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August 10, 2009

Federal Headlines


President Signs Legislation to Bolster Highway Trust Fund, Extend Clunkers Program

 

President Obama on August 7 signed legislation to keep the Highway Trust Fund solvent through the end of fiscal year 2009. The bipartisan measure, HR 3357, which would transfer $7 billion from the General Fund to the Highway Account of the Highway Trust Fund, passed the Senate by a vote of 79-to-17 on July 30 and passed the House by a vote of 363 to 68 on July 29 (TAXDAY, 2009/07/30, C.2). The measure will also provide essential loans to the Unemployment Trust Fund (UTF) to meet a projected shortfall by early August. According to a Ways and Means press release issued late on July 29, the loans are repayable with interest, and the Congressional Budget Office has scored the legislation as having no cost to the federal treasury.

 

The president also signed HR 3435, a bill to provide $2 billion in emergency supplemental appropriations for the Consumer Assistance to Recycle and Save Program, aka the Cash-for-Clunkers program. The program provides dealers with refund vouchers worth up to $4,500 when consumers trade in older vehicles with fuel economy ratings of 18 miles per gallon or less. The Senate approved the measure on August 6 by a vote of 60-to-37 (TAXDAY, 2009/08/07, C.1). The Senate voted down six amendments that would have stalled the bill and caused House and Senate members to negotiate a compromise version after the August recess. The House passed the measure before leaving for its recess on July 31 (TAXDAY, 2009/08/03, C.1).

 

By Stephen K. Cooper, CCH News Staff

Legislation to Restore Sums to the Highway Trust Fund, Enrolled, as Signed by the President on August 7, 2009, HR 3357

Legislation Making Supplemental Appropriations for Fiscal Year 2009 for the Consumer Assistance to Recycle and Save Program, as Passed by the House on July 31, 2009, HR 3435


Treasury Security Rate Set for Computing Current Plan Liability for August 2009 (Notice 2009-63)

 

For pension plan years beginning in August 2009, the IRS has released the corporate bond weighted average interest rate, the permissible range of interest rates used to calculate current plan liability and to determine the required contribution under Code Sec. 412(l) for plan years through 2009, and the current corporate bond yield curve and related segment rates for the purpose of establishing a plan's funding target under Code Sec . 430(h)(2).

 

The corporate bond weighted average interest rate for plan years beginning in August 2009 is 6.48 percent; and the 90-percent to 100-percent permissible range is 5.83 percent to 6.48 percent. The annual rate of interest on 30-year Treasury securities for July 2009, used to determine the minimum present value of a participant's benefit under Code Sec. 417(e)(1) and (2), is 4.41 percent.

 

For plans electing not to use the transitional rule under Code Sec. 430(h)(2)(G), or for plans whose first year begins after 2009, the 24-month average segments rates for August 2009 are: 5.12 for the first segment; 6.74 for the second segment; and 6.83 for the third segment.

 

For plan years beginning in 2009, the funding transitional segment rates for August 2009 are: 5.57 for the first segment; 6.65 for the second segment; and 6.71 for the third segment.

 

For plan years beginning in 2009, the minimum present value transitional segment rates for July 2009 are: 4.00 for the first segment; 5.16 for the second segment; and 5.23 for the third segment.

Notice 2009-63, 2009FED ¶46,439

Other References:

 

Code Sec. 401

 

CCH Reference - 2009FED ¶17,730.40

 

Code Sec. 412

 

CCH Reference - 2009FED ¶19,125.505

 

Code Sec. 417

 

 

Code Sec. 430

 

CCH Reference - 2009FED ¶20,161.30

 

Tax Research Consultant

 

CCH Reference - TRC RETIRE: 15,304.05

CCH Reference - TRC RETIRE: 15,304.10

CCH Reference - TRC RETIRE: 30,556

Domestic Asset/Liability Percentages and Domestic Investment Yields Set for Foreign Insurers (Rev. Proc. 2009-34)

 

The IRS has provided domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under Code Sec. 842(b). This guidance is effective for tax years beginning after December 31, 2007.

 

For the first tax year beginning after 2007, the relevant domestic asset/liability percentages are 118.6 percent for foreign life insurance companies and 183.4 percent for foreign property and liability insurance companies. The relevant domestic investment yields are 5.3 percent for foreign life insurance companies and 3.6 percent for foreign property and liability insurance companies. In addition, instructions are set forth for computing foreign insurance companies' estimated tax liabilities for tax years beginning after 2007.

Rev. Proc. 2009-34, 2009FED ¶46,440

Other References:

 

Code Sec. 842

 

CCH Reference - 2009FED ¶26,251.70

 

CCH Reference - 2009FED ¶26,251.72

 

Tax Research Consultant

 

CCH Reference - TRC INTLIN: 3,102.25


IRS Extends FBAR Filing Date for Specified Persons (Notice 2009-62)

 

The IRS has extended the due date for certain specified persons to file foreign bank account reports (FBARs) (Forms TD F 90-22.1, Report of Foreign Bank and Financial Accounts) for 2008 and earlier calendar years. Citing additional time needed by the Treasury Department to address issues pertaining to FBAR filing requirements and the need to provide administrative relief for specified persons, the IRS has provided that eligible persons have until June 30, 2010, to file FBARS for 2008, 2009 and earlier calendar years. Specified persons are (1) persons with signature authority over, but no financial interest in, a foreign financial account, and (2) persons with a financial interest in, or signature authority over, a foreign commingled fund.

 

Current instruction to the FBAR provide that Form TD F 90-22.1 with respect to a given calendar year must be filed with the Treasury Department on or before June 30 of the succeeding year. Thus, except as provided in prior relief granted by the IRS on its website (www.irs.gov) and the relief granted in this notice, FBARs with respect to the 2008 calendar year should have been filed on or before June 30, 2009. The prior relief provided on the IRS website allowed certain persons who had only recently learned of their filing obligations to file Forms TD F 90-22.1 by September 30, 2009. The new relief supplemented that previous filing extension.

 

The Treasury Department intends to issue regulations clarifying the FBAR filing requirements pertaining to the specified persons described above. It is soliciting public comments related to a number of related issues affecting a person's FBAR filing requirements. Comments must be received by the IRS by October 6, 2009.

Notice 2009-62, 2009FED ¶46,441

Other References:

 

Code Sec. 6011

 

CCH Reference - 2009FED ¶35,141.48

 

Tax Research Consultant

 

CCH Reference - TRC FILEBUS: 9,104


 

State Headlines


California --Personal Income Tax: Offset of Refund From Joint Registered Domestic Partnership Return Discussed

 

CCH has recently learned that the California Franchise Tax Board (FTB) is forwarding refunds from a registered domestic partnership's (RDP) California personal income tax joint return to the Internal Revenue Service (IRS) to satisfy the separate federal tax liability of one of the partners, even though the IRS does not recognize RDPs and requires registered domestic partners to file single returns.

 

Upon inquiry, the FTB has stated that under Cal. Rev. & Tax. Code §17021.7, the FTB is required to treat RDPs the same as married persons. The FTB offset procedures are based on the presumption that refunds from joint returns stem from taxes withheld or other refundable credits that are community property in character and, therefore, are subject to offset to the separate tax liabilities of either spouse incurred before or after marriage. The FTB has stated that the only exception would be if the RDP filed a prenuptial agreement or equivalent. In that case, the FTB would attempt to reimburse the spouse or RDP for the amount of refund allocable to the spouse or RDP.

 

It is clear that the FTB is following the "letter of the law" in this instance; however, it is questionable whether such action is frustrating the actual intent of the law. The FTB is aware that the IRS is not treating RDPs the same as married taxpayers. The IRS is being inconsistent in its position by refusing to acknowledge RDPs for federal tax purposes, yet taking advantage of the state's community property laws to access state tax refunds from an RDP's joint California return to satisfy a federal tax liability from one of the individual partners. Absent a legislative change, there does not appear to be any clear administrative remedy against the FTB, other than contacting the California Taxpayer Rights Advocate office for possible intervention. The Taxpayer Advocate's office is currently reviewing this matter on a systemic level.

 

On the federal side, once the IRS receives the refund, the non-debtor spouse/domestic partner may then want to pursue a return of such spouse's/domestic partner's allocable portion of the refund on the basis that the IRS does not regard the individuals as being married and, therefore, the refund should not be treated as community property for federal income tax purposes. While at first blush it might appear that the non-debtor spouse/partner should file Form 8379, Injured Spouse Allocation, the IRS will likely not process such request given that no federal joint return was ever filed, and the IRS does not regard the non-debtor spouse/partner as a spouse at all under federal tax law.

 

Alternately, the non-debtor spouse/partner might want to file Form 9423, Collection Appeal Request, to request Appeals Office assistance, or Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), and seek the intervention of the Taxpayer Advocate Service. Such efforts may be constrained by the absence of any definitive guidance from Chief Counsel indicating that while property rights are generally determined under state law, and state law may regard the couple as being married and therefore any refund as community property, the IRS will not treat it as community property for federal income tax purposes. The non-debtor spouse/partner might also consider a wrongful levy action if these administrative remedies are unsuccessful.

 

For preparers who advise same sex couples and domestic partners where one spouse/partner owes back federal taxes, it may be appropriate to consider whether the couple should adjust their state withholding now, thereby avoiding any refund on their 2009 California return.

 

Subscribers can view the FTB's response to CCH's inquiry.

 

 

E-mail, California Franchise Tax Board, August 4, 2009

 

New Jersey --Sales and Use Tax: New Administrative and Procedural SST Conforming Rules Adopted

 

The New Jersey Division of Taxation has adopted a new chapter of administrative and procedural rules to conform to the Streamlined Sales Tax (SST) Agreement. The new rules contain the following: definitions, administration of exemptions, administration of tax returns, rules for remitting tax, certification of service providers and automated systems, registration of sellers, state review and approval of certified automated system software and certain liability relief, confidentiality and privacy protections under Model 1 (Model 1 refers to a seller that has selected a certified service provider as its agent to perform all the seller's sales and use tax functions, other than the seller's obligation to remit tax on its own purchases), and relief from certain liability for purchasers confidentiality and privacy protections under Model 1.

 

Subscribers can view the adopted rules.

 

N.J.A.C. 18:24B-1.1, 18:24B-1.2, 18:24B-1.3, 18:24B-1.4, 18:24B-1.5, 18:24B-1.6, 18:24B-1.7, 18:24B-1.8, and 18:24B-1.9, New Jersey Division of Taxation, effective August 3, 2009

 


North Carolina --Multiple Taxes: Governor Signs Budget That Includes Tax Hikes

 

North Carolina Gov. Bev Perdue has signed a budget that enacts a new temporary personal and corporate income tax surcharge; partially conforms North Carolina income tax provisions to federal provisions enacted in 2008 and 2009; increases the sales and use tax rate; adopts an Amazon provision with a $10,000 threshold; expands the sales tax base on digital property; and increases the alcohol excise and tobacco products tax rates. Details concerning this bill were previously reported. (TAXDAY, 2009/08/05, S.24).

 

Subscribers can view the ratified bill.

 

 

S.B. 202, Laws 2009, effective as noted

 

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