* The NATP TAXPRO Weekly email newsletter reports that “The IRS has issued a list of Qualified Alternative Fuel Motor Vehicles (QAFMV) and Qualified Heavy Hybrid vehicles. QAFMVs, which are vehicles powered by alternative fuels or a combination of an alternative fuel and a petroleum based fuel, can have an allowable credit of up to $32,000. Qualified heavy hybrid vehicles, which are hybrid vehicles with a gross vehicle weight rating of over 8,500 pounds, can have an allowable credit of up to $12,000. The list is posted on the IRS website.”
* Andrew Strelka of American University has created a new website TAXING LIFE INSURANCE as a launching pad for legal research on the taxation of life insurance contracts, intended for use by individual policyholders. It contains detailed information on Internal Revenue Code Sections, Treasury Regulations, Letter Rulings, Revenue Rulings, Federal Case Law, Articles, and links to related websites.
* The 2007 New York State income tax forms are now available online at the Department of Taxation and Finance website. There does not appear to be any substantial change to the format of the IT-201 or IT-203. I will review the forms and instructions more carefully later today and provide information on changes in Monday’s post.