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Newsroom August 24, 2009
IR-2009-76, Aug. 21, 2009 The IRS now has channels on Youtube and Itunes featuring products to help taxpayers take full advantage of the 2009 tax provisions in the American Recovery and Reinvestment Act.
IR-2009-75, Aug. 19, 2009 Agency to receive substantially all of the accounts it was seeking.
IR-2009-74, Aug. 17, 2009 The IRS announced the second in a series of public forums will be held on Wednesday, Sept. 2, in
IR-2009-73, Aug. 14, 2009 Interest rates for the calendar quarter beginning Oct. 1, 2009, will remain the same.
IR-2009-72, Aug. 13, 2009 Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year's recovery law.
Form 1040X Processing Time Extended
Because of higher than expected inventory levels of Form 1040X, Amended U.S. Individual Income Tax Return, the processing timeframe is temporarily extended to 12-16 weeks instead of the normal 8-12 weeks. It is not necessary to contact the IRS regarding the status of a return; returns are being processed as quickly as possible.
2009 Summertime Tax Tips 7 new tips have posted, share with your clients.
Revenue Procedure 2009-37 provides the exclusive procedures for taxpayers to make an election to defer recognizing discharge of indebtedness income ("COD income") under section 108(i). It will be published in IRB 2009-36 dated Sept. 8, 2009.
Revenue Ruling 2009-29 provides various prescribed rates for September 2009 for federal income tax purposes. It will be published in IRB 2009-37 dated Sept. 14, 2009.
Announcement 2009-62 provides an update to the procedures provided in Announcement 2006-93, 2006-48 I.R.B. 1017, that a section 509(a)(3) supporting organization may use to request a change in its public charity classification. See: http://www.irs.gov/pub/irs-drop/a-09-62.pdf
Notice 2009-69 clarifies section D of Notice 2009-28 (2009-24 I.R.B.1082, published on June 15, 2009), which provided guidance to employers seeking to claim the Work Opportunity Tax Credit on two targeted groups added by new §51(d)(14). See: http://www.irs.gov/pub/irs-drop/n-09-69.pdf
Notice 2009-70 requests public comment on the proper application of the rules concerning the creation and maintenance of multiple layers of built-in gain or built-in loss to partnerships, including tiered structures, mergers and divisions. See: http://www.irs.gov/pub/irs-drop/n-09-70.pdf
American Recovery & Reinvestment Act of 2009 (ARRA) - Tuesday, October 6, 2009, 2:00 p.m. to 3:00 p.m. Employment Tax
A 45 minute study will be conducted at the Dallas and New York Tax Forum, to help improve the IRS.gov Electronic Reading Room. Please e-mail Shauna Whitcomb at: firstname.lastname@example.org if you would like to assist!
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