The American Recovery and Reinvestment Act has brought on many changes, it is hard to keep up with all of them, and more importantly know which ones affect you.  We will try and post them as they come through.

The most recent change announced is the the new withholding adjustment for pension plans.

WASHINGTON – As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Internal Revenue Service today released new withholding adjustment procedures for pension plans.

In February, the IRS issued revised withholding tables incorporating the Making Work Pay Tax Credit, one of the key provisions of the American Recovery and Reinvestment Act. That change resulted in more take home pay for more than 120 million American households and provided an immediate economic stimulus. The new procedure for pensions will make withholding more accurate for pension recipients. (more…)

WASHINGON – The Internal Revenue Service today reminded individual and business taxpayers that many energy-saving steps taken this year may result in bigger tax savings next year.

The recently enacted American Recovery and Reinvestment (ARRA) of 2009 contained a number of either new or expanded tax benefits on expenditures to reduce energy use or create new energy sources.The IRS encouraged individuals and businesses to explore whether they are eligible for any of the new energy tax provisions.

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