In the IRS Newswire (Issue No. IR-2009-98), dated October 29, 2009, the IRS reminded taxpayers that the American Recovery and Reinvestment Act (ARRA) expands the Non-Business Energy Property Credit and Residential Energy Efficient Property Credit.

The Internal Revenue Code Section 30B provides the “Alternative Fuel Motor Vehicle Credit” (AFMVC) that is included under the Energy Policy Act of 2005 and defines tax credits for four distinct vehicle categories:

Qualified Hybrid Vehicles

Qualified Fuel Cell Vehicles

Qualified Alternative Fuel Motor Vehicles (QAFMV) and Heavy Hybrids

Advanced Lean-Burn Technology Vehicles

The Energy Policy Act of 2005 changed [...]

As announced by the IRS in “e-News for Tax Professionals” (Issue 2009-43), Revenue Procedure 2009-51 outlines the process for employers now eligible to file the “Employer’s Annual Federal Tax Return” (Form 944), instead of the “Employer’s Quarterly Federal Tax Return” (Form 941). These changes take effect for January 1, 2010.

What is a SIMPLE Plan?
Savings Incentive Match Plan for Employees (SIMPLE) plans are special retirement programs for small firms (less than 100 employees) and self-employed individuals that allow eligible employees to deduct some of their pre-tax salary, then place the funds in either a SIMPLE IRA or a SIMPLE 401(k) plan. While similar to standard [...]

If you’re thinking home upgrades, this may be a good time to do them since you can take advantage of energy-efficient tax credits. For existing homes, federal tax credits are available for 30% of the cost, up to $1,500, for a range of renovations this year and 2010. Eligible work includes windows, doors, insulation, metal [...]

For the second year in a row, the IRS announced (Issue No. IR-2009-104) close to $8 million in matching grants for their Volunteer Income Tax Assistance (VITA) program. The grants were made to 147 organizations that provide free tax preparation services in all 50 states and the District of Columbia for the 2010 tax year. [...]