Electronic filing program expands for upcoming tax season
Article Abstract:
There were 580,000 refund returns filed electronically with the IRS for the 1987 tax year, and the IRS plans to expand on this program. The electronic filling system saves the government 64 cents per return over the cost of manually filed returns, and the system benefits taxpayers because refunds on electronically filed returns are mailed out three to four weeks sooner than refunds on manual returns. The procedures that preparers need to follow to file electronically and the equipment needed to take part in the program are discussed.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1988
User Contributions:
Comment about this article or add new information about this topic:
Auto depreciation is now limited after the Tax Reform Act, but advantages still exist
Article Abstract:
The Tax Reform Act of 1986 repealed investment tax credits and reduced depreciation rates, but cars used for business purposes may still qualify for favorable tax treatment. The modified accelerated recovery cost system can be applied to cars that have been placed in service since 1986 and are used more than 50 percent of the time for business purposes. Use of the car in the production of income is not considered business use. Depreciation tables and depreciation rules for cars purchased after 1986 and 1987 are provided.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1987
User Contributions:
Comment about this article or add new information about this topic:
Some farmers better off by not currently deducting preproductive expenses
Article Abstract:
Uniform capitalization rules permit certain farmers to elect to deduct some expenses. The advantages and disadvantages of such an irrevocable election are discussed. The eligibility rules to qualify for the election and the most favorable time to make the election are discussed.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1988
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Comparison of driving performance on-road and in a low-cost simulator using a concurrent telephone dialling task
- Abstracts: El Paso primed for success in pipeline race. Richfoods broadens presence on Mid-Atlantic grocery scene
- Abstracts: Economic development programs compared. South America: land of opportunity? An executive's guide to E.C.-1992: a glossary of terms
- Abstracts: Mixed use of vacation home requires planning to avoid disallowance of related deductions. Some planning is available to mitigate the effect of the passive loss rules
- Abstracts: Trade bills feature more bark than bite. Congress to head the vile raiders, insider traders off at the pass. Pre-shipment inspections pose rising threat to exports