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On May 11, 2009 the Obama administration released much-anticipated details about its proposed tax cuts and revenue raisers. The Treasury Department's General Explanations of the Administration's Fiscal Year 2010 Revenue Proposals (also known as the "Green Book") describes the administration's tax agenda.
The much-anticipated economic stimulus package, the American Recovery and Reinvestment Act of 2009, has been signed into law by President Obama. The $787 billion stimulus act, which contains nearly $300 billion in tax relief, sets in motion a wave of direct spending and tax incentives to jump start the U.S. economy out of recession.
Worker, Retiree and Employer Recovery Act of 2008
On December 11, Congress passed the Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327), suspending required minimum distributions (RMDs) from 401(k) plans, IRAs and similar retirement accounts for 2009, providing pension pension plan funding relief, and including technical corrections to the Pension Protection Act of 2006.
2009 Pension Benefit and Contributions Limits
On October 16, 2008, the IRS published the new annual maximum pension benefit and contributions amounts for 2009.
Emergency Economic Stabilization Act of 2008
On October 3, 2008, Congress passed and President Bush signed H.R. 1424 Emergency Economic Stabilization, Energy Improvement and Extension, and Tax Extenders and AMT Relief Acts of 2008, into law.
Form 990 Redesigned for Tax Year 2008 Returns
On December 24, 2008, the IRS announced the final version of it's redesigned Form 990, Return of Organization Exempt from Income Tax, for tax year 2008 (to be filed in 2009 and later years).
Whistleblowing and Good Governance
Many professional organizations associated with universities, government entities, or nonprofit organizations have recognized certain mechanisms as a best practice and recommend that their constituents implement whistleblower polices.
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