Open House on Saturday May 15 to Help Small Businesses, Individuals Solve Tax Problems
The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues and makes recommendations for improving IRS service.
Haiti Relief Donations Qualify for Immediate Tax Relief
New Tax Guide Features Recovery Tax Breaks; Helps People Save on their 2009 Taxes.
Revenue Procedure 2009-52 provides guidance under ยง13 of the Worker, Homeownership, and Business Assistance Act of 2009, which allows taxpayers to elect a 3, 4 or 5-year net operating loss (NOL) carryback instead of a normally 2-year carryback.The election applies to an applicable NOL, which is an NOL for a taxable year ending after December 31, 2007, and beginning before January 1, 2010. The revenue procedure tells taxpayers the time and manner for making the election if the taxpayer (1) has not claimed a deduction for an applicable NOL; (2) previously claimed a deduction for an applicable NOL; or (3) previously filed an election to forgo the NOL carryback.
Revenue Procedure 2009-52 WILL BE IN IRB 2009-49_________DATED December 7, 2009
Most Businesses May Take Advantage Of Expanded Loss Carryback Option Under New IRS Procedure.
The Joint Committee on Taxation's (JCT) explanation of the Worker, Homeownership, and Business Assistance Tax Act of 2009, which will be added to the Unemployment Insurance extension legislation. This bill, among other things, extends and expands the first-time home buyer credit, increases the carryback period to 5 years for NOLs arising in either 2008 or 2009, excludes from gross income the qualified military base realignment and closer fringe, and requires efile for return preparers that prepare 10 or more income tax returns.