NEWS:
IRS 1099 Seminar on video: A link to the video of the March 30 FSLG webinar on Form 1099-MISC is now live at http://www.irs.gov/govt/fslg/index.html
NEWSLETTER GLITCH...
It seems that some members are being charged 20˘ additional postage
for delivery of our
chapter newsletter because postal service procedures changed and our
methods did not.
The Board of Directors and the Newsletter Committee offer their sincere
apologies to any
member who is inconvenienced by this unfortunate and embarrassing
situation.
We are taking steps to ensure that this situation is not repeated in the
future.
IRS offers new way to check
"economic recovery payments"
call 866-234-2942. Data needed is: SSN, DoB, ZipCode
an online version is now live at:
https://sa2.www4.irs.gov/irfof-mwp/start.do
IRS OPEN HOUSE(s): Two hundred IRS Taxpayer Assistance Centers across the country will open on Saturday, May 15, to provide help to small business owners and individual taxpayers dealing with notices and payments, return preparation and a variety of other tax issues. Each office will be open from 9:00 a.m. until 2:00 p.m. local time. Locations in Michigan:
Detroit: 477 Michigan Ave.
Detroit, MI 48226Flint: 815 S. Saginaw
Flint, MI 48502Grand Rapids: 3251 N. Evergreen Dr. N.E.
Grand Rapids, MI 49525
GRAND RAPIDS provides guidance on ROTH IRA conversions
and considerations based on Form 1099-R distribution codes
(NOTE: various City tax ordinances are very similar
but not always identical)
IRS Issues Q&A on preparer regulation: click here
Updates and questions from January "Last Chance" seminar are on the class downloads page.
Although the IRS
will begin accepting business e-file returns on January 7, Michigan
will not begin retrieving and accepting MBT e-file returns until
January 25, 2010, and therefore, will begin issuing acknowledgments for MBT e-file returns on January 26, 2010.
Read the SUMMARY of the 12/3/09 ITAG Meeting
MICHIGAN QUALIFYING CHARITABLE DEDUCTION
To the extent included in AGI, a distribution from a pension or retirement plan that is contributed to a qualifying charitable organization is a miscellaneous subtraction on Line 20 MI-1040 Schedule 1.
To qualify, you must make the payment to the charity within 60 days of receiving the distribution – AND- reduce the amount of the contribution by any pension subtraction taken and two times the total amount of credits claimed for a public contribution credit, homeless shelter/food bank credit and the community foundation credit.
For more information see MCL – Section 206.30(1)(z).
IRS Announces 2010 Standard Mileage Rates (Rev Proc 2009-54)
(1) Business -- 50 cents per mile
(2) Charitable contribution -- 14 cents per mile
(3) Medical and moving --16.5 cents per mile
NEW - Indiana DOR emailed information about potential fail to file penalty for MI residents under reciprocal agreement
(note there is only one page even though it says page 1 of 2)Secretary of State Terri Lynn Land is making it
easier for residents to participate in the federal
“Cash for Clunkers” program by offering them a new, convenient
way to obtain the registration history of their current vehicles.
(summer, 2009)
read announcement
Check out MI Chapter Enrolled Agent Exam Study Sessions (summer, 2009)
UPDATE ON AUTOMOTIVE BUYOUTS (spring, 2009)
NEW from MI Treasury: (winter, 2009)
There has been some confusion when filling out Form 4577, column F, percentage of stock with attribution.
Form 4577 Instructions state the following.
“Column F: Enter the percentage of outstanding stock each shareholder owns, including attribution of ownership from family members under IRC 318(a)(1). If no attribution exists, enter the percentage from column E in column G and leave column F blank.”
Column F should be filled out only if and when attribution exists.