[OSSSA218] Fwd: IRS Headliners and Event Updates (Post Filing Season)

[Karen PARK]

Good afternoon,

Here's the latest from KayDel Marshall with the IRS Small Business and Self Employed Division in Oregon.

Have a great evening.

Karen Park

Oregon State Social Security Coordinator
Oregon PERS
503 603-7633
karen.park at state.or.us

SL2

Please note my office hours are Monday thru Thursday 6 am to 4:30 pm



>>> "Marshall KayDel D" <KayDel.Marshall at irs.gov> 4/28/2009 1:03 PM >>>


Dear Business Organization:
 
We are pleased to provide you with the latest IRS Event Updates and Headliners to distribute to your small business members.  We hope that the information will be helpful and we encourage publication in your association's magazines, newsletters, email distributions and/or website.  
 
There are a few new updates to the provisions of the American Recovery and Reinvestment Act of 2009.  I continue to encourage you to set up a link to the main ARRA web page so your members and clients can get the latest information:  Tax Provisions in the American Recovery and Reinvestment Act of 2009 -- http://www.irs.gov/newsroom/article/0,,id=204335,00.html?portlet=6
 
Below are summaries and links to the most recent headliners and news releases your members might be interested in.  The title and summary are designed to give you a brief overview of the article's content -- the link to the full article is at the end of each summary. I encourage you to use any or all of these in newsletters or emails to your members, or on your web site.  
 
If someone else in your organization is a more appropriate contact point for these types of emails, please let me know.  And if you do not want to receive future emails like this one, please reply and request your name be removed.
 
KayDel
KayDel Marshall 
Senior Stakeholder Liaison
Small Business & Self-Employed C/L/D
1220 S.W. 3rd Avenue, Mail Stop O-185 
Portland, Oregon 97204 
503-326-5240 Phone 
503-326-5957 Fax 
E-Mail: KayDel.Marshall at irs.gov 
ID #93-10646

Upcoming Events

1.  Free IRS National Phone Forum.  Proper Worker Classification  - Wednesday, May 20, 2009.  
2.  Tax Talk Today - Specialty Taxes.  The May 12   Tax Talk Today   discusses estate, gift and employment taxes. Tune in before 2:00 p.m. ET to get any program materials available. 

Use the links above for registration information.

OAME 21st Annual Conference and Tradeshow, May 7, 2009 at the Oregon Convention Center.  To know more of this event, please contact us at oame at oame.org.  

NAVIGATING THE TAX MAZE, A 4-PART SERIES FOR NEW BUSINESSES AND EMPLOYERS ON TAXES AND OTHER PAYROLL DEDUCTIONS  The Small Business Law Center, along with Worksource Oregon, the Department of Consumer & Business Services, the Social Security Administration, the Oregon Department of Revenue, and the Internal Revenue Service, will be presenting a four-part series for new businesses and employers on taxes and other payroll deductions in May and June.   WHERE: Portland Development Commission, 222 NW Fifth Ave.   COST: $90 if you sign up for the whole series by May 1. Otherwise, cost is $25 per seminar (in advance); $30 at the door.  TIME: 4pm to 7pm   Series Dates: May 7th, 2009, Choice of Business Entity and Tax/Payroll;  May 21st, 2009, Worker (Mis?) Classification: Independent Contractor or Employee?  June 4th, 2009, SSA/IRS Wage Reporting Tips;  June 18th, 2009, Combined State Payroll Tax Reporting  To register, please go to our website:   www.law.lclark.edu/org/sblc/sblc_form.html. Space is limited.
 
2nd Annual South Coast Business Resource Fair, Saturday, May 16th, 2009 sponsored by the South Coast Employer Council and area partners who will be hosting the fair to kick-off Small Business Week May 18-22, 2009.  Contact Becky Lunetta, 541-756-8459 ext 517 or 1-800-872-4942 

East County Small Business Fair June 17, 2009, 9:00 a.m. to 1:00 p.m. at Mt. Hood Community College, 323 N.E. Roberts Avenue, Gresham, Oregon.  Contact Gerri Raisanen, SBDC Program Assistant, at 503-491-7658 for information.

Oregon Small Business Forum, Tuesday, August 25, 2009, 8:00 a.m. to 12:00 Noon at OAME, 4134 N. Vancouver, Portland, Oregon.  Focus Area Topic:  "Greening Business for Economy and Ecology"  *Don't Forget to Mark Your Calendar Now.
 
Oregon Small Business Fair, September 19, 2009, Oregon Convention Center, Contact Linda Repp for Exhibitor Information at 503-329-4260 or e-mail her at Linda.E.Repp at state.or.us
 
Rogue Valley Business Resource Fair,  Saturday, October 3, 2009, 9a.m–2:00 P.M at Rogue Community College, Southern Oregon University Higher Education Center, 312 East 8th Street, Medford, Oregon Contact Ainoura Oussenbec at Ainoura.Oussenbec at state.or.us at or Phone: (541) 776-60 60 ext. 233


IRS Updates & News Releases

ARRA updates
The latest information on the American Recovery and Reinvestment Act can be found on IRS.gov.  In addition to an over view of each of the provisions you can also find  
ARRA News Releases, Audio, Video and Legal Guidance
 
Updated Construction Tax Center
The updated IRS Construction Tax Center is a one-stop resource for tax information aimed specifically at the construction industry.  Our Industries/Professions site has information about many other areas of business.  

Every Wednesday is Tax Day on SBTV
Income from online auctions and an interview with the National Taxpayer Advocate are featured on SBTV.com today.  Next Wednesday, learn about the tax implications of bartering. 

Revised IRS Publication Features New Insolvency Worksheet
A comprehensive new insolvency worksheet taxpayers can use to determine whether and to what extent they are insolvent is included in the newly revised edition of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). The result can then be used to determine whether and to what extent their canceled debts are excluded from gross income.

Use the New Identity Theft Affidavit - Form 14039
IRS has a new Identity Theft Affidavit - Form 14039, that taxpayers and IRS employees can use to document actual or suspected tax-related identity theft. If you believe your identity has been stolen, you can use this form to help minimize or prevent the effect of identity theft to your tax account. 
Prior to the release of Form 14039, the IRS accepted the Federal Trade Commission affidavit. The IRS is now accepting Form 14039 and the police report required to substantiate identity theft occurred. The IRS’ new form requests limited personal information and does not require a waiver for disclosure of included information. 
To ensure a smooth transition, IRS will continue to accept the FTC affidavit for the next six months. The IRS.gov identity theft/protection page has the new affidavit and requirements.
Seven Facts about the New Sales Tax Deduction for Vehicle Purchases   Audio: American Recovery and Reinvestment Act Vehicle Tax Deduction 
Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 federal tax returns next year. The tax break is part of the American Recovery and Reinvestment Act of 2009. 
Here are seven things you should know about this new deduction: 
1.  State and local sales taxes paid on up to $49,500 of the purchase price of qualifying vehicles are deductible. 
2.  Qualified motor vehicles generally include new (not used) cars, light trucks, motor homes and motorcycles.
3.  Purchases must occur after Feb. 16, 2009, and before Jan. 1, 2010.
4.  This deduction can be taken regardless of whether or not you itemize other deductions on your tax return.
5.  Taxpayers will claim this deduction when filing their 2009 federal income tax return next year. 
6.  The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and  $260,000 for joint filers.
7.  The deduction may not be taken on 2008 tax returns. 
Consumers who are considering buying a new car may find that this tax incentive means there may have never been a better time to buy.
ARRA Energy Related Provisions
Energy-Saving Steps This Year May Result in Tax Savings Next Year
IR-2009-44, April 22, 2009 — The Internal Revenue Service today reminded individual and business taxpayers that many energy-saving steps taken this year may result in bigger tax savings next year. 
Tax Breaks Available for Taxpayers Who Purchase Qualified Plug-In Electric Vehicles
IR-2009-45, April 24, 2009 — Plug-in electric vehicles using certain types of batteries may qualify for a new tax credit if purchased this year, the IRS said today. 
Form 990 Filing Tips
The IRS is issuing a series of Form 990 filing tips to help tax-exempt organizations and tax practitioners as they prepare to file the redesigned 2008 Form 990. Tip #1:  a useful checklist of important filing considerations. 

Exempt Organization Closing Agreement Procedures
Information about filing a request for a closing agreement in an Exempt Organizations matter is now available on IRS.gov.  
Retirement Plan News  If you have a technical or procedural question relating to retirement plans, please visit the EP Customer Account Services page in the Retirement section of the IRS.gov Web site. If you have a specific concern about your retirement plan, call EP CUSTOMER ACCOUNT SERVICES at 1-877-829-5500. The call center is open Monday - Friday, 8:30am to 5:30pm, Eastern Time. 
Technical Guidance 
Notice 2009-37 announces the phase-out of the new qualified hybrid motor vehicle credit for passenger automobiles and light trucks and the new advanced lean burn technology motor vehicle credit for vehicles manufactured by Ford Motor Company that are purchased for use or lease in the United States beginning on April 1, 2009.
 
Revenue Ruling 2009-11 provides that differential pay that employers pay to their employees that leave their job to go on active military duty is subject to income tax withholding, but is not subject to Federal Insurance Contributions Act (“FICA”) or Federal Unemployment Tax Act (“FUTA”) taxes.  Additionally, the ruling provides that employers may use the aggregate procedure or optional flat rate withholding to calculate the amount of income taxes required to be withheld on these payments, and that these payments must be reported on Form W-2. 
 
Revenue Ruling 2009-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.  

Notice 2009-41 provides procedures that manufacturers may follow to certify property as qualified residential energy efficient property under § 25D of the Internal Revenue Code, as well as guidance regarding the conditions under which taxpayers seeking to claim the § 25D credit may rely on a manufacturer’s certification. 
 
Revenue Procedure 2009-26 provides guidance under § 1211 of the American Recovery and Reinvestment Tax Act of 2009 on how a taxpayer that is an eligible small business  makes an election to carry back a net operating loss (NOL) for a taxable year ending after 2007, for 3, 4, or 5-years instead of the normal 2-years.  Rev. Proc. 2009-26 modifies the election procedures in Rev. Proc. 2009-19, 2009-14 I.R.B. 747.  A taxpayer may make the election by attaching a statement to the taxpayer’s original income tax return for the taxable year of the 2008 NOL or by claiming the NOL carryback on the appropriate form (Form 1045, Form 1139, or an amended return). 

Notice 2009-41  provides interim guidance relating to the credit for residential energy-efficient property. It will be published in IRB 2009-19, dated May 11, 2009. 

Revenue Procedure 2009-26  provides guidance on how an eligible small business makes an election to carry back a net operating loss (NOL) for a taxable year ending after 2007, for three, four or five years instead of the normal two years. It will be published in IRB 2009-19, dated

KayDel Marshall 
Senior Stakeholder Liaison
Small Business & Self-Employed C/L/D
1220 S.W. 3rd Avenue, Mail Stop O-185 
Portland, Oregon 97204 
503-326-5240 Phone 
503-326-5957 Fax 
E-Mail: KayDel.Marshall at irs.gov 
ID #93-10646
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