Monthly Archives: June 2009

The American Recovery and Reinvestment Act of 2009: Overview

The IRS is implementing the tax-related provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) as quickly as possible. More information on these and other provisions of the recovery program will be available on this Web site as … Continue reading

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Tax Return Preparer Fraud

Return preparer fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients. Preparers may manipulate income … Continue reading

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Special Tax Break on New Car Purchases Available in States With No Sales Tax

The Internal Revenue Service and Treasury Department announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of 2009, … Continue reading

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IRS Clarifies Requirement for Filing FBAR Form Due This Month

Internal Revenue Service officials announced that they would allow taxpayers to rely on the definition of a United States person as set forth in the prior instructions to the FBAR form when determining their filing requirement.This announcement affects those preparing … Continue reading

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IRS Launches Tax Return Preparer Review

IRS Commissioner Doug Shulman announced that by the end of 2009, he will propose a comprehensive set of recommendations to help the Internal Revenue Service better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance … Continue reading

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Spring 2009 Statistics of Income Bulletin Now Available

The IRS announced the availability of the spring 2009 issue of the Statistics of Income Bulletin, which features information on high-income individual income tax returns filed for tax year 2006.For tax year 2006, taxpayers filed nearly 4.1 million returns with … Continue reading

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IRS Offers Tax Credit Guidance to Businesses Hiring Unemployed Veterans and Certain Youth

Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until Aug. 17 to request the certification required for these workers, according to … Continue reading

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IRS Offers Tax Credit Guidance to Businesses Hiring Unemployed Veterans and Certain Youth

Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until Aug. 17 to request the certification required for these workers, according to … Continue reading

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IRS Posts New Interest Rates

Revenue Ruling 2009-17 provides the rates for interest on tax overpayments and underpayments for the calendar quarter beginning July 1, 2009.The interest rates remain the same at 4 percent for overpayments (3 percent in the case of a corporation), 4 … Continue reading

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Safe Harbor 401(k) Plan

The IRS, on May 18, 2009, published proposed regulations, Suspension or Reduction of Safe Harbor Nonelective Contributions, that would amend Regulations under Code §§401(k) and 401(m).  These proposed regulations provide employers incurring a substantial business hardship an alternative to terminating … Continue reading

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