October Tax Talk Today Offers Answers to the Question: What Should You Know About ARRA 2009?

The Oct. 6 Tax Talk Today show focused on the new provisions under the American Recovery and Reinvestment Act of 2009. The archive version of the show is available for download at Tax Talk Today until Dec. 31. Viewers can earn one CPE credit by watching.

October's show was the last Tax Talk Today webcast sponsored by the IRS, although the IRS will continue to offer similar educational opportunities for tax practitioners.

The ARRA, enacted in February 2009, contains a variety of tax incentives that potentially benefit both individuals and businesses.

In the program, experts from the IRS and the tax preparation community discuss in detail many of the ARRA tax credits, deductions and incentives. Topics covered range from tax credits for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient and people paying for college, to the subsidy for health insurance continuation.


What You Should Know About ARRA 2009

"You'll find a lot of these [ARRA] provisions were intended to broaden the credits and deductions and bring in more benefits to more folks," said Amy Stanton, IRS program manager. "The earned income tax credit is one of those benefits." As a result, EITC is available to more people.


Being Early Helps the Bird and the Worm

The release of ARRA tax law changes in February 2009 as opposed to the traditional December release provided a welcome advantage for both IRS and tax professionals, Stanton said.

"It gave us an opportunity to look at the law, decide how forms needed to be changed or what new forms needed to be made, and gave us an opportunity to do focus-group testing," said Virginia M. Tarris, IRS tax law specialist.

As a result, IRS representatives were able to solicit input from a variety of groups in different locations by having them prepare actual forms and schedules and get immediate feedback.

"We asked them what was easy and what was hard." Tarris said. "And we took their input and made changes to these forms so that they would be easier to use."

The show's panelists also discussed changes to the Consolidated Omnibus Budget Reconciliation Act and increases in EITC amounts.

October Tax Talk Today panelists included:

- Virginia M. Tarris, IRS tax law specialist
- Amy Stanton, IRS program manager
- CPA Gerard H. Schreiber Jr., partner, Schreiber and Schreiber
- CPA and attorney Donna Rodriguez, managing partner, Donna L. Rodriguez, PLLC.

Tax professionals who need continuing education credits should select Continuing Education at the Tax Talk Today Web site for more information. Tax Talk Today can be viewed with Windows Media Player and Real Player; both are free software that may already be installed on your computer. If not, click the link for Installing System Software to view Internet Broadcast under "How to View."

Subscribers can view archived programs, listen to audio podcasts or read show transcripts through Dec. 31, 2009. Subscribers can also order audio and video recordings. Transcripts and audios of the July 14 webcast, "OPR: A Balanced Approach," and the final Tax Talk Today October 6 webcast, "What You Should Know About ARRA 2009," are now available.

Tax Talk Today will remain archived until Dec. 31, 2009, and viewers have until then to use purchased CPE credits. Registration for the show is free.

The IRS will continue to offer the tax professional community a number of educational options, including a new live broadcast starting next year, along with webinars, podcasts and phone forums.

So stay "tuned" for future educational and informational opportunities by visiting the tax professionals page on IRS.gov/.