IRS News and Law Changes
EITC Eligibility Rules for 2009 Tax Year Outlined FS-2010-12, January 2010 — The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. Reporting Foreign Bank and Financial Accounts FS-2010-11, January 2010 — Requirement applies when total value of all foreign accounts exceeds $10,000. Online Scams that Impersonate the IRS FS-2010-09, January 2010 — Consumers should protect themselves against online identity theft and other scams that increase during and linger after the filing season. Such scams may appropriate the name, logo or other appurtenances of the IRS or U.S. Department of the Treasury to mislead taxpayers into believing that the scam is legitimate. Most Workers Need to File New Schedule M; Making Work Pay Credit Offers Tax Savings Up to $800 FS-2010-07, Jan. 4, 2010 -- Two special tax credits offer taxpayers an opportunity to lower their tax bill or increase their refunds this filing season. Tax Credits for Home Buyers FS-2010-06, January 2010 — Tax credits have been extended for first-time homebuyers and extended to long time residents buying buying new principal residences. Taxpayers Can Now Use Refunds to Buy Savings Bonds; New Direct Deposit Option FS-2010-5, January 2010 - In an effort to help individuals build their savings and retirement funds, a new direct deposit option in 2010 allows taxpayers to use their tax refunds to purchase U.S. Series I Savings Bonds. 2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone FS-2010-4, January 2010 — American Opportunity credit, energy credits, vehicle tax deduction and more. |
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Want to know when to expect your income tax refund? Only the IRS can tell you for sure, visit their website and use their online tools for more.
