Welcome Guest. Register Now!  


Tax News Latest tax updates, tax laws, news releases


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-23-2009, 03:38 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Post Tax Provisions in the American Recovery and Reinvestment Act of 2009

Congress has approved and the President has signed new economic stimulus legislation, the American Recovery and Reinvestment Act of 2009. The IRS is implementing tax-related provisions of this new program as quickly as possible.
Here are some key highlights:Information on other provisions of the stimulus law will be available on this Web site, IRS.gov, as they become available.
Following are a few general questions and answers regarding the new stimulus package:

Could the new legislation affect 2008 tax returns? Generally, no. The new legislation does not have any major impact for the vast majority of individuals preparing their 2008 tax returns due April 15. Instead, these changes will largely impact 2009 tax returns filed next year, in 2010. Taxpayers should continue to prepare their 2008 tax returns as they normally would.

There are a few limited areas in the legislation that could impact 2008 tax returns. For some small businesses, changes in the net operating loss provisions could affect 2008 tax returns. More details on this and other changes — such as the first-time homebuyer’s credit — will be available soon.

Does this new stimulus legislation have any impact on the recovery rebate credit for 2008 tax returns being filed now? No. But the IRS reminds taxpayers and tax preparers to make sure they properly determine eligibility for the recovery rebate credit before they file their 2008 federal tax returns.

Where are more details on the tax provisions of the legislation?
The IRS will be providing more details on this web site as it becomes available. A summary of the key provisions is available from the Senate Finance and House Ways and Means committees.

Source: irs.gov



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How to Correctly Claim the Recovery Rebate Credit on your 2008 Return Samatg For 2008 0 02-12-2009 08:59 PM
2009 SUV tax loophole still in effect? [email protected] Limited Liability Company 0 02-08-2009 07:31 PM
IRS Offers Tips to Avoid Recovery Rebate Credit Confusion Samatg For 2008 0 01-30-2009 07:40 PM
Four Tips to Help Taxpayers Avoid Errors On the Recovery Rebate Credit Samatg For 2008 0 01-27-2009 10:40 PM
Vehicle write-off 2009 Limo Auto Expenses 0 01-21-2009 12:15 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.