OCR Text |
Show B-9 The Park Record Sat/Sun/Mon/Tues, April 2-5, 2005 IRS collects $3.2 billion AAA offers savings plan for prescription J> medication , AAA has created a new benefit - AAA Prescription Savings - to help members battle the cost of staying healthy. At more than 600 pharmacies throughout Utah, Nevada, and California, AAA members can now benefit form a discount on most prescription medications that are not covered by insurance. Savings average 35 percent on generic drugs and 15 percent on brand name medications. Participating pharmacies indude Albertson's, Costco, Rite Aid, Smith's and Target as well as many others. To obtain a' discount, members should simply present a valid AAA card before1 paying for prescriptions. Nearly 18 percent of AAA members have.no prescription drug insurance coverage. The program is available to members and their families, regardless of age. A pharmaceutical discount program might seem like an unexpected benefit from an organization that"many people associate with a tow truck, but the people at AAA say membership can help with a lot more than a flat tire or a dead battery, y. - . . : . . .;;.;-<> Y. Information about participating retailers is available at www.aaa.com/savings. ^ T i i e AAA Prescription savings cannot be used in combination with any other medical insurance plan. AAA Utah offers a wide array of automotive, travel, insurance and financial services to more than 130,000 members. AAA has been a leader and advocate for the safety and security of all travelers since it was founded more than .100 years ago. i.'- P >'*• fa ••••J.-i If Clean fuel tax deduction is now available ^ t S^ ^ for hybrid vehicles c; Original first owners of a qualifying hybrid vehicle - one that comv bines an electric motor with a gasoline-powered engine - may be ineligible to claim a one-time tax deduction on federal income tax $ returns. v ; • . .; ., \ $;} Under the Working Families Tax Relief Act of 2004, the deduction * amount is limited to $2,000 for cars first put into use in 2004 and 2005. The, deduction will be limited to $500 for vehicles placed in ..service in 2006, and no deduction will be allowed after that year. ; • Certain Toyota and Honda models qualify for the deduction % Toyota Prius - model years 2001 through 2005, Honda Insight X. model years 2000 through 2005, Honda Civic Hybrid - model years ;f'2Q03 and 2005, Honda Accord Hybrid - model year 2005, Ford I'Escape Hybrid - model year 2005. ij: The deduction amount is $2,000 for cars first put into use before •;, 2004. Under current law, the clean-burning fuel deduction will be [/'reduced by $500 each year, starting in 2004, until it expires. No ^deduction will be allowed for vehicles placed.in service after Dec. ii 31,2006. '•'•••:•'-'••?. • • &; The deduction must be taken for the year in which the vehicle g wa&fjr^t used (regardless of model year). For a car first put into use earlier tfrarv£pO4 buMor whicrfthe deduction was not*yet taken;"a viaxpaye'r may claim the deduction on the amended tax return, using (>form 1040X, Amended U.S. Individual Income Tax Return. | Taxpayers may amend a previously filed tax return to claim a refund ii,:within three years after the date they filed the original return or withiij..in two years after the date the tax was paid - whichever is later. .• I* il-4 For more information, visit www.irs.gov... v Ij 4 (Pheonix. AZ) The Internal Revenue Service announced today that taxpayers participating in the Son of Boss tax shelter settlement have so far paid in more than $3.2 billion, a figure that should lop $3.5 billion when the project concludes in coming months. Son of Boss was an abusive transaction aggressively marketed in the late 1990s and 2000 primarily to wealthy individuals. The settlement initiative required taxpayers to concede 100 percent of the claimed tax losses and pay a penalty of either 10 percent or 20 percent unless they previously disclosed the transactions to the IRS. "Tiiis was a particularly bad shelter, and we're glad so many chose to gel right with the government," said IRS Commissioner Mark W. Everson. "Despite the tough terms we offered, two-thirds of Son of Boss participants have come forward and paid up." So far, $3.2 billion in taxes, interest and penalties have been collected from the 1,165 taxpayers who are participating in the settlement initiative. The typical taxpayer payment was almost $1 million, with 18 taxpayers paying more than $20 million each and one paying over $100 million. Processing of individual settlements continues. Based on disclosures the IRS has received from promoter investigations and from investor lists from Justice Department litigation, the agency has determined that just over 1,800 people participated in Son of Boss. "For those who didn't conic forward, we know who they are," Everson said. "We are going after them." Participants not taking part in the settlement initiative have or will shortly receive a deficiency notice from the IRS disallowing all claimed tax losses and transaction costs. They will also be assessed the maximum applicable penalty - 40 percent. Their choice now will be either to settle with the IRS by paying the higher amounts or litigate their cases in court. "The IRS's legal position on this abusive transaction is strong," IRS Chief Counsel Don Korb said. "It's our belief that taxpayers who did not participate in the settlement will rue the day they made that decision." The Son of Boss initiative is part of a broader enforcement effort at the IRS, including eradicating abusive tax^shelter deals.and cracking down on those who promoted {hem. This effort includes increased audit activity of taxpayers and promoters; expanded criminal investigations; a new focus on professional ethics and responsibility through the IRS Office of Professional Responsibility; designating appropriate tax cases for litigation; and offering targeted selllemenl initiatives. Following the Son of Boss initiative, a new settlement program Grand Opening! Utah Home Fitness in Park Come celebrate the Grand Opening of our newest ^store in Park City's Redstone Plaza - we're offering exceptional values at all three locations on the area's biggest selection of exercise equipment and the best brands. Your choice! 00New Off for '05 Precor New for *O5 Precor 9.23 treadmill, now just 9.27 treadmill, now just $ $1,599 • Moves the way you move • Ground Effects impact control system •10-year warranty • Moves Ihe way you move • Ground Effects1"impact control system • 10-year warranty WENTWORTH involving an abusive transaction of slock option transfers by executives to family controlled entities was announced last month. Taxpayers have until May 23 to come forward to participate in that initiative. Key congressional committees have worked with the IRS on the continuing efforts to combat abusive tax shelters, particularly the Senate Finance Committee and the Senate Governmental Affairs Permanent Subcommittee on Investigations. Slates will also benefit from the Son of Boss initiative, part of a larger partnership between the IRS and the states. Many taxpayers who filed Son of Boss elections also are amending their state tax returns. Arizona, Illinois, Maine, Maryland. Michigan. New York, Ohio. Utah and Virginia arc among the stales initially benefiting from the initiative and have collccled more than $23.5 million from voluntary slate tax return amendments. In addition, the IRS information shared with the states has, to dale, resulted in $161 million in disallowed losses claimed and assessments of nearly $16 million in taxes, interest and penalties for Colorado, Connecticut, Maine, Maryland, Missouri, North Dakota, Pennsylvania, Utah and Virginia'*1 combined. More stales are expected to show significant benefits as the initiative progresses. "IRS efforts to share information on their Son of Boss initiative with the states is just one more example of the reinvigoratcd effort of IRS and the states to work together to combat abusive tax transactions," said HarleyT. Duncan, executive director of the Federation of Tax Administrators, an association representing tax administration agencies in the 50 stales, the District of Columbia and New York City. AT S U M M I T COUNTY ... A We are pleased to announce the opening of The Stratford ... special care unit... which strives to bring the challenges associated with memory disorders such as Alzheimer's into a more manageable perspective. Call Julie for details: 435-783-5575 or toll free: 1-800-464-9917 4200 North 400 West • Oakley, Ut 84055 Herds the Answer to our Hints and Clues Our Pass Sale Is On You Know What To Do! Buy your 3,6, or 12 Month Facility Passes and Save 20% During April • >-: D i s c o u n t e d . 3 Month 6 Month 12 Month P r i c e s Single $106 $188 $328 Offer Expires April30, Couple $188 $340 $584 2005. > « £• .C'):Lv *~" ' ^ : ^ > Passes good fir group fitness classes, fitness center, cardio loft, gym, andpool use (open seasonally), Public Facility including • Daily Drop-in masters workouts. Welcome i, ... 1( •/};; ,*. ' ' PAR K C I T Y RACQUET CLUB 435-615-5401 www.parkcityrecreation.org • 1200 Little Kate Road, Park City Life's Short, Let's Play What's Out Your Back Door? PRECOR^ moue beyond* PRECOR S Our best-selling elliptical at our best price! mouebegond" Free leg press with any Precor home gym! Up to a $1,000 Off Precor 5.23 elliptical! $ 6 9 9 value!" •Precor's top-of-the-Unc • Moves the way you move • 10-year warranty •Smooth, quiet movement • Ergonomically-correcl •10-year warranty PRECORI PRECOR? mous beyond* moue beyond" ) Only $699 Horizon Elite 2.IE elliptical! $200 Off Diamondback H50Rb recumbent bike, now $1,199 • Diamondback's • Smooth, ultra-quiet operation • Contact heart rate • lifetime frame warranty top-of-the-line •Heart rate controlled • Sclf-oowered- no pluQ-tn needed There's no reason to go anywhere else. www.utahhomefltHess.net Sandy Grand Opening! Park City Grand Opening! 10875 South State St., Redstone Flaza, Salt LaMe City next to Uinta Golf next to Bed, Bath Gateway, next to 801-816-1900 & Beyond Dicks Sporting Goods 435-575-3488 801-456-3488 'Offer valid through -I-8.Q5. Cannw be utcd In conjunction with any other promotional offer. Mark Sletten, RLALTOR* Mark & Robin Sletten invite you to consider extending your Park City vacation ... permanently! Let our 30+ years of real estate experience assist you in finding the perfect vacation home or mountain residence. As leaders in luxury real estate, we specialize in Deer Valley, the Aerie, Park Meadows, Thaynes Canyon, Old Town, the Resort Center, Prospector and the golf course properties of Tuhaye, Glenwild & Promontory. Mobik-: 435.640.0930 Robin Slctlcn, REAI.TOK Mobile: -IJ5.640.02IS ortla-: '1.15.940.0040 l-';ix: 43S.655.7745 Our otlke is kxaied on ihc lower kwl o! iho Rirk City Mm. Rv'sort Center, Park Cilv. LT 84060 ( & Prudential SLETTEN Utih Rial Ecbrt* |