Professor Attorney Richard Ivar Rydstrom, LL.M. Taxation says: "The IRS recently affirmed the engineer tax based use of the "Cost Segregation" depreciation method in Rev. Proc. 2004-11. Cost Segregation tax depreciation is the reclassification of existing or new real property structural components (Internal Revenue Code 1250) to personal property (Internal Revenue Code 1245) allowing faster depreciation of assets resulting in potentially substantial reductions in income taxes, insurance premiums, real estate property taxes, and increases in cash flow, return on investment (’ROI’), and sales valuation. This method can be applied to existing commercial real property, tenant improvements (old or new), construction, build-outs, renovation, remodeling, restoration, fit-outs, and demolition. That’s right, even demolition can now be structured to save taxes."

Online tax preparation turns 10 this month, culminating a decade of helping Americans easily and accurately prepare and file their own income taxes. In January 1997, the online tax revolution began when Intuit

Since the introduction of the Spanish online tax software in January 2006, eSmartTax has seen a steady and increasing interest among Latino taxpayers. Thousands have registered on the Spanish page and used eSmartTax through the 2006 tax- filing season.

But the IRS has bigger goals. It has partnered with providers like eSmartTax to get more Spanish speaking residents filing online. This year, eSmartTax is once again offering customized discount or free services and is working with community-based organizations, the Hispanic chamber and Latino legislators to get the word out. According to US Census data, almost 42 million (14.5%) of the US population is of Hispanic origin and the number is growing faster than all other groups. One third of that group is monolingual Spanish speaking. With a simple click, taxpayers can switch between English and Spanish to prepare and file their Federal and State income tax returns online.

If you thought that the instructions for assembling a holiday gadget in December were daunting, just wait until you tackle the Form 1040 at tax time, according to CCH, a Wolters Kluwer business and a leading provider of tax and accounting information, software and services (CCHGroup.com). Thanks to last-minute tax changes enacted as part of the Tax Relief and Health Care Act of 2006, you may find the instructions for the Form 1040 tax return more challenging than ever. The Act, which includes $45.1 billion in tax benefits and adds over 200 changes to the tax code, means that millions of Americans can save money on their taxes for 2006 and beyond, but only if they know where to look. That’s because this year’s tax forms and first round of instructions were printed well before the president signed the bill into law on December 20, 2006.

"There is no such thing as a recall on a tax form — at least not so far," said David Bergstein, CPA, an analyst for CCH CompleteTax ( http://www.completetax.com/ ), an online tax program for the do-it-yourself tax filer. "But this may be the last straw for some of the more than 20 million Americans that still file their returns manually."

Taxhead.com has completed tax software acceptance testing with the IRS. "PATS," which stands for the "Participants Acceptance Testing System," is a testing requirement for Software Developers, Reporting Agents and e-file Transmitters planning to transmit individual electronic returns to the IRS. The purpose of PATS is to ensure, prior to live processing, that Providers transmit in the correct format and meet the IRS electronic filing (efile) specifications, that returns have few validation or math errors, that required tax return fields will post to the IRS Master File and that Providers understand the mechanics of IRS eFile.