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Newsroom June 15, 2009
Special Tax Break on New Car Purchases Available in States With No Sales Tax
IR-2009-60, June 10, 2009 — The IRS and Treasury Department today announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax.
IRS Clarifies Requirement for Filing FBAR Form Due This Month
IR-2009-58, June 5, 2009 — The IRS announced today that it would allow taxpayers to rely on a prior definition of a United States person in determining FBAR filing requirements for the June 30, 2009 deadline.
IRS Launches Tax Return Preparer Review; Recommendations to Improve Compliance Expected by Year End
IR-2009-57, June 4, 2009 — IRS Commissioner Doug Shulman announced he will propose a comprehensive set of recommendations to help the IRS better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance and ensuring high ethical standards of tax preparers.
Spring 2009 Statistics of Income Bulletin Now Available
IR-2009-56, May 29, 2009 — Statistics about the tax returns filed by individuals with high incomes for 2006 are now available.
IRS Offers Tax Credit Guidance to Businesses Hiring Unemployed Veterans and Certain Youth
IR-2009-55, May 28, 2009 — Businesses that hired veterans and certain younger workers during the first part of 2009 should be aware of Aug. 17 certifiation date for the work opporturnity tax credit (WOTC).
Update on ARRA Recovery Tax Provisions for Individuals and Businesses
Find out about tax deductions, credits and other aspects of the economic recovery law.
Technical Guidance
Announcement 2009-51 covers the temporary suspension of FBAR filing requirements for persons who are not citizens, residents or domestic entities. It will be published in IRB 2009-25 dated June 22, 2009.
Notice 2009-49 provides guidance under section 409A(a)(2)(A)(v) on certain transactions pursuant to the Emergency Economic Stabilization Act of 2008. It will be published in IRB 2009-25 dated June 22, 2009.
Notice 2009-52 describes the procedures taxpayers will be required to follow to make the irrevocable election to take the investment tax credit determined under section 48 in lieu of the production tax credit under section 45 with respect to certain renewable energy facilities. It will be published in IRB 2009-25 dated June 22, 2009.
Notice 2009-53 updates interim guidance, pending the issuance of regulations, relating to the credit for nonbusiness energy property under section 25C. It will be published in IRB 2009-25 dated June 22, 2009.
Events
National Phone Forums (http://www.irs.gov/businesses/small/article/0,,id=158856,00.html)
Early Registration Discount Now Available for Tax Forums
IR-2009-59, June 10, 2009 — Those who register now will pay less for an opportunity to learn the latest about preparing tax returns and to earn Continuing Professional Education (CPE) credits.
Register now for a free webinar, IRS Disaster and Emergency Relief. Attend one of three June 17 events to receive a Certificate of Completion for CPE credit.
Senate Appropriations: On Tuesday, June 9th, Treasury Secretary Timothy Geithner and Commissioner Douglas Shulman testified before the Senate Committee on Appropriations Subcommittee on Financial Services and General Government at a hearing on Fiscal Year 2010 Appropriations.
In his testimony, Secretary Geithner highlighted the Administration’s new policies to curb the use of off-shore tax havens, close the international tax gap, remove tax incentives for companies to shift jobs overseas, and replace these incentives with ones that encourage creation of jobs at home. The Secretary also noted the proposed funding for the IRS in the President’s Budget for IT security, modernization and performance upgrades and enforcement efforts, including the international tax gap.
In his testimony, Commissioner Shulman urged support for the President’s Budget commenting it provided a strategic and wise investment in the nation’s tax system, and would enable the IRS to stay on a path of continuous improvement in such critical areas as service, enforcement, technology, and human capital. Commissioner Shulman reiterated his plan to make recommendations to Secretary Geithner and President Obama on how to better leverage the tax preparer community to increase compliance and ensure uniform and high ethical standards of conduct for preparers. During the hearing, members asked the Commissioner about the most common mistakes on tax returns, the reduced level of phone service at the IRS, the tax gap, RALs, paid preparers, and IT security.
Nomination Update
On Wednesday, June 10th, the Senate Committee on Banking, Housing, & Urban Affairs ordered favorably reported the nomination of Herbert Allison Jr. to be Assistant Secretary of the Treasury for Financial Stability.
On Thursday, June 11th, the Senate Committee on the Judiciary ordered favorably reported the nomination of Mary Smith, to be Assistant Attorney General in the Justice Department's Tax Division.
Legislative Update
On Friday, June 5th, the House Committee on Energy and Commerce filed its Committee Report (H. Rept. 111-137, Part I) on H.R. 2454, "American Clean Energy and Security Act of 2009," which triggered a time-limited referral of the bill for the secondary committees that also have jurisdiction, including the House Committee on Ways and Means. House Speaker Nancy Pelosi granted an extension of the referral until June 19th, meaning the secondary committees must complete action on their portion of the bill by the due date. However, an additional extension may be granted by the Speaker if requested.
On Monday, June 8th, Sen. Max Baucus introduced S. 1203, “GROWTH Act,” which would extend the research credit through 2010 and increase and make permanent the alternative simplified research credit. The bill was referred to the Senate Committee on Finance.
On Tuesday, June 9th, the House passed under suspension of the rules H.R. 2751, “Consumer Assistance to Recycle and Save Act” by a vote of 298-119 and 2 voting present. Contained in the bill is a provision that would exclude from gross income a voucher to purchase a vehicle under the temporary vehicle trade-in program.
On Tuesday, June 9th, Sen. Max Baucus (along with Sen. Kent Conrad) introduced S. 1213 “Patient-Centered Outcomes Research Act of 2009,” which would establish a patient-centered outcomes research trust fund. The bill was referred to the Senate Committee on Finance.
On Tuesday, June 9th, Sen. Chris Dodd released a draft of the health care reform bill, "Affordable Health Choices Act." The Senate Committee on Health, Education, Labor and Pensions is scheduled to markup the draft bill on Tuesday, June 16th. The draft bill would provide a credit to employers for costs associated with automatically enrolling employees and withholding premiums from wages for purposes of a new voluntary long-term care program; and amend Code section 6103 to allow the IRS to share taxpayer information for purposes of determining program eligibility.
On Wednesday, June 10th, the Senate invoked cloture on H.R. 1256, "Family Smoking Prevention and Tobacco Control Act" by a vote of 67-30, thus forcing a vote on the bill. On Thursday, June 11th, the Senate passed the Senate Amendment to H.R. 1256 by a vote of 79-17. On Friday, June 12th, the House concurred in the Senate Amendment to H.R. 1256 by a vote of 307-97. The bill now makes its way to the President for his signature. The bill will enhance the Thrift Savings Plan (TSP) by requiring individuals to be automatically enrolled and providing an option for individuals to elect to make contributions under a qualified Roth contribution program.
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