CURRENT ISSUE
JUNE 4, 2018 - VOL. 54 No. 8

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OTHER NEWS
Questions answered about stimulus
package tax provisions

The IRS is working closely with Congress and the administration on the American Recovery and Reinvestment Act of 2009 legislation and will implement tax-related provision of the new program as quickly as possible. Following are a few questions and answers on the legislation.

Could the new legislation affect 2008 tax returns? Generally, no. The new legislation doesn't have any major impact on the vast majority of individuals preparing their 2008 tax returns due April 15. These changes will largely impact 2009 tax returns filed in 2010. Taxpayers should continue to prepare their 2008 tax returns as they normally would. There are a few limited areas in the legislation that could impact 2008 tax returns. For example, some small businesses, changed in net operating loss provisions could affect 2008 tax returns.

When and how will people get the $400 and $800 "Making Work Pay" tax credit? For many taxpayers, the additional credit will automatically start showing up in their paychecks this spring. For people who receive a paycheck, the credit will typically be handled by their employers through automatic withholding changes. For some people, the credit can be claimed when they file their 2009 tax return next year. More details about the "Making Work Pay" credit will be available soon, including an updated version of the withholding tables contained in Publication 15 (Circular E) Employer's Tax Guide.

Does the new stimulus legislation have any impact on the recovery rebate credit for 2008 tax returns being filed now? No, but the IRS reminds taxpayers and tax prepares to make sure they properly determine eligibility for the recovery rebate tax credit before they file their 2008 federal tax returns. For more information, visit www.irs.gov and search for article "IRS Offers Tips to Avoid Recovery Rebate Credit Confusion".

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