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Newsroom August 24, 2009
IRS Features Recovery Tax Credits on YouTube, iTunes
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.
IRS to Receive Unprecedented Amount of Information in UBS Agreement
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
Interest Rates Remain the Same for the Fourth Quarter of 2009
IR-2009-73, Aug. 14, 2009 — Interest rates for the calendar quarter beginning Oct. 1, 2009, will remain the same.
For Many Small Businesses, Fall Filing Deadline Looms for Special Refund Claims
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.
Tax Return Preparer Review Transcript
A transcript of the consumer and tax preparer panel discussions from the July 30 public forum is now available. For up-to-date news on the Tax Return Preparer Review, visit IRS.gov.
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.
The American Recovery and Reinvestment Act of 2009: Information Center
Technical Guidance
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
Events
National Phone Forums (http://www.irs.gov/businesses/small/article/0,,id=158856,00.html)
American Recovery & Reinvestment Act of 2009 (ARRA) - Tuesday, October 6, 2009, 2:00 p.m. to 3:00 p.m. Employment Tax
IRS 2009 Nationwide Tax Forums
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: shauna.t.whitcomb@irs.gov if you would like to assist!
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