2009 continued the Congressional history of innumerable tax changes and many open ends remaining at the end of the year. You can be assured that we are monitoring Congressional action regularly and will utilize the latest changes as we prepare your return.
Problem Areas
The IRS continues this year to address actual physical inventory on hand at December 31. Please make sure to physically count your inventory, retain the records, and provide us with the accurate total cost of inventory on hand at December 31, 2009. Do not include consignments you are holding from other people in this number. In the event of an audit you must be able to provide copies of physical count sheets, so this year we are placing an increased emphasis upon obtaining correct year end physical inventory amounts.
We also want to remind you to make sure that your corporate minutes are maintained on an annual basis-we are not allowed to maintain these forms for you, they should be maintained by the officers of the corporation. Of course only S and C corporations are required to maintain minutes, LLC’s generally have no such requirement. If you have an LLC that is taxed as an S or C corporation, I suggest that you have minutes anyway, just for safety.
Sales tax audits continue to increase. In general you must pay sales or use tax on any item you purchase that is not re-sold including office supplies, equipment, online and out of state purchases. You need to charge sales tax on any items you sell (not always labor if separately stated on the invoice) except for those customers for whom you have a valid exemption certificate on file. Make sure that you file sales tax returns in all states in which you have an office, store, salespeople or other presence.
The write-off for equipment and building purchases continues to be a major tax-savings event for 2009. Please provide us with invoice copies of any assets you purchased that cost more than $500 on 2009.
The mileage rate for cars used in a business is 55 cents per mile for the entire year of 2009, so if we are writing off a portion of your business vehicle, please provide us with total mileage for the year, and with business mileage. You should be keeping track of this mileage with a log book, calendar or similar system.
With ever-increasing costs for health care, businesses need to closely examine their options. HSA insurance/savings plans, employee leasing and similar areas that we may be able to use to significantly reduce your health care fringe benefit costs. Additionally, we are finding that many employers are reaping tremendous savings from HRA’s which are an inexpensive way (about $250 per year) to save a minimum of $1,000 annually. Please contact us to establish an HRA.
Several new tax credits are available for energy improvements to your business, hiring of disadvantaged groups, old building rehabilitation (built before 1936), starting a first time company pension plan, and more. If one of these unusual situations affect your business, please tell us!
Tax Return 10-Point Information Needed
As usual we also need the following information to prepare your tax return for this year (Check off as completed) This information will need to go to your bookkeeper first, to be input in the bookkeeping:
__ Copies of any new bank loans obtained during the year,
__ Copies of any federal or state tax correspondence received during the
Year if not already provided,
__ Copies of any equipment purchase invoices over $500,
__ Loan payoffs, by loan number, of all business loans at December 31,
__ Copies of your year-end bank reconciliation(s),
__12/31/09 Year End Balances of:
Accounts Receivable $___________,
Cost of Inventory on Hand $_____________,
Unpaid Sales tax at December 31 $_____________,
Unpaid wages earned thru 12/31 $__________,
Accounts payable to suppliers/utilities at 12/31 $ ___________
If we do not prepare your W-2s and payroll returns we need this payroll information:
Unpaid 941 Deposit at December 31 $__________,
Unpaid Federal unemployment deposit (940) at December 31 $ ___________,
Unpaid state unemployment deposit at December 31 $ __________,
Unpaid state withholding deposits at December 31 $____________________,
__ The enclosed engagement letter needs to be signed and returned,
__ Year end summary of business activity-USB flash drive back up
(Quickbooks back-up, trial balance, etc. unless we maintain),
__ Sales breakdown by state and city if applicable (Call us to determine),
__ Information on any changes in ownership, stock holding, locations or
number of stores.
We once again thank you for your patronage and loyalty. If you have any questions regarding this letter or other tax compliance or planning issues please contact us at the office.
Sincerely, Deborah Sherwood, EA
Saturday, November 28, 2009
A little YEAR END heads up for INDIVIDUALS!!
We are surprised how quickly the year has passed! On the income tax scene Congress continues to work on last minute income tax bills as of the date of this letter, but you can be assured we stay abreast of all the latest changes as they occur! With the economic issues this year you can be sure that we will work more diligently than ever to keep your tax bill at the lowest legal amount.
Cash for Clunkers
Good news-if you traded in that old junk vehicle under the cash for clunkers bill you do not have to pay tax on the credit you received! No, we don’t even need to know about it unless you use your car for business, and even then you don’t pay tax on the credit.
Homebuyer Credit
If you (and spouse if married) bought a home in 2009 please bring the HUD home closing statement with your income tax information. Congress has made a number of changes to these rules in the last few weeks, so please provide the new home information any time you purchased a new home this year, even if it is not your first home. For more on this credit, see previous posted blogs.
New Cars or Trucks
Several special new tax deductions and credits are available this year if you bought a brand new car, light truck, motorcycle or RV during the year. If you bought a new vehicle please bring us a copy of the invoice so that you get this special credit or deduction
Mortgage Interest
Recent IRS scrutiny of home mortgage interest deductions now require us to carefully track re-financings and the use of loan proceeds. Please provide us with any new home loan information, closing statements from any re-financings, and a summary of what any additional loan proceeds were used for.
Charity
A scary IRS court case in 2008 reminds us of the rules on charitable contributions. ALL deductions of any amount must have a receipt. Any individual contribution over $250 must also have an acknowledgement letter from the charity, and the letter must be dated by the date we file your return. The letter should show the date and amount of any individual contribution over $250, and should also state that no goods or services were received in return for the contribution.
Property Tax
There is a special property tax deduction available in 2009 for property tax paid on your personal residence. Even though we have not needed this amount in previous years for some people, everyone should provide us with this amount this year, if you paid any property tax in 2009.
Foreign Accounts
If you have read any news in the last year you know that the IRS is looking closely for offshore accounts. If you have an account with over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund) please let us know as some special rules will apply to you.
Mileage Deductions
Deductible mileage rates changed during the year. Please provide us with the number of medical miles you drove during the year for this deduction. This includes trips to the doctor, dentist, pharmacy, dialysis, etc. Also separate the charitable miles that you drove this year, while holding a position within the Non Profit Organization. Organizations such as church groups, little league, Sheriff's Posse, etc.
Education Credits
A major revision of college credits by President Obama has provided us with the new “American Opportunity Credit”, a special credit for undergraduate college students. If you have children in college or near to college, please discuss some options with us to assure that you receive the best benefit for these costs.
Roth IRA Conversions
You will be hearing from lots of “experts” this year that you need to convert your retirement accounts to Roth IRAs. While there are a number of advantages to conversions, there are an equal number of disadvantages that carry some major tax consequences. Please do not convert your accounts in 2010 without coming in to see us for an appointment to discuss both the positives and negatives.
Gift Changes
Effective 1/1/2009 the amount you may give to one person in one year without any return filing requirements has been increased to $13,000.
Energy Credits
The residential energy credit has been reinstated starting in January of 2009. If you added or are considering adding storm windows, doors, insulation or a furnace, the Federal credit is 30% of the cost of the product, plus installation fees for furnaces, up to a maximum of $1,500 for your home. There are also tremendous credits available for solar power, geothermal and wind energy that you should discuss with us if you are considering these changes. There is still a special tax credit for some new hybrid cars bought in 2009, so please bring that information to us as well.
Worthless Stocks and Bonds
If you own stocks or bonds that became worthless this year (Such as General Motors), please be sure to provide us with the cost and purchase dates so that we can take any allowable deductions.
Future Income Tax Rates & Other
With record Federal deficits predicted for the next 10 years, it is a foregone conclusion that future tax rates will be substantially higher than today. If you are considering selling property or stock there is a good chance that 2009 will be the lowest capital gains rates any of us will ever see again, and the 2009 rates continue to be the lowest rates since before World War II. You might want to discuss some tax strategies with us if you are expecting a major asset sale in 2009 or 2010.
There are literally hundreds of other changes, extensions and deletions that we will consider this year while preparing your return. Because of these changes we are requesting everyone to try to have their tax information in to us at least two weeks earlier than normal, and no later than March 21, 2010. Please rest assured that we will utilize our best resources to once again provide you with timely, complete and accurate service while keeping your tax burden to the lowest legal amount. Thank you again for your continued support.
Sincerely, Deborah Sherwood
Cash for Clunkers
Good news-if you traded in that old junk vehicle under the cash for clunkers bill you do not have to pay tax on the credit you received! No, we don’t even need to know about it unless you use your car for business, and even then you don’t pay tax on the credit.
Homebuyer Credit
If you (and spouse if married) bought a home in 2009 please bring the HUD home closing statement with your income tax information. Congress has made a number of changes to these rules in the last few weeks, so please provide the new home information any time you purchased a new home this year, even if it is not your first home. For more on this credit, see previous posted blogs.
New Cars or Trucks
Several special new tax deductions and credits are available this year if you bought a brand new car, light truck, motorcycle or RV during the year. If you bought a new vehicle please bring us a copy of the invoice so that you get this special credit or deduction
Mortgage Interest
Recent IRS scrutiny of home mortgage interest deductions now require us to carefully track re-financings and the use of loan proceeds. Please provide us with any new home loan information, closing statements from any re-financings, and a summary of what any additional loan proceeds were used for.
Charity
A scary IRS court case in 2008 reminds us of the rules on charitable contributions. ALL deductions of any amount must have a receipt. Any individual contribution over $250 must also have an acknowledgement letter from the charity, and the letter must be dated by the date we file your return. The letter should show the date and amount of any individual contribution over $250, and should also state that no goods or services were received in return for the contribution.
Property Tax
There is a special property tax deduction available in 2009 for property tax paid on your personal residence. Even though we have not needed this amount in previous years for some people, everyone should provide us with this amount this year, if you paid any property tax in 2009.
Foreign Accounts
If you have read any news in the last year you know that the IRS is looking closely for offshore accounts. If you have an account with over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund) please let us know as some special rules will apply to you.
Mileage Deductions
Deductible mileage rates changed during the year. Please provide us with the number of medical miles you drove during the year for this deduction. This includes trips to the doctor, dentist, pharmacy, dialysis, etc. Also separate the charitable miles that you drove this year, while holding a position within the Non Profit Organization. Organizations such as church groups, little league, Sheriff's Posse, etc.
Education Credits
A major revision of college credits by President Obama has provided us with the new “American Opportunity Credit”, a special credit for undergraduate college students. If you have children in college or near to college, please discuss some options with us to assure that you receive the best benefit for these costs.
Roth IRA Conversions
You will be hearing from lots of “experts” this year that you need to convert your retirement accounts to Roth IRAs. While there are a number of advantages to conversions, there are an equal number of disadvantages that carry some major tax consequences. Please do not convert your accounts in 2010 without coming in to see us for an appointment to discuss both the positives and negatives.
Gift Changes
Effective 1/1/2009 the amount you may give to one person in one year without any return filing requirements has been increased to $13,000.
Energy Credits
The residential energy credit has been reinstated starting in January of 2009. If you added or are considering adding storm windows, doors, insulation or a furnace, the Federal credit is 30% of the cost of the product, plus installation fees for furnaces, up to a maximum of $1,500 for your home. There are also tremendous credits available for solar power, geothermal and wind energy that you should discuss with us if you are considering these changes. There is still a special tax credit for some new hybrid cars bought in 2009, so please bring that information to us as well.
Worthless Stocks and Bonds
If you own stocks or bonds that became worthless this year (Such as General Motors), please be sure to provide us with the cost and purchase dates so that we can take any allowable deductions.
Future Income Tax Rates & Other
With record Federal deficits predicted for the next 10 years, it is a foregone conclusion that future tax rates will be substantially higher than today. If you are considering selling property or stock there is a good chance that 2009 will be the lowest capital gains rates any of us will ever see again, and the 2009 rates continue to be the lowest rates since before World War II. You might want to discuss some tax strategies with us if you are expecting a major asset sale in 2009 or 2010.
There are literally hundreds of other changes, extensions and deletions that we will consider this year while preparing your return. Because of these changes we are requesting everyone to try to have their tax information in to us at least two weeks earlier than normal, and no later than March 21, 2010. Please rest assured that we will utilize our best resources to once again provide you with timely, complete and accurate service while keeping your tax burden to the lowest legal amount. Thank you again for your continued support.
Sincerely, Deborah Sherwood
Exclusions for the 10% Penalty on Pension Withdrawal
These are some exclusions for the 10% penalty when withdrawing funds from an IRA and 401 K distributions.
I have had quite a few people call me on this recently and thought I would post this great breakdown from Jennings Seminar.
It has some little known exclusions that may help you. PLEASE remember that not all exclusions apply to BOTH the IRA and the 401K, many exclusions are for one or the other.
Sincerely, Deborah Sherwood, EA
The Penalty Exceptions of IRC Section 72(t)
1Disability of the participant
Must meet the meaning described
2 Series of Substantially equal payments
Annual distributions based on approved calculation. For qualified plans taxpayer must
separate from service
3 Separation from service
Must be 55, does not apply to IRAs or self employed individuals
4Equal to or less than deductible medical expenses
Medical expenses must exceed 7.5% of AGI
5Unemployed health insurance
Applies only for IRAs
Payments received for at least 12 weeks
Limited to health insurance paid
6Higher education of taxpayer, spouse, kids or grandkids
Applies only to IRAs
7 1st time home purchase of taxpayer, spouse, child or grandchild
Applies only to IRAs
120 day time limit
$10,000 lifetime limit
8 Loan agreements
Qualified plans only
9Death
All beneficiaries qualify
10 Dividends to ESOP participants
Must meet dividend deduction rules for ESOP’s
11 Federal tax levy
Must be IRC Section 6631 levy
12 QDRO order
Divorce decree, does not apply to IRAs
13 Federal retirees with lump sum and reduced annuity
Must be 55
14 Rolled over within 60 days of distribution
IRS may waive the 60 day rule in the event of hardship
15 Correct excess contributions
Applies to 401ks and IRAs primarily
16 Conversion from traditional to Roth
Many traps still exist
17 Hurricane Katrina distributions
$100,000 lifetime limit
18 Public safety officers separated from service
Over age 49
19 Reservists called to active duty
Must be on active duty more than 179 days
I have had quite a few people call me on this recently and thought I would post this great breakdown from Jennings Seminar.
It has some little known exclusions that may help you. PLEASE remember that not all exclusions apply to BOTH the IRA and the 401K, many exclusions are for one or the other.
Sincerely, Deborah Sherwood, EA
The Penalty Exceptions of IRC Section 72(t)
1Disability of the participant
Must meet the meaning described
2 Series of Substantially equal payments
Annual distributions based on approved calculation. For qualified plans taxpayer must
separate from service
3 Separation from service
Must be 55, does not apply to IRAs or self employed individuals
4Equal to or less than deductible medical expenses
Medical expenses must exceed 7.5% of AGI
5Unemployed health insurance
Applies only for IRAs
Payments received for at least 12 weeks
Limited to health insurance paid
6Higher education of taxpayer, spouse, kids or grandkids
Applies only to IRAs
7 1st time home purchase of taxpayer, spouse, child or grandchild
Applies only to IRAs
120 day time limit
$10,000 lifetime limit
8 Loan agreements
Qualified plans only
9Death
All beneficiaries qualify
10 Dividends to ESOP participants
Must meet dividend deduction rules for ESOP’s
11 Federal tax levy
Must be IRC Section 6631 levy
12 QDRO order
Divorce decree, does not apply to IRAs
13 Federal retirees with lump sum and reduced annuity
Must be 55
14 Rolled over within 60 days of distribution
IRS may waive the 60 day rule in the event of hardship
15 Correct excess contributions
Applies to 401ks and IRAs primarily
16 Conversion from traditional to Roth
Many traps still exist
17 Hurricane Katrina distributions
$100,000 lifetime limit
18 Public safety officers separated from service
Over age 49
19 Reservists called to active duty
Must be on active duty more than 179 days
New Home Credit- more info
I just received this nice outline of the New Home Credit from Jennings Seminars, who is one of the many tax training seminars that we will attend in 2009.
It was so concisely put together, I thought you might enjoy it.
Sincerely, Deborah Sherwood, EA
New Home Credit
The IRS has recently issued several new pieces of guidance about the home credit.
Changes from the President's Bill of 11/6/2009:
1. Purchase date extended to having a binding contract in place by 4/30/2010, closing it by 6/30/2010.
2. The above dates are extended 1 year for members of the military.
3. Discontinued personal residence use of a home for which the credit was taken within 36 months of purchase requires repayment except in the event of a military move.
4. Yes, homes include trailers, RV's, boats and structures.
5. The new AGI phase-out limits ONLY apply to homes purchased after 11/6/2009.
6. All returns now require a copy of the settlement statement.
7. Homes purchased after 11/6/2009 require the new Form 5405-which has not yet been released as of 11/28/2009! This includes amended returns. See IRS IR-2009-108.
8. Homes purchased from in-laws after 11/6/2009 no longer qualify for the credit.
9. Homes purchased by minors and dependents after 11/6/2009 no longer qualify.
10. No provision has been made, or will be made, to forgive the $7,500 interest free loan credit available for 2008 purchases. And yes, it is fair! 99% of Americans would have loved to receive a $7,500 interest free 17 year loan, but they paid for their home without it.
11. Homes purchased after 11/6/2009 costing over $800,000 do not qualify for any credit.
12. A home owned and used continuously as a personal residence for 5 of the last 8 years also qualifies as a new home, with all applicable 1st home rules. However the credit is limited to $6,500.
13. It is theoretically possible to get the clunker credit, lean burn diesel credit, sales tax deduction and new home credit on a new RV!
New IRS Info sheet 2009-0135 also states that where a married couple both owned a home, divorced and one was forced to move out, neither qualifies for the 1st home credit even though one had lived in a different residence for over 3 years.
New IRS info sheet 2009-0167 states that where a duplex is purchased for rental as well as personal residence use, only the purchase price attributable to personal residence use qualifies for the credit.
It was so concisely put together, I thought you might enjoy it.
Sincerely, Deborah Sherwood, EA
New Home Credit
The IRS has recently issued several new pieces of guidance about the home credit.
Changes from the President's Bill of 11/6/2009:
1. Purchase date extended to having a binding contract in place by 4/30/2010, closing it by 6/30/2010.
2. The above dates are extended 1 year for members of the military.
3. Discontinued personal residence use of a home for which the credit was taken within 36 months of purchase requires repayment except in the event of a military move.
4. Yes, homes include trailers, RV's, boats and structures.
5. The new AGI phase-out limits ONLY apply to homes purchased after 11/6/2009.
6. All returns now require a copy of the settlement statement.
7. Homes purchased after 11/6/2009 require the new Form 5405-which has not yet been released as of 11/28/2009! This includes amended returns. See IRS IR-2009-108.
8. Homes purchased from in-laws after 11/6/2009 no longer qualify for the credit.
9. Homes purchased by minors and dependents after 11/6/2009 no longer qualify.
10. No provision has been made, or will be made, to forgive the $7,500 interest free loan credit available for 2008 purchases. And yes, it is fair! 99% of Americans would have loved to receive a $7,500 interest free 17 year loan, but they paid for their home without it.
11. Homes purchased after 11/6/2009 costing over $800,000 do not qualify for any credit.
12. A home owned and used continuously as a personal residence for 5 of the last 8 years also qualifies as a new home, with all applicable 1st home rules. However the credit is limited to $6,500.
13. It is theoretically possible to get the clunker credit, lean burn diesel credit, sales tax deduction and new home credit on a new RV!
New IRS Info sheet 2009-0135 also states that where a married couple both owned a home, divorced and one was forced to move out, neither qualifies for the 1st home credit even though one had lived in a different residence for over 3 years.
New IRS info sheet 2009-0167 states that where a duplex is purchased for rental as well as personal residence use, only the purchase price attributable to personal residence use qualifies for the credit.
Friday, November 20, 2009
First Time Homebuyer Credit extension
President Obama signed the following into law this month:
First Time Homebuyer’s Credit. Again we have changes. The credit is extended to closings on or before April 30, 2010. This is extended to closings on or before June 30, 2010 IF the taxpayer has a binding contract on or before April 30, 2010. Taxpayers who have served at least 90 days on “qualified official extended duty service” between January 1, 2009 and April 30, 2010, have an extra year to make their purchase (extending their date to April 30, 2011).Again a taxpayer can elect to claim the credit for a qualifying 2010 purchase on the 2009 income tax return or wait until the 2010 return is filed.The credit is not available for purchases AFTER November 6, 2009, to a taxpayer:- Who is eligible to be claimed as a dependent,- Is not at least the age of 18 years of age on the purchase date (if the taxpayer’s spouse is at least age 18, the taxpayer is deemed to have met this test),- Who purchases the property from a family member of the taxpayer’s spouse, or- Who purchases a residence for more than $800,000.(Previously the denial for purchases from the family member was limited to the family member’s family and did not mention the spouse’s family.)Effective for purchases AFTER November 6, 2009, the modified AGI limitation starts at $125,000 ($225,000 for MFJ).Effective for purchases AFTER November 6, 2009, a “first time homebuyer” includes a “long-time resident” which is defined as an individual (and, if married, such individual’s spouse) who purchases a new principal residence if the individual has owned and used the same prior residence as such individual’s principal residence for any 5-consecutive period during the 8-year period ending on the date of the purchase of the new principal residence. The maximum dollar credit for this individual is $6,500 ($3,250 for MFS) instead of the $8,000.Effective for dispositions or cessations of use as a principal residence after December 31, 2008, the recapture does NOT exist if the taxpayer, or taxpayer’s spouse, received Government orders for qualified official extended duty service. For purposes of this paragraph and the extended eligible dates above, “qualified official extended duty service” means service on qualified official extended duty as 1) a member of the uniformed services, 2) a member of the Foreign Service of the United States, or 3) an employee of the intelligence community. All three of these are defined in Section 121(d)(9).Effective for taxable years ending after December 31, 2009, documentation MUST be sent with the tax return verifying the qualifying purchase. (IRS has been asking for documentation on many claims already filed if it appears the taxpayer may be ineligible.)
FUTA tax surcharge. This .2% surcharge has been around many years and is why our FUTA tax rate is 6.2% instead of 6.0%. This surcharge is now extended to run through June 30, 2011.
Failure to File Penalty. The Failure to File penalty for Partnerships and S Corporations is increased from $89 per month to $195 per month. This brings the penalty to $195 per month per partner/shareholder with a maximum of 12 months. This is effective for tax years beginning after December 31, 2009.
First Time Homebuyer’s Credit. Again we have changes. The credit is extended to closings on or before April 30, 2010. This is extended to closings on or before June 30, 2010 IF the taxpayer has a binding contract on or before April 30, 2010. Taxpayers who have served at least 90 days on “qualified official extended duty service” between January 1, 2009 and April 30, 2010, have an extra year to make their purchase (extending their date to April 30, 2011).Again a taxpayer can elect to claim the credit for a qualifying 2010 purchase on the 2009 income tax return or wait until the 2010 return is filed.The credit is not available for purchases AFTER November 6, 2009, to a taxpayer:- Who is eligible to be claimed as a dependent,- Is not at least the age of 18 years of age on the purchase date (if the taxpayer’s spouse is at least age 18, the taxpayer is deemed to have met this test),- Who purchases the property from a family member of the taxpayer’s spouse, or- Who purchases a residence for more than $800,000.(Previously the denial for purchases from the family member was limited to the family member’s family and did not mention the spouse’s family.)Effective for purchases AFTER November 6, 2009, the modified AGI limitation starts at $125,000 ($225,000 for MFJ).Effective for purchases AFTER November 6, 2009, a “first time homebuyer” includes a “long-time resident” which is defined as an individual (and, if married, such individual’s spouse) who purchases a new principal residence if the individual has owned and used the same prior residence as such individual’s principal residence for any 5-consecutive period during the 8-year period ending on the date of the purchase of the new principal residence. The maximum dollar credit for this individual is $6,500 ($3,250 for MFS) instead of the $8,000.Effective for dispositions or cessations of use as a principal residence after December 31, 2008, the recapture does NOT exist if the taxpayer, or taxpayer’s spouse, received Government orders for qualified official extended duty service. For purposes of this paragraph and the extended eligible dates above, “qualified official extended duty service” means service on qualified official extended duty as 1) a member of the uniformed services, 2) a member of the Foreign Service of the United States, or 3) an employee of the intelligence community. All three of these are defined in Section 121(d)(9).Effective for taxable years ending after December 31, 2009, documentation MUST be sent with the tax return verifying the qualifying purchase. (IRS has been asking for documentation on many claims already filed if it appears the taxpayer may be ineligible.)
FUTA tax surcharge. This .2% surcharge has been around many years and is why our FUTA tax rate is 6.2% instead of 6.0%. This surcharge is now extended to run through June 30, 2011.
Failure to File Penalty. The Failure to File penalty for Partnerships and S Corporations is increased from $89 per month to $195 per month. This brings the penalty to $195 per month per partner/shareholder with a maximum of 12 months. This is effective for tax years beginning after December 31, 2009.
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