Tax season

The Internal Revenue Service said it has approximately $1.3 billion in unclaimed refunds waiting for people who did not file a federal income tax return for 2005.

Here are a few tax law changes that taxpayers may want to note before filing their 2008 federal tax returns, according to the IRS:

Children with investment income may have part or all of this income taxed at their parent’s tax rate rather than at the child’s rate, according to the IRS.

The Internal Revenue Service has published new tax-withholding tables as a result of the economic stimulus bill that should give most workers a bigger paycheck this spring.

If you took an early distribution from your retirement plan, here are the top 10 things you need to know, according to the Internal Revenue Service:

The stimulus bill signed into law this week includes significant tax savings of up to $1,000 per year for workers who commute by mass transit.

Here is some advice from the Internal Revenue Service about reporting gains and losses on tax returns:

Education tax credits can help offset the costs of higher education for yourself or a dependent.

How much, if any, of your Social Security benefits are taxable depends on your total income and marital status.

When filing a 2008 federal tax return, taxpayers will need to know the amount of their economic stimulus payment to properly determine if they are eligible for a recovery rebate credit.

Did you get your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from each of your employers each year.

The Association of Chartered Certified Accountants has some advice for Obama administration officials and erstwhile nominees who have run afoul of the Tax Code, as well as regular taxpayers.

The Internal Revenue Service listed several tax credits and benefits available to taxpayers with disabilities as well as the parents of disabled children.

The Internal Revenue Service has reported a nearly 10 percent drop in electronic tax filing from tax professionals so far this season, despite a push by the agency to encourage more e-filing.

The Internal Revenue Service is asking taxpayers and tax preparers to make sure they properly determine eligibility for the recovery rebate credit before they file their 2008 federal tax returns.

The Internal Revenue Service warned that many investors and other taxpayers may receive their year-end tax statements later than in past years, but the forms are likely to be more accurate.

The Internal Revenue Service touted Earned Income Tax Awareness Day as a way to raise consciousness about the credit for low-income taxpayers as the economic crisis forces more Americans into lower tax brackets.

Over 33 million callers could not reach the Internal Revenue Service’s toll-free assistance number last year to ask about economic stimulus payments, and the IRS could get swamped again this year with calls.

The House has approved an $819 billion economic stimulus package despite unanimous Republican opposition.

The continuing economic slowdown means that tax preparation and tax planning will be more critical than ever, and this will be reflected in the questions that taxpayers will ask of their preparers during tax season."Economic uncertainty, coupled with tax law changes, will make this season busier than normal," said Mark Albrecht, CEO of XCM Solutions LLC, a provider of workflow and automation solutions. "Staffing and workload challenges will be even more acute."