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| We have had so much information come to us recently through our contact at the IRS, we have decided to dedicate a separate page to them! |
| The IRS has a link specifically for tax professionals, complete with updates and news you need to know. You can find that information here. |
Subscribe to e-News for Small Businesses e-News for Small Businesses is a free electronic
mail service designed to provide tax information for small business owners and self-employed
individuals. It is distributed every other Wednesday. Just click on the subjected underlined with
white text, and you're on your way!
IRS Continues Program on Political Campaign Activity by Charities; Stresses Education
and Enforcement The Internal Revenue Service today announced its Political Activities
Compliance Initiative (PACI) once again will be in effect for the 2008 election season. The PACI
program seeks to educate section 501(c)(3) organizations such as charities and churches about the
federal law concerning political campaign activity and to enforce the law in this area
IRS Issues Draft Instructions for 2008 Form 990 The Internal Revenue Service recently
released for public comment the draft instructions to the 2008 Form 990, which is the return most
tax-exempt organizations must file annually
IRS To Issue Guidance on Special 50-Percent Depreciation Allowance The IRS announced
today that it will issue guidance for businesses on how the special 50 percent depreciation allowance
that was included in the Economic Stimulus Act of 2008 can be used to make capital investments
this year. Until the guidance is issued, businesses may rely on the regulations previously issued
regarding bonus depreciation
Headliner 231 IRS Small Business Resource Guide 2008 Available Now The Small Business
Resource Guide 2008 is now available. The free CD is a one-stop source for all the information a
small business owner needs to comply with federal tax laws
IRS Fact Sheet 19 Avoiding Penalties and the Tax Gap The Internal Revenue Code imposes
many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion
mail service designed to provide tax information for small business owners and self-employed
individuals. It is distributed every other Wednesday. Just click on the subjected underlined with
white text, and you're on your way!
IRS Continues Program on Political Campaign Activity by Charities; Stresses Education
and Enforcement The Internal Revenue Service today announced its Political Activities
Compliance Initiative (PACI) once again will be in effect for the 2008 election season. The PACI
program seeks to educate section 501(c)(3) organizations such as charities and churches about the
federal law concerning political campaign activity and to enforce the law in this area
IRS Issues Draft Instructions for 2008 Form 990 The Internal Revenue Service recently
released for public comment the draft instructions to the 2008 Form 990, which is the return most
tax-exempt organizations must file annually
IRS To Issue Guidance on Special 50-Percent Depreciation Allowance The IRS announced
today that it will issue guidance for businesses on how the special 50 percent depreciation allowance
that was included in the Economic Stimulus Act of 2008 can be used to make capital investments
this year. Until the guidance is issued, businesses may rely on the regulations previously issued
regarding bonus depreciation
Headliner 231 IRS Small Business Resource Guide 2008 Available Now The Small Business
Resource Guide 2008 is now available. The free CD is a one-stop source for all the information a
small business owner needs to comply with federal tax laws
IRS Fact Sheet 19 Avoiding Penalties and the Tax Gap The Internal Revenue Code imposes
many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion
We have received numerous updates from our
contact at IRS, and many thanks to Shawn Savage
for keeping our association up to date with pertinent
information for both business and the payroll
professional. This link will take you to the latest
updates via the monthly newsletter. Take advantage
now so you'll be ahead in knowledge when it comes
to the IRS, and there will be no guesswork later!
contact at IRS, and many thanks to Shawn Savage
for keeping our association up to date with pertinent
information for both business and the payroll
professional. This link will take you to the latest
updates via the monthly newsletter. Take advantage
now so you'll be ahead in knowledge when it comes
to the IRS, and there will be no guesswork later!
WASHINGTON — The Internal Revenue Service cautions
taxpayers to be on the lookout for a new wave of scams using
the IRS name in identity theft e-mails, or phishing, that have
circulated during the last two months. New scams have been
coming out regarding "stimulus" checks in amounts as large
as $7,000 that are a huge scam. The link to the latest updates
on this issue via local news can be found here. Check out the
latest news on other IRS related scams and updates HERE
taxpayers to be on the lookout for a new wave of scams using
the IRS name in identity theft e-mails, or phishing, that have
circulated during the last two months. New scams have been
coming out regarding "stimulus" checks in amounts as large
as $7,000 that are a huge scam. The link to the latest updates
on this issue via local news can be found here. Check out the
latest news on other IRS related scams and updates HERE
The Internal Revenue Service is offering a daily series of Tax Tips for the 2009 federal tax filing
season that began this month.
Tax Tips offer concise, useful information on topics affecting millions of taxpayers. More than 70 tips
on federal taxes will be available with a new one for each business day until the April 15 tax filing
deadline. This link will take you to the audio and text files available. You candownload these IRS
audio files for podcasts to your desktop and portable music player for tax information at your
convenience and on the go. Hear them now, or download the MP3 files to hear them later!
season that began this month.
Tax Tips offer concise, useful information on topics affecting millions of taxpayers. More than 70 tips
on federal taxes will be available with a new one for each business day until the April 15 tax filing
deadline. This link will take you to the audio and text files available. You candownload these IRS
audio files for podcasts to your desktop and portable music player for tax information at your
convenience and on the go. Hear them now, or download the MP3 files to hear them later!
IRS Presents: Top Ten Tax Time Tips ! 1. Gather your records…now! It’s never too early to start getting together any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your employer. 2. Find your forms. Whether you file a 1040 or 1040-EZ, you can download all IRS forms and publications on our Web site, IRS. gov. 3. Do a little research. Check out Publication 17 on IRS.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return. Review Pub 17 to ensure you’re taking all credits and deductions for which you’re eligible. 4. Think ahead to how you’ll file. Will you prepare your return yourself or go to a preparer? Do you qualify to file at no cost using Free File on IRS.gov? Are you eligible for free help at an IRS office or volunteer site? Will you purchase tax preparation software or file online? There are many things to consider. So, give yourself time to weigh them all and find the option that best suits your needs. 5. Take your time. Rushing to get your return filed increases the chance you will make a mistake and not catch it. 6. Double-check your return. Mistakes will slow down the processing of your return. In particular, make sure all the Social Security Numbers and math calculations are correct as these are the most common errors made by taxpayers. 7. Consider e-file. When you file electronically, the computer will handle the math calculations for you, and you will get your refund in about half the time it takes when you file a paper return. 8. Think about Direct Deposit. If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a check by mail. 9. Visit IRS.gov often. The official IRS Web site is a great place to find everything you’ll need to file your tax return: forms, tips, FAQs and updates on tax law changes. 10. Relax. There’s no need to panic. If you run into a problem, remember the IRS is here to help. Try IRS.gov or call our customer service number at 800-829-1040. |
We are pleased to provide you with the latest news release and several fact sheets this week to kick off
the filing season. We believe that you may find them useful as references for the upcoming filing
season. We encourage you to distribute this information to your organization membership and/or small
business members/clients. We hope that the information will be helpful and we encourage publication in
your association's/organization’s magazines, newsletters, e-mail distributions and/or website. Each yellow
text section will take you to the proper IRS site page regarding that information.
IR-2009-02: IRS Begins Tax Season 2009 with Steps to Help Financially Distressed Taxpayers; Promotes
Credits, e-File Options
FS-2009-01: Highlights of 2008 Tax Law Changes: Popular Tax Breaks Renewed, Recovery Rebate Credit
Available, Relief for Homeowners
FS-2009-02: Tax Credits Provide Funds for First-Time Homebuyers, Childcare, Education and More
FS-2009-03: Recovery Rebate Credit Is for Individuals Who Missed Last Year’s Economic Stimulus
Payment
FS-2009-04: The Official Internal Revenue Service Web Site Is IRS.gov
FS-2009-05: IRS e-File and Other Electronic Options for 2009
FS-2009-06: IRS Offers Free Tax Help
FS-2009-07: How to Choose a Tax Preparer and Avoid Preparer Fraud
the filing season. We believe that you may find them useful as references for the upcoming filing
season. We encourage you to distribute this information to your organization membership and/or small
business members/clients. We hope that the information will be helpful and we encourage publication in
your association's/organization’s magazines, newsletters, e-mail distributions and/or website. Each yellow
text section will take you to the proper IRS site page regarding that information.
IR-2009-02: IRS Begins Tax Season 2009 with Steps to Help Financially Distressed Taxpayers; Promotes
Credits, e-File Options
FS-2009-01: Highlights of 2008 Tax Law Changes: Popular Tax Breaks Renewed, Recovery Rebate Credit
Available, Relief for Homeowners
FS-2009-02: Tax Credits Provide Funds for First-Time Homebuyers, Childcare, Education and More
FS-2009-03: Recovery Rebate Credit Is for Individuals Who Missed Last Year’s Economic Stimulus
Payment
FS-2009-04: The Official Internal Revenue Service Web Site Is IRS.gov
FS-2009-05: IRS e-File and Other Electronic Options for 2009
FS-2009-06: IRS Offers Free Tax Help
FS-2009-07: How to Choose a Tax Preparer and Avoid Preparer Fraud
| The updates on the new "Making Work Pay Tax Credit" and new withholding tables can be found here |
| The latest updates to The American Recovery and Reinvestment Act can be found here |