007FED ¶8005.12
CCH Reference - 2007FED ¶8005.145
Code Sec. 163
CCH Reference - 2007FED ¶9402.09
Code Sec. 170
CCH Reference - 2007FED ¶11,620.021
CCH Reference - 2007FED ¶11,620.041
CCH Reference - 2007FED ¶11,620.512
CCH Reference - 2007FED ¶11,700.026
Code Sec. 179
CCH Reference - 2007FED ¶12,126.03
CCH Reference - 2007FED ¶12,126.031
CCH Reference - 2007FED ¶12,126.07
Code Sec. 213
CCH Reference - 2007FED ¶12,543.051
CCH Reference - 2007FED ¶12,543.69
Code Sec. 219
CCH Reference - 2007FED ¶12,662.01
Code Sec. 220
CCH Reference - 2007FED ¶12,675.045
Code Sec. 221
CCH Reference - 2007FED ¶12,695.25
Code Sec. 408A
CCH Reference - 2007FED ¶18,930.197
Code Sec. 501
CCH Reference - 2007FED ¶22,613.20
Code Sec. 512
CCH Reference - 2007FED ¶22,837.051
CCH Reference - 2007FED ¶22,837.153
Code Sec. 513
CCH Reference - 2007FED ¶22,846.027
CCH Reference - 2007FED ¶22,846.4999
Code Sec. 641
CCH Reference - 2007FED ¶24,267.023
CCH Reference - 2007FED ¶24,267.07
Code Sec. 685
CCH Reference - 2007FED ¶24,897.021
Code Sec. 877
CCH Reference - 2007FED ¶27,425.027
CCH Reference - 2007FED ¶27,425.03
CCH Reference - 2007FED ¶27,425.175
Code Sec. 2032A
CCH Reference - FINH ¶4240.71
Code Sec. 2503
CCH Reference - FINH ¶9842.23
Code Sec. 2523
CCH Reference - FINH ¶11,884.25
Code Sec. 4161
CCH Reference - ETR ¶13,105.05
CCH Reference - ETR ¶13,105.39
Code Sec. 4261
CCH Reference - ETR ¶19,305.014
CCH Reference - ETR ¶19,305.02
CCH Reference - ETR ¶19,305.495
Code Sec. 6012
CCH Reference - 2007FED ¶35,150.021
Code Sec. 6033
CCH Reference - 2007FED ¶35,425.025
CCH Reference - 2007FED ¶35,425.39
Code Sec. 6039F
CCH Reference - 2007FED ¶35,690.01
CCH Reference - 2007FED ¶35,690.10
Code Sec. 6323
CCH Reference - 2007FED ¶38,160.032
CCH Reference - 2007FED ¶38,160.038
CCH Reference - ETR ¶45,675.02
CCH Reference - ETR ¶45,675.165
Code Sec. 6334
CCH Reference - 2007FED ¶38,225.01
Code Sec. 6601
CCH Reference - 2007FED ¶39,415.025
CCH Reference - 2007FED ¶39,415.1897
CCH Reference - FINH ¶21,640.20
CCH Reference - FINH ¶21,640.30
Code Sec. 7430
CCH Reference - 2007FED ¶41,743.16
CCH Reference - FINH ¶22,440.50
Code Sec. 7702B
CCH Reference - 2007FED ¶43,168.01
CCH Reference - 2007FED ¶43,168.03
CCH Reference - 2007FED ¶43,168.35
Tax Research Consultant
CCH Reference - TRC INDIV: 12,162
CCH Reference - TRC INDIV: 18,154.05
CCH Reference - TRC INDIV: 18,154.10
CCH Reference - TRC INDIV: 18,156.15
CCH Reference - TRC INDIV: 18,158
CCH Reference - TRC INDIV: 27,102
CCH Reference - TRC INDIV: 30,356.10
CCH Reference - TRC INDIV: 39,126.05
CCH Reference - TRC INDIV: 42,114.05
CCH Reference - TRC INDIV: 42,408
CCH Reference - TRC INDIV: 42,452.05
CCH Reference - TRC INDIV: 42,452.15
CCH Reference - TRC INDIV: 42,454.05
CCH Reference - TRC INDIV: 42,506
CCH Reference - TRC INDIV: 51,052.15
CCH Reference - TRC INDIV: 51,052.156
CCH Reference - TRC INDIV: 57,260.10
CCH Reference - TRC INDIV: 57,262.05
CCH Reference - TRC INDIV: 57,352
CCH Reference - TRC INDIV: 57,356
CCH Reference - TRC INDIV: 57,358
CCH Reference - TRC INDIV: 57,454.10
CCH Reference - TRC INDIV: 57,552
CCH Reference - TRC INDIV: 60,054.05
CCH Reference - TRC INDIV: 60,058
CCH Reference - TRC INDIV: 60,152
CCH Reference - TRC INDIV: 60,160
CCH Reference - TRC INDIV: 63,306
CCH Reference - TRC INDIV: 66,066.05
CCH Reference - TRC FILEIND: 6,050
CCH Reference - TRC FILEIND: 6,052
CCH Reference - TRC FILEIND: 12,056
CCH Reference - TRC FILEIND: 12,102
CCH Reference - TRC FILEIND: 12,102.05
CCH Reference - TRC FILEIND: 12,104
CCH Reference - TRC FILEIND: 12,106
CCH Reference - TRC FILEIND: 15,052.05
CCH Reference - TRC FILEIND: 15,052.15
CCH Reference - TRC FILEIND: 15,054
CCH Reference - TRC FILEIND: 15,054.05
CCH Reference - TRC FILEIND: 15,152.25
CCH Reference - TRC FILEIND: 18,052.05
CCH Reference - TRC FILEIND: 18,052.054
CCH Reference - TRC FILEIND: 30,406
CCH Reference - TRC CCORP: 42,060
CCH Reference - TRC BUSEXP: 9,102.25
CCH Reference - TRC BUSEXP: 18,220.15
CCH Reference - TRC BUSEXP: 24,906.10
CCH Reference - TRC BUSEXP: 24,906.102
CCH Reference - TRC BUSEXP: 54,220.10
CCH Reference - TRC BUSEXP: 57,306.05
CCH Reference - TRC DEPR: 12,104
CCH Reference - TRC DEPR: 12,112.05
CCH Reference - TRC FILEBUS: 9,106
CCH Reference - TRC COMPEN: 36,350
CCH Reference - TRC COMPEN: 36,352
CCH Reference - TRC COMPEN: 36,354
CCH Reference - TRC COMPEN: 36,356
CCH Reference - TRC COMPEN: 36,654
CCH Reference - TRC COMPEN: 45,060.25
CCH Reference - TRC COMPEN: 45,064
CCH Reference - TRC COMPEN: 45,064.10
CCH Reference - TRC COMPEN: 45,064.15
CCH Reference - TRC COMPEN: 45,066
CCH Reference - TRC COMPEN: 45,066.15
CCH Reference - TRC PAYROLL: 6,060.25
CCH Reference - TRC RETIRE: 66,204
CCH Reference - TRC RETIRE: 66,752
CCH Reference - TRC SALES: 6,364.20
CCH Reference - TRC SALES: 51,154.10
CCH Reference - TRC SALES: 51,612.30
CCH Reference - TRC ESTGIFT: 3,300
CCH Reference - TRC ESTGIFT: 6,050
CCH Reference - TRC ESTGIFT: 6,052
CCH Reference - TRC ESTGIFT: 6,052.20
CCH Reference - TRC ESTGIFT: 6,054
CCH Reference - TRC ESTGIFT: 6,056
CCH Reference - TRC ESTGIFT: 6,060.10
CCH Reference - TRC ESTGIFT: 12,050
CCH Reference - TRC ESTGIFT: 12,054.10
CCH Reference - TRC ESTGIFT: 18,604.15
CCH Reference - TRC ESTGIFT: 36,204
CCH Reference - TRC ESTGIFT: 42,050
CCH Reference - TRC ESTGIFT: 42,064
CCH Reference - TRC ESTGIFT: 45,360
CCH Reference - TRC ESTGIFT: 51,150
CCH Reference - TRC ESTGIFT: 51,160
CCH Reference - TRC ESTGIFT: 60,104
CCH Reference - TRC ESTGIFT: 60,106.05
CCH Reference - TRC ESTTRST: 100
CCH Reference - TRC ESTTRST: 12,052
CCH Reference - TRC ESTTRST: 21,252
CCH Reference - TRC ESTTRST: 39,350
CCH Reference - TRC EXPAT: 100
CCH Reference - TRC EXPAT: 3,302
CCH Reference - TRC EXPAT: 12,000
CCH Reference - TRC EXPAT: 12,100
CCH Reference - TRC EXPAT: 12,102
CCH Reference - TRC EXPAT: 12,604
CCH Reference - TRC INTL: 100
CCH Reference - TRC INTLOUT: 100
CCH Reference - TRC INTLOUT: 6454
CCH Reference - TRC IRS: 48,152.10
CCH Reference - TRC IRS: 48,160.35
CCH Reference - TRC LITIG: 7,200
CCH Reference - TRC EXEMPT: 12,306.15
CCH Reference - TRC EXEMPT: 12,256
CCH Reference - TRC EXEMPT: 12,306.15
CCH Reference - TRC EXEMPT: 15,118
CCH Reference - TRC EXEMPT: 15,168
CCH Reference - TRC EXEMPT: 12,306.15
CCH Reference - TRC EXCISE: 3,114.05
CCH Reference - TRC EXCISE: 6,156.05
CCH Reference - TRC EXCISE: 9,104.05
CCH Reference - TRC PLANIND: 3,052
CCH Reference - TRC PLANIND: 3,058.10
CCH Reference - TRC PLANIND: 3,060.10
CCH Reference - TRC PLANIND: 3,064.15
CCH Reference - TRC PLANIND: 3,204
CCH Reference - TRC PLANIND: 3,362.05
CCH Reference - TRC PLANIND: 9,304.10
CCH Reference - TRC PLANIND: 9,350.15
CCH Reference - TRC PLANIND: 15,154
CCH Reference - TRC PLANIND: 15,254
CCH Reference - TRC PLANIND: 15,302