The Internal Revenue Service today urged taxpayers eligible for the economic stimulus payment to file their tax return now in order to get their payment in a timely manner.

Unclaimed refunds totaling approximately $1.2 billion are awaiting about 1.3 million people who failed to file a federal income tax return for 2004, the Internal Revenue Service announced today. However, to collect the money, a return for 2004 must be filed with an IRS office no later than Tuesday, April 15, 2008.

The Internal Revenue Service announced today that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July.

President Bush has signed into law a $165 billion economic stimulus package providing rebate checks to taxpayers. You might receive a check for $300, $600, $1,200, or even more depending on your conditions.

The IRS has posted a schedule indicating when tax payers, if eligible, will receive their tax payments. Keep in mind that these are estimates and the IRS could very well not meet this schedule. The schedule is based on the final two digits of your Social Security number. If you file jointly, use the last two digits of the primary filer’s Social Security number.

Agricultural industry taxpayers, farmers and fishermen, who electronically file Form 1040 returns with Form 4136, Credit for Federal Tax Paid on Fuels, must wait until March 3 to e-file the newly-revised Form 4136.

After reviewing the fourth quarter 2007 sales of American Honda Motor Company, Inc., the Internal Revenue Service announced that purchasers of qualifying Honda vehicles may continue to claim the Alternative Motor Vehicle Credit. Given the number of vehicles sold, the phase out period for Honda vehicles began on Jan. 1, 2008.

In addition to providing stimulus payments to individuals, the Economic Stimulus Act of 2008 provides incentives to businesses. These incentives include a special 50-percent depreciation allowance for 2008 purchases and an increase in the small business expensing limitation for tax years beginning in 2008.

IRS Provides New Details for Recipients of Social Security, Veterans Benefits and More Information on Stimulus Payments.

The IRS is seeking candidates for membership on the Electronic Tax Administration Advisory Committee (ETAAC). All applicants should submit a resume and complete an application form for the fall vacancies. In addition, the IRS will require a federal tax check waiver and a Federal Bureau of Investigation (FBI) check of the best qualified applicants. The deadline for submitting applications is Tuesday, April 1, 2008.

In most cases, taxpayers will not have to do anything extra to get the tax rebate payments. Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate.

Taxpayers can now file five affected forms as the Internal Revenue Service is now processing five tax forms affected by legislation involving the Alternative Minimum Tax (AMT).