Daily Tax Update - March 10, 2008

IRS ANNOUNCES MAILING OF ECONOMIC STIMULUS PAYMENT PACKAGES TO SOCIAL SECURITY RECIPIENTS, VETERANS:  Today, the IRS announced that the mailing of special information packages will begin next week to 20.5 million recipients of Social Security and some veterans' benefits, instructing them on how to request the economic stimulus payment under the Economic Stimulus Act of 2008. The package is specially designed for people who may qualify for an economic stimulus payment but who normally aren’t required to file a tax return. 

  • Linda Stiff, Acting IRS Commissioner said, “We want to put everything right at the fingertips of the people who need this information the most. In some cases, seniors and others in this group haven’t needed to file a tax return for years or even decades. To help them get a stimulus payment, we’re doing everything we can to make this as easy as possible. These packages mean many people will just need a pen and a stamp, and the IRS will do the rest.”
  • Additional information can be accessed via:  http://www.irs.gov/newsroom/article/0,,id=179949,00.html

FARM BILL NEGOTIATORS HOPEFUL TO RESOLVE FINANCING ISSUES THIS WEEK: Congress is scheduled to recess at the end of the week for its two-week spring recess. The House and Senate negotiators want to agree on financing for the farm bill extension before the recess. If that goal is not accomplished, a short term extension bill will probably be passed.

As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

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