WASHINGTON — The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 2010, will remain the same as they were in the prior quarter.  The rates will be:

• four (4) percent for overpayments [three (3) percent in the case of a corporation];
• four (4) percent for underpayments;
• six (6) percent for large corporate underpayments; and
• one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000.

[View Complete Article →]

By David S. Hilzenrath Washington Post Staff Writer
Tuesday, November 17, 2009; 11:53 AM

If you had less than $248,200 (250,000 Swiss francs) in your secret account at Switzerland’s largest bank, or if it generated less than $99,280 (100,000 Swiss francs) in annual revenue, you can breathe easier.

A landmark deal that the U.S. and Swiss governments struck in August to expose American tax dodgers does not call for the Swiss to blow your cover.

On the other hand, if you had more than $992,802 (1 million Swiss francs) in your account at any time from 2001 through 2008 and you failed to disclose it to the Internal Revenue Service, don’t count on Switzerland’s legendary tradition of bank secrecy to protect you any longer. It may be just a matter of time before your account details are in the hands of U.S. tax collectors and federal prosecutors.

[View Complete Article →]

Expanded Recovery Act Tax Credits Help Homeowners Winterize their Homes, Save Energy; Check Tax Credit Certification Before You Buy, IRS Advises

WASHINGTON — People can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2009 tax bill as well.

The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year, expanded two home energy tax credits: the nonbusiness energy property credit and the residential energy efficient property credit.

[View Complete Article →]