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IRS Update
03/01/2010 - By Tempe Chamber of Commerce
Here's the latest news and updates from the IRS.
Haiti Relief Donations Qualify for 2009 Deduction
People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season. Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision. Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes contributions made by text message, check, credit card or debit card. The new law only applies to cash (as opposed to property) contributions. The contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti.
First-time Homebuyer Credit Documentation
The IRS has provided additional clarification regarding documentation requirements on the First-Time Homebuyer Credit. The IRS encourages buyers seeking the homebuyer credit to sign the settlement statement when they file their tax return, even in cases where the settlement form does not include a signature line. The IRS recognizes that elements of the settlement document may vary from jurisdiction to jurisdiction and may not reflect the signatures of both the buyer and seller.
IRS Debunks Frivolous Tax Arguments
The IRS released the 2010 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. Anyone who contemplates arguing on legal grounds against paying their fair share of taxes should first read the 80-page document, The Truth about Frivolous Tax Arguments.
2009 Economic Recovery Payment
A one-time payment of $250 was made in 2009 to recipients receiving benefits from the Social Security Administration, disabled veterans receiving benefits from the U.S. Department of Veterans Affairs and Railroad Retirement beneficiaries. Taxpayers who need verification about receipt of the 2009 economic recovery payment should personally contact their respective agency for confirmation, not the IRS, before completing and filing their 2009 tax return in 2010.
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