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This Week in the iNews:

▲ IRS SPEEDS LIEN RELIEF FOR HOMEOWNERS TRYING TO REFINANCE, SELL

▲ NEW FEDERAL TAX LAWS AS OF JANUARY 1, 2009

▲ NEW LUNCH & LEARN DATES FOR 2009 – MARK YOUR CALENDARS!

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▲ IRS SPEEDS LIEN RELIEF FOR HOMEOWNERS TRYING TO REFINANCE, SELL

The Internal Revenue Service announced an expedited process that will make it easier for financially distressed homeowners avoid having a federal tax lien block refinancing of mortgages or the sale of a home.

If taxpayers are looking to refinance or sell a home and there is a federal tax lien filed, there are options.  Taxpayers or their representatives, such as their lenders, may request that the IRS make a tax lien secondary to the lien by the lending institution that is refinancing or restructuring a loan.  Taxpayers or their representatives may request that the IRS discharge its claim if the home is being sold for less than the amount of the mortgage lien under certain circumstances.

The process to request a discharge or a subordination of a tax lien takes approximately 30 days after the submission of the completed application, but the IRS will work to speed those requests in wake of the economic downturn.

The IRS does not want to be a barrier to people saving or selling their homes. They want to raise awareness of these lien options and to speed their decision-making process so people can refinance their mortgages or sell their homes.

Filing a Notice of Federal Tax Lien is a formal process by which the government makes a legal claim to property as security or payment for a tax debt. It serves as a public notice to other creditors that the government has a claim on the property.  Currently, there are more than 1 million federal tax liens outstanding tied to both real and personal property. The IRS issues more than 600,000 federal tax lien notices annually.

If you or someone you know could benefit by this procedure, please contact Tom Jeakle, John Mack, or Ron White at 616.774.9004.

▲NEW FEDERAL TAX LAWS AS OF JANUARY 1, 2009 From the desk of John Mack, CPA

 Many taxpayers stand to gain from new tax laws as of January 1, 2009: 

·         Federal Estate Tax Exemption increases to $3,500,000

·         Increased 401(k) plan contributions

·         Increased Leniency Plan for delinquent taxpayers

·         Required minimum distributions may be skipped for 2009 only

·         Nanny tax threshold increased to $1,700

·         Casualty and theft losses need to exceed $500 to be deductible

·         Standard business mileage rate adjusts to 55 cents per mile, medical at 24 cents per mile, and charitable at 14 cents per mile

▲NEW LUNCH & LEARN DATES FOR 2009 – MARK YOUR CALENDARS!

Please join us for our next installment of the Lunch & Learn Series Program for 2009. The program will being at noon. Lunch and parking will be provided.

 ·         February 17, 2009 – Tax planning under President Obama

 ·         March 19, 2009 – Financial Planning in Today’s Environment from a CPA’s Perspective

 ·         May 19, 2009 – TBA

 ·         June 18, 2009 - Managing the Business Risk of Fraud: A Practical Approach

 Please contact Michelle Ripley at mripley@pmcpa.com or at 616.774.9004 for your reservation.

 Seating is limited. Don’t miss out!