NEW YORK -- The IRS has recently released its 2007 data book which provides valuable information about how many tax returns the IRS examines (audits); what categories of returns the IRS is focusing its resources on; as well as data on other enforcement activities, such as collections. According to Bob Trinz, a senior tax analyst at Thomson Tax & Accounting, a business segment of The Thomson Corporation, the data offers a clue of what taxpayers can expect for this year's tax season."The odds of your being audited are low -- the audit rate for individuals for Fiscal Year 2007 was about 1 percent overall," says Trinz. "But the odds go up for returns that are complex or show high income. For example, if you filed a business return showing between $100,000 and $200,000 of total gross receipts, the audit rate was 6.2 percent, and if you filed a return showing income of $1 million or more, the audit rate was 9 percent.

Some Tennesseans due unclaimed IRS refunds

Unclaimed refunds totaling about $19 million are awaiting about 21,000 Tennesseans who failed to file a federal income tax return for 2004, the Internal Revenue Service announced.

However, to collect the money, a return for 2004 must be filed with an IRS office no later than April 15.

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Manila teacher annuity plan guidelnes change

Manila School Board members discussed tax shelter annuity plans, adopted the 2008-09 calendar, discussed partnership plan updates and approved certified contracts at the Thursday regular meeting.

"IRS regulations have changed and they changed retroactive to 2007," Castor said. "It is now the district's responsibility to administer the plan. The district has to have a written document including who can participate in the plan and how to make withdrawals.