Monday, November 30, 2009

IRS News and Information Nov 30, 2009

Practitioner E-mail Group:
Here is the latest IRS news and information. Please share with your members and colleagues.  Select the blue links to see the full article




IRS Fall 2009 Statistics of Income Bulletin Now Available

IR-2009-109, Nov. 24, 2009 — The IRS today announced the release of the fall 2009 issue of the Statistics of Income Bulletin, featuring data on 143 million individual income tax returns filed for tax year 2007.


Joint Treasury - IRS Statement -- 2009-2010 Priority Guidance Plan

Treasury and IRS announce 2009-2010 Priority Guidance Plan, which describes the legal guidance that Treasury and IRS will issue during the year.


First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

IR-2009-108, Nov. 24, 2009 — Maximum credit remains at $8,000. Long-time residents can qualify for up to $6,500.


IRS Issues Proposed Regulations on Reporting Requirement for Payment Card and Third-Party Payment Transactions

IR-2009-106, Nov. 23, 2009 — The IRS issued proposed regulations under a new statute requiring that, starting with transactions in calendar year 2011, the gross amount of payment card and third-party network transactions be reported annually to participating merchants and the IRS.


Latest IRS Partner Headliner 280 Discusses Employment NRP

In February 2010, the Internal Revenue Service will begin its first Employment Tax National Research Project in 25 years. Business practices regarding employment tax issues may have changed significantly since the last IRS employment tax study in the 1980s, necessitating the need for this study.


10 Important Facts about the Extended First-Time Homebuyer Credit

IRS Special Edition Tax Tip 2009-13, November 25, 2009


IMRS Hot Issues

Nov. 19, 2009 - Clarification of revenue agent Pre-Contact Responsibilities and more.



Technical Guidance


Revenue Procedure 2009-52 provides guidance under § 13 of the Worker, Homeownership, and Business Assistance Act of 2009, which allows taxpayers to elect a 3, 4, or 5-year net operating loss (NOL) carryback instead of a normally 2-year carryback.  The election applies to an applicable NOL, which is an NOL for a taxable year ending after December 31, 2007, and beginning before January 1, 2010.  The revenue procedure tells taxpayers the time and manner for making the election if the taxpayer (1) has not claimed a deduction for an applicable NOL; (2) previously claimed a deduction for an applicable NOL; or (3) previously filed an election to forgo the NOL carryback. Revenue Procedure 2009-52 will be in IRB 2009-49, dated December 7, 2009.

Notice 2009-93 creates a pilot program allowing filers of information returns to truncate an individual payee's nine-digit identifying number on paper payee statements for calendar years 2009 and 2010 if the filers meet the requirements set forth in this notice.


Revenue Ruling 2009-37 provides the rates for interest on tax overpayments and underpayments for the calendar quarter beginning January 1, 2010.  The interest rates will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, 1 and one-half percent for the portion of a corporate overpayment exceeding 10,000, and 6 percent for large corporate underpayments.  This quarterly determination is required by section 6621 of the Internal Revenue Code.  Revenue Ruling 2009-37 will be in IRB 2009-52, dated December 28, 2009.


Notice 2009-94 sets forth certain cost-of-living adjustments effective January 1, 2010, applicable to the dollar limitations on benefits and contributions under qualified retirement plans. The limitations that are adjusted by reference to § 415(d) will remain unchanged for 2010.   Other limitations applicable to deferred compensation plans are also unchanged for 2010.  Notice 2009-94 will be in IRB 2009-50, dated December 14, 2008.




National Phone Forums (,,id=158856,00.html)


I hope you find this information useful.  If you would like additional information, you can subscribe to an IRS e-Subscription by going to the Subscription page on


If you would like to discontinue receiving my local Stakeholder Liaison e-mails, please e-mail me at    and request removal of your name.

James R. Kinsey
Sr Stakeholder Liaison Specialist
Communication, Liaison & Disclosure
SB/SE Division
Work 408-817-6842
Fax 408-817-4601

No comments: