* Ways and Means Committee Chairman Charles B. Rangel has introduced H.R. 6049, the Energy and Tax Extenders Act of 2008, which will extend tax credits and deductions that expired last year or would expire at the end of this year. H.R. 6049 will be considered by the Ways and Means Committee today.
H.R. 6049 would provide important tax relief for individuals and families, including:
· Deduction of State and local sales tax
· Deduction of tuition and other education expenses
· Deduction of out-of-pocket expenses by teachers
· Deduction of property taxes for non-itemizers
· Relief for more than 12 million children through an expansion of the refundable child tax credit to taxpayers earning $8,500 a year.
The bill apparently does not include an extension of the AMT fix.
Click here for the official Ways and Means Committee press release and here to view a summary of the bill.
BTW, the Ways and Means Committee website includes an excellent section that provides details on the status of Tax Legislation in the 110th Congress.
* An article from the Chicago Tribune included in today’s daily AccountantsWorld.com Headline email reports that the IRS is admitting that some “stimulus” rebate checks have been directly deposited to the wrong bank account.
The article quotes Kevin McKeon, the IRS spokesperson for the New York region–
"We do know of instances of problems; we've heard of situations where stimulus checks have gone to the wrong people's bank accounts. We're getting a lot of calls to the toll-free number."
The IRS advises those receiving misdirected IRS deposits to report the mistake to their bank. Paper checks sent to incorrect recipients must be mailed back to the IRS.