2010 Guidance: Guidance – Rev Proc 2010-13 Grouping and Regrouping of Passive Activities to Meet the Material Participation Standards.
Revenue Procedure 2010-13 requires taxpayers to report to the Internal Revenue Service their groupings and regroupings of activities and the addition of specific activities within their existing groupings of activities for purposes of section 469.
Internal Revenue Code Section 469 generally provides that income, losses, and credits from an activity will be passive unless the taxpayer materially participates in the activity. Treasury Regulation Section 1.469-4 allows taxpayers to group activities provided they make up an appropriate economic unit to enable taxpayers to meet the material participation standards.
Revenue Procedure 2010-13 will be published in Internal Revenue Bulletin 2010-4 on January 25, 2010.
IRS Patrol – IRS and Telemundo Will Host Tax Information Program for Spanish-Speaking Taxpayers
WASHINGTON — The Internal Revenue Service is joining national TV network Telemundo in a special one-hour tax program for Spanish-speaking taxpayers on Sunday, Jan. 24.
The program, “Los Impuestos y Usted” (“Taxes and You”), will air at:
- 3:00 p.m. Eastern time
- 2:00 p.m. Central time
- 2:00 p.m. Mountain time
- 3:00 p.m. Pacific time
Consult your local listings for exact times.
“Los Impuestos y Usted” will focus on a variety of tax issues. In addition to topics such as who must file a tax return and who can claim deductions and benefits, the program focuses on the Earned Income Tax Credit – a valuable credit that unfortunately one in four eligible taxpayers overlook. Workers with incomes under $48,279 could receive larger refunds if they qualify.
In addition, the program will explain Free File, a service that allows many taxpayers to file their taxes online at no cost. The show will also discuss other kinds of free assistance available from the IRS.
Mónica Noguera, host for many of Telemundo’s special programs, will present the IRS program, which features in-studio interviews with IRS tax experts.
Information about the IRS is available in Spanish at http://www.irs.gov/espanol or toll-free at 1-800-829-1040, extension 8.
