The IRS has acknowledged the certification by Nissan North America, Inc., that its 2007 Nissan Altima Hybrid vehicle meets the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle. The credit amount is $2,350. Find out more info in news release  IR-2007-08

 

Illinois business taxpayers are the first in the nation to be able to pay state withholding and federal taxes at the same time through a single system, the Electronic Federal Tax Payment System (EFTPS). Get more details on this pilot and on EFTPS in the U.S. Treasury Financial Management Service (FMS) news release

 

Notice 2007-13 announces that the Treasury Department and the IRS will amend the substantial assistance regulations for foreign base company sales income. The amended regulations will limit the types of activities that constitute substantial assistance to certain assistance rendered, directly or indirectly, by a United States person or persons to a related CFC. In addition, in light of the repeal of the foreign base company shipping income rules under subpart F, this notice confirms that income that previously was foreign base company shipping income will continue to be foreign base company income to the extent that it is within the definition of a remaining category of foreign base company income. It will be in IRB 2007-05 dated January 29, 2007