whummer wrote:

- quote -

It's not only for paid preparer related questions, but it
also isn't Turbo Tax support. If you were to ask how to
report stock options, the question would be welcomed.

(I might answer if I'd ever used Turbo Tax, but I haven't, so....)

- quote -

That's certainly on topic, but I don't have a clue where
Roanoke TX is. It would also depend on the type of tax
return you need. I'm sure there's an H&R Block there.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

1. Treasury/IRS Issue Guidance Plan
2. New Issues Selected for IRS Industry Issue Resolution Program
3. EFTPS-OnLine Gets Major Upgrade
4. Mark Matthews Selected As New IRS Deputy Commissioner for Services =
and
Enforcement
5. IRS Issues Notices to Advance Child Tax Credit Recipients
6. Treasury Curtails Abusive Use of Life Insurance Contracts
7. Latest Technical Guidance
* * * * *

1. Treasury/IRS Issue Guidance Plan

The 2003-2004 Priority Guidance Plan contains 268 projects to be complete=
d
over a twelve-month period, from July 2003 through June 2004. In additio=
n
to the items on this year=E2=80=99s plan, the Appendix lists the more rou=
tine
guidance that is published each year. See:
http://www.ustreas.gov/press/releases/js600.htm

2. New Issues Selected for IRS Industry Issue Resolution Program

The Internal Revenue Service and the Treasury Department today announced
new tax issues selected for resolution under the Industry Issue Resolutio=
n
(IIR) Program. These issues have been identified by business taxpayers,
industry associations, and other interested parties as being frequently
disputed or burdensome. See:
http://www.irs.gov/newsroom/article/...111739,00.html

3. EFTPS-OnLine Gets Major Upgrade

The Internet version of the Electronic Federal Tax Payment System (EFTPS)=
,
the EFTPS-OnLine Web site has undergone a major upgrade to include severa=
l
new improvements to help taxpayers. For more information, see:
http://www.irs.gov/newsroom/article/...111757,00.html

4. Mark Matthews Selected As New IRS Deputy Commissioner for Services =
and
Enforcement

As Deputy Commissioner for Services and Enforcement, Matthews will
supervise the agency=E2=80=99s four business units along with Criminal
Investigation and the Office of Professional Responsibility. Everson note=
d
that Matthews will lead the agency=E2=80=99s efforts to continue the driv=
e for
better taxpayer service. Matthews will also focus on prioritizing
enforcement initiatives and reengineering processes to enhance compliance
with the tax laws. See:
http://www.irs.gov/newsroom/article/...111804,00.html

5. IRS Issues Notices to Advance Child Tax Credit Recipients

On July 22, 2003, the Internal Revenue Service mailed the first of more
than 25 million letters to taxpayers to be followed on July 25 by the
first advance payment checks provided under a recent tax law change. The
letters contain the advance payment amount and should be saved with other
records that will be needed to complete the 2003 tax returns next year.
See: http://www.irs.gov/newsroom/article/...111803,00.html

6. Treasury Curtails Abusive Use of Life Insurance Contracts

The Treasury Department and the IRS issued two revenue rulings designed t=
o
curtail the abusive use of life
insurance and annuity contracts to avoid current taxation on investment
earnings. Life insurance and annuity contracts receive favorable treatmen=
t
under the Internal Revenue Code, including deferring tax on the investmen=
t
earnings of those contracts, because they provide life insurance
protection or a way to save for retirement.

In recent years, the sale of life insurance and annuity contracts
=E2=80=9Cwrapped=E2=80=9D around other investments has proliferated. The=
se arrangements
seek to defer tax on the investment earnings of those contracts. The
Treasury Department believes that these life insurance contracts and
annuity contracts are purchased primarily as a way to
avoid current taxation on investment earnings and not for life insurance
protection or a means of saving for retirement.

Revenue Ruling 2003-91 and Revenue Ruling 2003-92 will curtail the
purchase of life insurance and annuity contracts primarily for tax
avoidance purposes. See: http://www.ustreas.gov/press/releases/js591.htm
For the text of Revenue Ruling 2003-91, see:
http://www.irs.gov/pub/irs-drop/rr-03-91.pdf For the text of Revenue
Ruling 2003-92, see: http://www.irs.gov/pub/irs-drop/rr-03-92.pdf

7. Latest Technical Guidance

Notice 2003-50 announces that regulations issued under section 269B will
provide that a foreign corporation that is stapled to a domestic
corporation will be treated as a domestic corporation for purposes of
applying certain of the rules for the foreign tax credit and interest
allocation. See: http://www.irs.gov/pub/irs-drop/n-03-50.pdf

Notice 2003-55 provides guidance about the Service=E2=80=99s position on =
lease
stripping transactions, and informs taxpayers about recent related court
decisions and a change in the Service=E2=80=99s litigating position on le=
ase
stripping transactions. See: http://www.irs.gov/pub/irs-drop/n-03-55.pdf

Notice 2003-56 announces that the Treasury Department and the Internal
Revenue Service will amend section =C2=A7 1.45D-1T(c)(3)(ii) of the tempo=
rary
Income Tax Regulations to provide an additional exception permitting
certain equity investments made before the receipt of a new markets tax
credit allocation under =C2=A7 45D(f)(2) of the Internal Revenue Service =
code
to be designated as qualified equity investments under =C2=A7 45D(b)(1)(C=
).=20
See: http://www.irs.gov/pub/irs-drop/n-03-56.pdf

Revenue Procedure 2003-61 provides guidance for a taxpayer seeking
equitable relief as an =E2=80=9Cinnocent spouse=E2=80=9D. See:
http://www.irs.gov/pub/irs-drop/rp-03-61.pdf

Revenue Procedure 2003-69 provides the requirements for completing and
submitting Form 8655, Reporting Agent Authorization for Magnetic
Tape/Electronic Filers. See: http://www.irs.gov/pub/irs-drop/rp-03-69.pdf

Revenue Ruling 2003-72 concerns when a child attains a specific age for
purposes of specified Internal Revenue Code sections. See:
http://www.irs.gov/pub/irs-drop/rr-03-72.pdf

Revenue Ruling 2003-94 provides the Applicable Federal Rates (AFRs) for
August 2003. See: http://www.irs.gov/pub/irs-drop/rr-03-94.pdf

Revenue Ruling 2003-96 deals with the reallocation of income and
deductions among unrelated parties to a lease strip. See:
http://www.irs.gov/pub/irs-drop/rr-03-96.pdf

Revenue Ruling 2003-97 addresses the question of whether the interest on
the note is deductible for tax purposes. The Revenue Ruling clarifies tha=
t
interest is deductible, but only under specified circumstances. The
Revenue Ruling also requests comments whether regulations should be issue=
d
under 163(l) to address the policy issues raised by this product. See:
http://www.irs.gov/pub/irs-drop/rr-03-97.pdf

Revenue Ruling 2003-98 provides guidance on an employer's ability to
deduct the compensation income includible in an employee's gross income a=
s
a result of employee's exercise or disposition of a nonstatutory option.
See: http://www.irs.gov/pub/irs-drop/rr-03-98.pdf

* * * * *

Thank you for subscribing to the Digital Dispatch, an IRS e-mail service.=
=20

If you wish to leave a tax law comment, please go to
http://www.irs.gov/help/page/0,,id=3D13162,00.html

=20

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=3D

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->