IRS IMPROVES ONLINE TAX TOOLSWashington, D.C. — The Internal Revenue Service has improved its online refund-tracking tool and tax information publication. The online version of Publication 17, Your Federal Income Tax, now contains electronic links that allow users to navigate it more quickly. Both the downloadable PDF and HTML version contain more than 800 hyperlinks. The links allow users to jump immediately to other parts of the publication. The HTML version of Publication 17 on the IRS Web site, www.irs.gov, is also accessible to visually impaired taxpayers, in accordance with the Americans with Disabilities Act.
The online refund-tracking tool Where’s My Refund? is now available in Spanish as well as English. Taxpayers can access the Spanish version through either the Where’s My Refund? page on the IRS Web site or the Spanish-language portal. Taxpayers without Internet access can get the same information by calling the IRS Refund Hotline at (800) 829-1954.
TREASURY OFFERS GUIDANCE ON PENSION BACKLOADING
Washington, D.C. — The Treasury Department and the IRS have issued guidance to address the application of accrual rules for pension plans under the Tax Code. Revenue Ruling 2008-7 analyzes a traditional pension plan that was converted into a cash-balance pension plan prior to the effective date of the new conversion requirements under the Pension Protection Act of 2006, and illustrates how, under the current regulations, the backloading rules apply to this scenario. The ruling provides relief to ensure that plans that have requested or received a determination letter from the IRS, and certain other plans, will not be disqualified for plan years beginning before Jan. 1, 2009, solely because the plan provides benefits based on the greatest of two or more formulas.
THOMSON’S ONESOURCE TAX
Carrollton, Texas — Thomson Tax & Accounting has debuted OneSource Tax, a portal that helps corporate tax departments access tax tools, manage their workflow and keep track of information. The Web-based tool provides single sign-on access to Checkpoint, InSource RS and OneSource WorkFlow Manager for licensed clients. The information from the various systems shows up on one Web page as graphs and spreadsheet “gadgets.” Thomson plans to add gadgets for all of its corporate tax products to OneSource Tax. Tax department managers can review both tax positions and Checkpoint searches related to topics such as FIN 48 on the same page. For more, visit www.onesourcetax.thomson.com.
Separately, TTA parent Thomson has acquired TaxStream, a software provider that helps companies comply with income tax demands. Terms were not disclosed. TaxStream will become part of TTA. The company’s Web-based tax-provisioning software allows multinational companies to estimate their tax expenses around the world.
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