Tax News

CCH (cch.taxgroup.com) reports:

  New Mexico Governor Bill Richardson unveiled details of a scaled-back personal income tax rebate plan to be presented to the legislature during the special session scheduled to begin on August 15, 2008. Under the revised plan, New Mexico taxpayers with adjusted gross incomes up to $60,000 would each receive a $120 tax rebate, plus $48 for each dependent. Taxpayers with incomes between $60,000 and $70,000 would receive an $80 rebate for each taxpayer and $32 for each dependent, while taxpayers with incomes between $70,000 and $80,000 would receive rebates of $40 for each taxpayer and $16 for each dependent. Taxpayers with incomes over $80,000 would not qualify for a rebate.

  For example:

  -- a married couple with two children and income of $45,000 would receive a rebate of $336.

  -- a single mother with one child and income of $25,000 would receive a rebate of $168.

  -- a single person with income of $15,000 would receive a rebate of $120.

  -- a married couple with one child and income of $75,000 would receive a rebate of $96.

  For the full text of the governor's announcement, go to
http://www.governor.state.nm.us. The governor's original tax rebate plan, which called for higher rebate amounts, was covered in an earlier story. (TAXDAY, 2008/07/18, S.18)

Press Release , New Mexico Governor's Office, August 14, 2008.
 

CCH (cch.taxgroup.com) reports:

  The California Franchise Tax Board has released the results from its interested parties meeting held on July 17, 2008, to discuss potential regulatory amendments intended to clarify the apportionment of trucking company and trucking activity income for California corporation franchise and income tax purposes. (TAXDAY, 2008/04/28, S.4)

  Topics discussed include:

  -- whether the definition of "trucking company" in Reg. 25137-11(b)(1) needs to be clarified;

  -- whether a definition of "trucking activities" should be added to Reg. 25137-11(b) and, if so, what form it should take;

  -- how Reg. 25137-11 would apply to a scenario based on a hypothetical trucking operation that was unitary with a mining operation;

  -- whether the receipts of freight forwarders should be governed by Reg. 25137-11;

  -- how to assign receipts when a trucking company purchases transportation from an independent contractor; and

  -- whether the "trucking company" definition should refer to owned motor vehicles.

  Subscribers to CCH Tax Research NetWork can view the summary of the meeting.
  Announcement , California Franchise Tax Board, August 14, 2008.
 

CCH (cch.taxgroup.com) reports:

  The IRS has released procedures setting forth the requirements for using IRS forms to file 2008 information returns, preparing acceptable substitutes of the official forms, and using official or acceptable substitute forms to furnish information to recipients. The procedures cover Forms 1096, 1098 series, 1099 series, 5498 series, W-2G, and 1042-S. Further, the procedures outline the official form specifications for a form or statement to be acceptable.

  Substitutes that totally conform to the specifications may be privately printed and filed as returns with the IRS. Taxpayers may contact the Substitute Forms Program by email at taxforms@irs.gov with "Substitute Forms" on the subject line for clarification of any specification, or by mail to: Internal Revenue Service, Attn: Substitute Forms Program, SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW., Room 6526, Washington, D.C. 20224.

 
Rev. Proc. 2007-50, I.R.B. 2007-31, 244, is superseded.

Rev. Proc. 2008-36, 2008FED ¶46,542

Other References:

 
Code Sec. 1461

  CCH Reference - 2008FED ¶32,828.157

 
Code Sec. 6041

  CCH Reference - 2008FED ¶35,836.075

  CCH Reference - 2008FED ¶35,836.30

 
Code Sec. 6041A

  CCH Reference - 2008FED ¶35,842.075

 
Code Sec. 6042

  CCH Reference - 2008FED ¶35,870.01

 
Code Sec. 6043

  CCH Reference - 2008FED ¶35,888.0756

 
Code Sec. 6044

  CCH Reference - 2008FED ¶35,911.075

  CCH Reference - 2008FED ¶35,911.30

 
Code Sec. 6045

  CCH Reference - 2008FED ¶35,930.024

  CCH Reference - 2008FED ¶35,930.28

 
Code Sec. 6047

  CCH Reference - 2008FED ¶35,983.075

 
Code Sec. 6049

  CCH Reference - 2008FED ¶36,037.075

  CCH Reference - 2008FED ¶36,037.58

 
Code Sec. 6050A

  CCH Reference - 2008FED ¶36,044.01

  CCH Reference - 2008FED ¶36,044.50

 
Code Sec. 6050B

  CCH Reference - 2008FED ¶36,062.01

  CCH Reference - 2008FED ¶36,062.35

 
Code Sec. 6050D

  CCH Reference - 2008FED ¶36,102.01

 
Code Sec. 6050E

  CCH Reference - 2008FED ¶36,122.077

 
Code Sec. 6050J

  CCH Reference - 2008FED ¶36,223.075

 
Code Sec. 6050N

  CCH Reference - 2008FED ¶36,301.01

  CCH Reference - 2008FED ¶36,301.35

 
Code Sec. 6050P

  CCH Reference - 2008FED ¶36,315.03

 
Code Sec. 6050Q

  CCH Reference - 2008FED ¶36,317.01

  CCH Reference - 2008FED ¶36,317.10

 
Code Sec. 6050R

  CCH Reference - 2008FED ¶36,319.01

 
Code Sec. 6050S

  CCH Reference - 2008FED ¶36,319B.075

 
Code Sec. 6050T

  CCH Reference - 2008FED ¶36,330.01

 
Code Sec. 6050U

  CCH Reference - 2008FED ¶36,350.01

 
Code Sec. 6050V

  CCH Reference - 2008FED ¶36,370.068

 
Code Sec. 7513

  CCH Reference - 2008FED ¶42,702.40

  Tax Research Consultant

  CCH Reference - TRC FILEBUS: 12,052.10
CCH Reference - TRC PAYROLL: 3,354.15
 

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