The Internal Revenue Service announced today that American Honda Motor Company, Inc, has submitted quarterly reports indicating that its cumulative sales of qualified vehicles to retail dealers reached the 60,000-vehicle limit during the calendar quarter ending Sept. 30, 2007.

Under the current tax law, the credit for buying a hybrid vehicle begins to phase out in the second calendar quarter after the quarter in which the manufacturer sells its 60,000th hybrid or lean burn technology vehicle.

The credit for all new qualified hybrid passenger automobiles or light trucks manufactured by Honda will begin to phase out on Jan. 1, 2008.

This year will go down as one of the worst for homeowners living on the edge, but Bills.com co-founder and co-CEO Andrew Housser cautions homeowners facing foreclosure not to add to their worries with the unpleasant surprise of tax owed on a foreclosed home.

“Buyers who are ‘upside down’ (meaning the house is worth less than their mortgage) are often at greatest risk of foreclosure, when the lender reclaims the home and sells it to recoup its loss,” Housser said. “Even after foreclosure, though, beware: the previous owner’s commitment is not finished. In some cases, a big tax bill can hit — and hit hard.”

The Internal Revenue Service is looking for 115,478 taxpayers who are due refund checks worth about $110 million after the checks were returned as undeliverable.

The refund checks, averaging about $953, can be claimed as soon as taxpayers update their addresses with the IRS. Some taxpayers have more than one check waiting.

WASHINGTON

Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the Internal Revenue Service.

The saver