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Hi, Friend. Here are your Articles for December 5, 2007.
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 The Internal Revenue Service released the fall 2007 issue of the Statistics of Income Bulletin. This edition of the Bulletin features data from 134.4 million individual income tax returns filed for the tax year 2005. Among this data, it is noted that U.S. taxpayers reported $7.4 trillion of adjusted gross income less deficit, up 9.3 percent from tax year 2004 when 132.2 million returns were filed. Also, certain types of income posted strong gains between 2004 and 2005. Read on for more details about the featured data and information about the other articles that the quarterly Bulletin includes. |
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.
The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document’s written tax advice for that purpose. This document’s tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional’s advice regarding the user/recipient’s particular circumstances.
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In November of 2005, the Department of Revenue began mailing Use Tax self-audit letters to businesses across the Commonwealth. Each was instructed to review purchase invoices for the current year, as well as the previous three years, to determine any Use Tax incurred. The Department has begun conducting a series of examinations and field audits to reinforce the necessity of voluntary compliance. Read on for more details.
