For Our Clients
Tax Information For Corporations
2008 Changes to Form 1065 - Frequently Asked Questions
Form 1065 has a number of changes for 2008. For example, Schedule B and Schedule K-1 require reporting of ownership percentages.
Abusive Tax Shelters and Transactions
The IRS has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions.
Alternative Motor Vehicle Credit
The Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005 and includes separate credits for four distinct categories of vehicles: Hybrid vehicles, Fuel Cell vehicles, Qualified Alternative Fuel Motor vehicles (QAFMV) and Advanced Lean Burn Technology vehicles.
Application of Posted 1065 FAQ Answers to Similar Form 1120 Questions
Posted 1065 FAQ answers regarding ownership reporting for Form 1065 Schedule B questions 3 and 4 may be applied to similar issues in reporting ownership for Form 1120 Schedule K questions 4 and 5.
e-file for Large and Mid-Size Corporations
Certain large and mid-size corporations are required to electronically file their Forms 1120 and 1120S. Other corporations may do so voluntarily.
Filing Requirements for Filing Status Change (revised 03-12-09)
Guidance for taxpayers requesting to change their filing status from a C Corporation (filing Form 1120) to an S Corporation (filing Form 1120S).
Tax Changes for Individuals
Alternative Minimum Tax (AMT)
There are several changes affecting Alternative Minimum Tax for 2008 and 2009.
Child-Related Tax Changes
Information on adoption benefits, child's investment income, and additional child tax credit.
Credit for Prior Year Minimum Tax
There are several changes to the credit for prior year minimum tax.
Decreased Estimated Tax Payment for Qualified Individuals With Small Businesses
For 2009, qualified individuals with small businesses may be eligible to make smaller estimated tax payments.
Deduction for Credit or Debit Card Convenience Fees
If you pay your income tax (including estimated tax payments) by credit or debit card, you may be able to deduct convenience fees.
Deduction for Sales and Excise Taxes Imposed on Purchase of New Motor Vehicles
In 2009, you can deduct the state or local sales and excise taxes imposed on the purchase of a qualified motor vehicle after February 16, 2009, and before January 1, 2010.
Definition of "Qualified Military Benefit" Expanded
The definition of "qualified military benefit" is expanded.
Earned Income Credit
The earned income credit amounts have increased for 2008 and 2009.
Economic Recovery Payment
Information on new economic recovery payments and credits.
