IRS Announces 2008 CostofLiving Adjustments

written on December 12, 2007 by William Riccio

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December 11, 2007

IRS Announces 2008 Cost-of-Living Adjustments

The following is a list of items affected by the IRS cost-of-living adjustments for 2008 which can be found in IRS Rev. Proc 2007-66 (http://www.irs.gov/irb/2007-45_IRB/ar19.html):

  .01 Tax Rate Tables
  .02 Unearned Income of Minor Children Taxed as if Parent's Income ("Kiddie Tax")
  .03 Adoption Credit
  .04 Child Tax Credit
  .05 Hope and Lifetime Learning Credits
  .06 Elective Deferrals and IRA Contributions by Certain Individuals
  .07 Earned Income Credit
  .08 Low-Income Housing Credit
  .09 Alternative Minimum Tax Exemption for a Child Subject to the "Kiddie Tax"
  .10 Transportation Mainline Pipeline Construction Industry Optional Expense Substantiation Rules for Payments to Employees under Accountable Plans
  .11 Standard Deduction
  .12 Overall Limitation on Itemized Deductions
  .13 Qualified Transportation Fringe
  .14 Income from United States Savings Bonds for Taxpayers Who Pay Qualified Higher Education Expenses
  .15 Adoption Assistance Programs
  .16 Private Activity Bonds Volume Cap
  .17 General Arbitrage Rebate Rules
  .18 Safe Harbor Rules for Broker Commissions on Guaranteed Investment Contracts or Investments Purchased for a Yield Restricted Defeasance Escrow
  .19 Personal Exemption
  .20 Election to Expense Certain Depreciable Assets
  .21 Eligible Long-Term Care Premiums
  .22 Retirement Savings
  .23 Medical Savings Accounts
  .24 Interest on Education Loans
  .25 Roth IRAs
  .26 Treatment of Dues Paid to Agricultural or Horticultural Organizations
  .27 Insubstantial Benefit Limitations for Contributions Associated with Charitable Fund-Raising Campaigns
  .28 Funeral Trusts
  .29 Expatriation to Avoid Tax
  .30 Foreign Earned Income Exclusion
  .31 Valuation of Qualified Real Property in Decedent's Gross Estate
  .32 Annual Exclusion for Gifts
  .33 Tax on Arrow Shafts
  .34 Reporting Exception for Certain Exempt Organizations with Nondeductible Lobbying Expenditures
  .35 Notice of Large Gifts Received from Foreign Persons
  .36 Persons Against Whom a Federal Tax Lien Is Not Valid
  .37 Property Exempt from Levy
  .38 Interest on a Certain Portion of the Estate Tax Payable in Installments
  .39 Attorney Fee Awards
  .40 Periodic Payments Received under Qualified Long-Term Care Insurance Contracts or under Certain Life Insurance Contracts

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William B. Riccio, CPA/CITP is a certified public accountant. He is president of Riccio & Associates and can be reached at (216) 255-6913 or by e-mail at william@ohiocpa.net.