IRS TAX TIP 2001-43

WHAT'S NEW FOR 2000 TAXES?

        WASHINGTON -- Want to learn about the principal tax law changes that could affect your 2000 tax return? 

IRS Publication 553 highlights the tax changes in these areas:

§       Interest on student loans.
§       Individual Retirement Arrangements (IRAs) - including traditional IRA income limits, and returned contributions      and recharacterizations.

§       Capital gain distributions.
§       Foreign earned income exclusion.
§       Standard mileage rate.
§       Meal expenses when subject to "hours of service limits."
§       Lump-sum distributions.
§       Revocation of exemption from Social Security coverage.
§       Paid preparer authorization.
§       Eligible foster child.
§       Limit on personal credits.
§       Estimated tax safe harbor for higher income individuals.
§       Definition of noncapital assets expanded.

To obtain a copy of Publication 553, call the IRS toll-free at 1-800-829-3676.  The important tax changes are also summarized in IRS Publication 17, "Your Federal Income Tax."  Visit the IRS web site at www.irs.gov under the "Forms & Pubs" section, or call 1-800-829-3676 for a copy.

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