Monday, March 17, 2008

The Good and Bad Stimulations

Since the passing of the stimulus package by Congress, I am sure many tax advisors have been receiving a great deal of questions about filing returns and getting the rebate check. One such question that came up in our Tax Tips Seminars last week was regarding the E-filing a stimulus return when there is no adjusted gross income.

The Good

According to Revenue Procedure 2008-21, the IRS will NOT challenge returns that claim at least $1 in adjusted gross income for e-filing.

And Now the Bad

An earlier post touched on the amount it would cost to send you a letter that tells you your stimulus check is in the mail (about $42 million). Well now the IRS reports that it will loose around $681 million answering phone calls regarding the rebate checks. Also expect a lower level of service when you call the IRS asking questions. Hmmmm.

Keeping Your Business N Synergy

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