NATP
The IRS released a listing of 2009 and 2010 model year hybrid vehicles that qualify for the §30B credit. The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.
Qualified Hybrid Vehicles
Thursday, March 19, 2009
Thursday, March 12, 2009
Balance Due Notice After Payment
NATP
Balance Due Notice After Payment
When an electronically filed return posts and a corresponding payment is not in the system, a notice is automatically generated. Since a payment mailed the same day as the return is e-filed takes additional time to post, notice issuance has increased as the number of returns filed electronically has increased.
In the past several years, the IRS has taken steps to prevent this from happening during the peak filing season. Beginning in June 2009, all balance due notices will be delayed for two weeks to allow any mailed payments to post. This should greatly reduce the number of erroneous notices.
The IRS has also become aware that some notices may be issued when payments have been made using EFTPS. Again, there is a short lag time as the information is transferred from EFTPS to the IRS and, because of the timing, a notice may be issued. The reprogramming in June 2009 should eliminate this situation as well.
Please note that all balance due notices state: If you have already paid your tax in full or arranged for an installment agreement, please disregard this notice. Therefore, if a payment has been sent, no further action is needed unless a second notice is received. These notices may also be avoided by using electronic funds withdrawal for the tax due, interest, and penalties.
Balance Due Notice After Payment
When an electronically filed return posts and a corresponding payment is not in the system, a notice is automatically generated. Since a payment mailed the same day as the return is e-filed takes additional time to post, notice issuance has increased as the number of returns filed electronically has increased.
In the past several years, the IRS has taken steps to prevent this from happening during the peak filing season. Beginning in June 2009, all balance due notices will be delayed for two weeks to allow any mailed payments to post. This should greatly reduce the number of erroneous notices.
The IRS has also become aware that some notices may be issued when payments have been made using EFTPS. Again, there is a short lag time as the information is transferred from EFTPS to the IRS and, because of the timing, a notice may be issued. The reprogramming in June 2009 should eliminate this situation as well.
Please note that all balance due notices state: If you have already paid your tax in full or arranged for an installment agreement, please disregard this notice. Therefore, if a payment has been sent, no further action is needed unless a second notice is received. These notices may also be avoided by using electronic funds withdrawal for the tax due, interest, and penalties.
Interest Rates Decrease for Second Quarter
NATP
The IRS has announced that the interest rates for tax overpayments and underpayments for the calendar quarter beginning April 1, 2009, will decrease by a full percentage point. The interest rates are as follows:
The IRS has announced that the interest rates for tax overpayments and underpayments for the calendar quarter beginning April 1, 2009, will decrease by a full percentage point. The interest rates are as follows:
- 4 percent for overpayments (3 percent in the case of a corporation);
- 4 percent for underpayments;
- 6 percent for large corporate underpayments; and
- 1.5 percent for the portion of a corporate overpayment exceeding $10,000.
IRS Ends Private Debt Collection Program
Just in from my tax organization:
IRS Ends Private Debt Collection Program
After conducting an extensive review of the private debt collection program, including the cost effectiveness of the effort, the IRS has announced that they will not renew its contracts with two private debt collection agencies.
The IRS determined that the work is best done by IRS employees who have more flexibility handling cases, which is particularly important with many taxpayers currently facing economic hardship. The current one-year contracts expired Friday, March 6.
IRS Ends Private Debt Collection Program
After conducting an extensive review of the private debt collection program, including the cost effectiveness of the effort, the IRS has announced that they will not renew its contracts with two private debt collection agencies.
The IRS determined that the work is best done by IRS employees who have more flexibility handling cases, which is particularly important with many taxpayers currently facing economic hardship. The current one-year contracts expired Friday, March 6.
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