Tax Changes in the American Recovery and Reinvestment Act of 2009
The IRS is implementing tax-related provisions of this new program as quickly as possible. I recently blogged about how this new economic stimulus law could affect your tax bill, and how heightened tax compliance efforts could impact small businesses.
The IRS has outlined key highlights of the plan as follows:
- COBRA: Health Insurance Continuation Subsidy. The IRS has extensive guidance for employers, including an updated Form 941, as well as information for qualifying individuals.
- First-Time Homebuyer Credit Expands. Homebuyers who purchase in 2009 can get a credit of up to $8,000 with no payback requirement.
- Payroll Checks Increase This Spring. The Making Work Pay Tax Credit will mean $400 to $800 for many Americans. The IRS has issued new withholding tables for employers.
- $250 for Social Security Recipients, Veterans and Railroad Retirees. The Economic Recovery Payment will be paid by the Social Security Administration, Department of Veterans Affairs and the Railroad Retirement Board.
- Money Back for New Vehicle Purchases. Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes they paid.
More Tax Help, IRS News and Tax Relief Tips:
- Tele-Seminar Featuring Insider Secrets of Tax Relief for Small Business Owners on February 18, 2009
- Small Business Tax Incentives and Credits in American Recovery and Reinvestment Tax Act of 2009
- Talk to the Tax Expert – On the Mind Your Bizness Show
- IRS Asserts Position on Tax Protesters: Sanctions Imposed for Advancing and Maintaining a Frivolous Argument
- No Income Tax Rate Increase Until 2011 But Expect Increased IRS Audits of Tax Returns in Near Future
Tags: american recovery, economic stimulus, homebuyer credit, IRS enforcement, IRS help, IRS problem solver, irs problems, Michael Rozbruch, recovery program, reinvestment act, small business, small business tax advice, tax attorney, tax compliance, tax expert, tax help, tax relief, tax resolution expert, tax resolution services, tax returns, Tax Tips
March 31st, 2009 at 10:56 am
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