On January 15, 2009, the IRS released Issue 2010-03 of eNews for Tax Professionals, which addressed the following subjects:
1. Release of New Homebuyer Credit Form; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents
2. IRS Announces Streamlined and Simplified Notices to Taxpayers
3. IRS e-file
4. Free File Now Available to Almost All Taxpayers
5. New online small business tax workshop
6. National Taxpayer Advocate Delivers 2009 Report to Congress
7. Technical Guidance
1. Release of New Homebuyer Credit Form; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents
The Internal Revenue Service has announced the release of the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time homebuyer credit.
The new Form 5405 and related instructions are now available.
2. IRS Announces Streamlined and Simplified Notices to Taxpayers
The Internal Revenue Service has unveiled its first redesigned notices that are part of an on-going effort to improve the way it corresponds with taxpayers.
3. IRS e-file
IRS e-file, the popular electronic tax return delivery service used by two-thirds of the nation's taxpayers, opens for business January 15 and marks 20 years of safely and securely transmitting nearly 800 million individual federal tax returns.
4. Free File Now Available to Almost All Taxpayers
The Internal Revenue Service and its private-sector partners are making Free File available starting January 15. Most taxpayers can have free use of helpful tax preparation software and free electronic filing of the federal tax returns.
5.New online small business tax workshop
Small business clients may be interested in the revised Virtual Small Business Tax Workshop with updated content, interactive features and a new reference section.
6. National Taxpayer Advocate Delivers 2009 Report to Congress
The IRS has announced the publication of The National Taxpayer Advocate's 2009 Annual Report to Congress. The full report is available at IRS.gov.
7. Technical Guidance
Notice 2010-14 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007.
REG-137036-08 contains proposed regulations relating to employment tax liability of agents authorized by the Secretary under section 3504 of the Internal Revenue Code (Code) to perform acts required of employers with respect to taxes under the Federal Unemployment Tax Act on wages paid for home care services, as defined in these regulations. These proposed regulations affect employers who are home care service recipients, as defined in these regulations, and their designated agents. These regulations also propose amendments to modify the existing regulations under section 3504 to be consistent with the organizational structure of the Internal Revenue Service (IRS), and to update the citation to the Internal Revenue Code of 1986.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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