E-CPA Newsletter - May, 2009

Recent Disaster Relief
Victims of severe storms and flooding in additional areas of Arkansas and Georgia may qualify for tax relief. Be sure to check for updates on the tax relief in disaster situations page.

Small Tax-Exempt Organizations Must File e-Postcards
The May 15 deadline marks the second year tax-exempt organizations with gross annual receipts of $25,000 or less are required to file Form 990-N, also known as an e-Postcard. See news release IR-2009-49 for more information.

IRS Communications, Technology and Media Industry Conference
Hurry and register for the IRS and New York Chapter of the Tax Executives Institute (TEI) Communications, Technology and Media Industry Conference. It's in New York City on May 21. Attendance is limited and CPE credit is available.

Tax-Exempt Organization Workshops
Sign up for a June workshop in Boston for small and mid-sized section 501(c)(3) exempt organizations. Find out what these organizations must do to keep their tax-exempt status and comply with tax obligations.

Department of Justice (DOJ) Tax Cases
Read about the latest injunctions against tax return preparers and tax fraud promoters at the DOJ Website.

Technical Guidance
Notice 2009-44 clarifies that utility costs paid by a tenant based on actual consumption in a sub-metered rent-restricted unit are treated as paid directly by the tenant. It will be published in IRB 2009-21 dated May 26, 2009.

Notice 2009-45 provides an update for weighted average interest rates, yield curves and segment rates. It will be published in IRB 2009-22 dated June 1, 2009.

REG-107845-08 relates to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests.

Revenue Procedure 2009-25 describes a new pilot program for letter rulings for certain transactions under the jurisdiction of the Associate Chief Counsel (Corporate). The new program does not diminish the availability of letter rulings under existing programs. It will be published in IRB 2009-24 dated June 15, 2009.

TD 9448 contains regulations relating to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests.