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.
Treasury and IRS announce 2009-2010 Priority Guidance Plan, which describes the legal guidance that Treasury and IRS will issue during the year.
IR-2009-108, Nov. 24, 2009 Maximum credit remains at $8,000. Long-time residents can qualify for up to $6,500.
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.
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.
IRS Special Edition Tax Tip 2009-13, November 25, 2009
Nov. 19, 2009 - Clarification of revenue agent Pre-Contact Responsibilities and more.
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.
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 IRS.gov.