IRS e-News for Tax Professionals
- Questionable EITC Return Preparers Subject of Visits
- First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify
- Treasury and IRS Issue 2009-2010 Priority Guidance Plan
- IRS Fall 2009 Statistics of Income Bulletin Now Available
- Technical Guidance
1. Questionable EITC Return Preparers Subject of Visits
IRS agent and criminal investigator on-site visits are encouraging higher quality EITC claims on 2009 returns to avoid compliance action.
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2. First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify
A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
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3.Treasury and IRS Issue 2009-2010 Priority Guidance Plan
The 2009 – 2010 Priority Guidance Plan, contains the legal gudance -- 315 projects -- to be completed over a twelve-month period, from July 2009 through June 2010. This year’s plan will address a variety of issues, including recent legislation, the current economic environment, and important international issues.
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4. IRS Fall 2009 Statistics of Income Bulletin Now Available
The Internal Revenue Service has 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. Adjusted gross income (AGI) less deficit (losses) reported for 2007 totaled $8.7 trillion, an 8 percent increase from 2006. The number of returns filed in 2007 represents an increase of 3 percent since 2006.
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5. Technical Guidance
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.
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