Stimulus Payments Update; IRS Phishing Scams

Stimulus Payments Update

Stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free. See news release IR-2008-68.

Check the Economic Stimulus Payments Information Center on IRS.gov for updates. Also in Spanish.

Phish Tales

An old phishing scheme has emerged again in the United States and overseas. A bogus IRS letter and Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) asks for the recipient’s account numbers, PINs, mother’s maiden name and passport number. The letter arrives through FAX or email. Don’t believe it! Find out more about suspicious emails and identity theft.


Tax Talk

The May 13 Tax Talk Today gives you the latest news on e-file, e-services and other electronic tools important to the practitioner community and a glimpse of the changes you can expect to see in 2009. Tune in before 2:00 p.m. ET to get any program materials available.



Technical Guidance

Announcement 2008-44 provides that individuals who have payments made by direct deposit under the Economic Stimulus Act of 2008, P.L. No. 110-185, to their IRAs or certain other accounts afforded special tax benefits under the Code may remove the payments without incurring any adverse tax consequences. It will be published in IRB 2008-20 dated May 19, 2008.

Revenue Procedure 2008-20 provides guidance relating to the obligation of material advisors to prepare and maintain lists with respect to reportable transactions under section 6112. It will be published in IRB 2008-20 dated May 19, 2008.
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