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.
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