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Rhode Island –Corporate and Personal Income, Insurance Taxes: CODI Decoupling Enacted, Lower Capital Gains Rates Eliminated, Other Changes Made
http://tax.cchgroup.com/news/headlines/2009/nws7209.htm#5
CCH (cch.taxgroup.com) reports:
Rhode Island Gov. Donald L. Carcieri has signed the budget bill which (1) decouples the calculation of the corporate and personal income taxes from the federal provision deferring the recognition of income from the discharge of business indebtedness (CODI), (2) eliminates the lower tax rates for capital gains, (3) requires e-filing for personal income withholding tax in certain circumstances, (4) expands the failure to pay penalty, (5) makes the qualifications for the Jobs Development Act more stringent, and (6) increases certain insurance company fees. Sales and use tax provisions (TAXDAY, 20090702-S.25) and motor fuel and estate tax provisions (TAXDAY, 20090702-S.24) are reported separately.
Rhode Island –Sales and Use, Miscellaneous Taxes: Amazon Provision, EFT Requirements Enacted
http://tax.cchgroup.com/news/headlines/2009/nws7209.htm#4
CCH (cch.taxgroup.com) reports:
The budget bill signed by Rhode Island Gov. Donald Carcieri establishes a presumption of nexus for sales and use tax nexus purposes, requires electronic sales and use tax payments for some taxpayers, and amends hospital licensing fees.
Indiana –Multiple Taxes: Budget Updates IRC Conformity, Adds Modifications, Makes Other Changes
http://tax.cchgroup.com/news/headlines/2009/nws7209.htm#3
CCH (cch.taxgroup.com) reports:
The Indiana budget bill makes numerous changes to corporate and personal income tax, franchise and capital stock tax, and insurance companies gross premiums tax laws as summarized below.
IRS Did Not Fail to Properly Credit Checks Against Married Couple’s Tax Liability (Kovacevich, TCM)
http://tax.cchgroup.com/news/headlines/2009/nws7209.htm#2
CCH (cch.taxgroup.com) reports:
The IRS properly credited five checks toward the outstanding tax liability of a law firm and not the individual tax liability of an attorney and his wife. For the tax year at issue, the taxpayer/husband was improperly characterized as an independent contractor rather than an employee of his law firm and the IRS determined that the couple failed to report income and improperly claimed deduction. The taxpayers requested a collection due process (CDP) hearing after the IRS sent a notice of intent to levy. Although one of the disputed checks was not presented to the Appeals Officer, the Tax Court could consider it because the Tax Court did not follow the record rule, and therefore, could consider evidence not produced at the CDP hearing as long as it was relevant. Since the IRS did not make an evidentiary objection to the check at trial, any objection for relevance was waived. Because the taxpayers received a notice of deficiency, their underlying tax liability could not be challenged in the CDP hearing. Questions about whether a particular check could be credited to a taxpayer’s account for a particular tax year, however, were not challenges to the taxpayer’s underlying tax liability. The Appeal’s officer’s determination to the contrary was a harmless error of law and not an abuse of discretion because the IRS did correctly credit the checks against liabilities other than the taxpayers’ unpaid individual tax liability for the tax year at issue. The taxpayers payments were voluntary and so their designations controlled. Designations on the checks, such as the employer identification number of the law firm that was liable for the employment taxes with respect to the taxpayer, supported a conclusion that the payments were meant to pay the law firm’s tax debt, not the taxpayers’ individual tax debt. Although one check arguably could have been for the payment of trust fund recovery penalty against the taxpayer as a responsible person for his law firm, the liability was for a tax year outside of the CDP hearing and the Tax Court lacked jursidiction over those taxes
The taxpayers failed to present evidence that the employment taxes were overpaid prior to the year at issue and that the overpayment should be credited toward their individual deficiency. The taxpayers presented no evidence of their income from earlier years nor stated how the amounts should be credited or how the credits reduced the deficiency. Finally, the Appeals officer did not abuse her discretion in refusing to send the Social Security Administration information about the taxpayer’s additional income. The issue was not related to an unpaid tax or levy and so was an issue that could not be raised at a CDP hearing.
Y.R. Kovacevich, Dec. 57,879(M)
Other References:
Code Sec. 6330
CCH Reference – 2009FED ¶38,184.12
Tax Research Consultant
CCH Reference – TRC IRS: 51,056.25
Your Guide to 2009 Tax Planning
Make Work Pay
There are a lot of misconceptions going around regarding the new Making Work Pay credit. In order to benefit fully, it is important to understand how you can take advantage of the credit. The most common myth is that the credit will be delivered to qualifying taxpayers through the mail, similarly to the stimulus check last year. However, it is actually distributed through a taxpayer’s check in the form of a reduced tax rate. Because of this, it is your job to check you paychecks and make sure the amount is being added (note that you may need to adjust your withholding to reflect the change).
The First Time Homebuyer Credit
A lot of people are talking about the federal government’s credit for people to purchase a home in the 2009 tax year. However, it is important to remember that the credit is only available to first time homebuyers. To be more specific, the IRS defines a new homebuyer as a person who has not owned a principal residence during the three-year period prior to the purchase. The IRS also specifies that you need to purchase the home between January 1 to December 31, 2009. For more information, check out the IRS’ press release titled “First-Time Homebuyers Have Several Options to Maximize New Tax Credit.”
Energy Conservation Credit
For those of you hoping to upgrade some of your appliances this year, the IRS is giving you even more incentive to go “green.” If you make an energy efficient upgrade to your home—such as installing double-paned windows or buying an approved washer and dryer—you can take a deduction for up to $1,500. However, you must divide the deduction between the 2009 and 2010 tax years, so you will only be able to claim $750 this year. Please note that according to EnergyStar.gov, “geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems… are not subject to this cap.”
Automobile Breaks
Although many hybrid vehicle tax credits are beginning to expire, there are plenty of new ones being announced. The IRS just released new information on the new tax credits being made possible by the Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009. The credits apply to low speed electric vehicles, as well as cars with at least four wheels that draw propulsion using a rechargeable battery. Depending on the height and weight of the vehicle the value of the credit can range from $2,500 to $15,000.
Flood Victims
The IRS unveiled some new tax law changes to assist flood victims this year. One big win for flood victims was the removal of some loss limitations. Whereas in 2008, flood victims could only claim a certain amount of losses, now they can deduct the entire amount. However, it is important to remember that this full amount can only claimed by taxpayers who itemize their deductions. Another less popular tax law change affects individuals who helped victims displaced from their homes. According to the IRS these charitable taxpayers can claim an additional exemption of $500 for each displaced individual they help, with a maximum of $2,000.
Unemployment
With more and more Americans losing their jobs, changes have also been made to the way unemployment benefits are taxed. The key to benefiting from these new changes is by knowing exactly what you are entitled to. According to the newest changes to the tax law, the first $2,400 worth of unemployment benefits is income tax free. Therefore, you could expect an increase on each check you receive by around $25. Additionally, 20 more days have been added to the duration of unemployment.
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Filing IRS Back Taxes: How to Start
If the IRS informs you that you know to file back taxes, or you simply know this already, it is important to get a quick start. It is not a good idea to put off filing IRS back taxes any longer. Those who continually wait will find out soon enough that they are only making things worse. Remember, the IRS will not forget that you need to file a past return. They keep an eye on everybody, and will eventually come after you to ensure that you do what is required by law.
So how do I start filing IRS back taxes? Above all else, you need to know what years you are filing for. If you are lucky you will only have one past return that needs to be filled out and sent to the IRS. The fewer the forms the better off you are going to be. That being said, do not be afraid if you have to file for more than one year. This is common, albeit not fun.
Once you know exactly what years you need to be filing IRS back taxes for, you can begin the collection process. This is when you dig deep into your files to find pay stubs, receipts, W-2’s, etc. The more of this information you can find the easier it will be when filing IRS back taxes. And of course, more information also means that you have a better chance of owing less money.
Are you overwhelmed? In this case, you need to hire out this job. You can only do so much on your own. When it comes to IRS dealings you never want to take things lightly. You can make things much worse if you botch this process. A professional who knows the ins and outs of filing IRS back taxes should be able to help you. You will pay for this service, but you can rest easy knowing that your returns are 100 percent complete and accurate.
Do you now feel more comfortable about filing IRS back taxes? This can be a long process, but one you can handle if you start in the right place.
Detailed information on filing IRS back taxes. Find detailed information on handling back taxes and get professional help to ensure your filings are done correctly. Article Source:http://www.articlesbase.com/taxes-articles/filing-irs-back-taxes-how-to-start-1007764.html
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