›HEADLINES

IRS seeks to return $266 million in undeliverable refunds and economic stimulus payments to taxpayers [IR 2008-123]: More than 383,000 regular refund and economic stimulus checks have been returned by the U.S. Postal Service as undeliverable, IRS said on Oct. 23. This figure included 279,000 economic stimulus checks totaling $163 million and 104,000 regular refund checks totaling $103 million. The problem is more urgent for those who have not received their economic stimulus checks which, by law, must be sent out by Dec. 31, IRS said. The agency is urging individuals who have not received the stimulus payment to check on the status of their payment immediately and, if necessary, update their addresses by Nov. 28. This can be done by going to the “Where's My Stimulus Payment?” tool on the IRS Web site at http://www.irs.gov/individuals/article/0,,id=181665,00.html . Individuals without Internet access should call (866) 234-2942. Taxpayers who have not received their refund can check on its status by going to the “Where's My Refund?” tool at http://www.irs.gov/individuals/article/0,,id=96596,00.html . Telephone inquiries can be made by calling (800) 829-1954.

2008 Extenders in the New Law. Individual and business extenders and other relief provisions. For more, click here.

2008 Energy-related tax incentives. For more, click here.

AMT Relief and More. Included in the recent financial bailout package are some substantial tax changes affecting individuals, corporations, and businesses. For more, click here.

COLLEGES AND UNIVERSITIES: Understanding the Impact of Voice over Internet Protocol (VoIP). A 2008 survey conducted by ACUTA, the Association for Communications Technology Professionals in Higher Education indicates that a growing number of colleges and universities have signed on to VoIP technology. More than half the schools surveyed (62 percent) said that they plan to expand their VoIP networks within the next 18 months, while another 14 percent had long-term plans, which means that fully three-quarters of schools that have begun the transition to VoIP are planning to expand usage of the application on their campus in the coming months and years. For more, click here.

Section 409A Deadline Extended Once Again. The Treasury Department and IRS issued Notice 2007-86 extending the Section 409A general transition relief deadline. For more, click here.

IRS resumes issuing taxpayer delinquency investigation notices for Forms 5500 and 5500EZ. Taxpayer delinquency investigation notices will be mailed to employers that have failed to timely file Forms 5500 and 5500EZ for plan year ending December 31, 2004. For more, click here

Higher Education: EACUBO 2008
We hope to see you at our booth in Toronto on October 26th and 27th, 2008. Check out our postcard for more information.

An opportunity for a tax deduction in manufacturing, some construction and certain other production activities occurring in the U.S.
Read more.

Use-It or Lose-It
Your cafeteria plan could become even better! The “use-it or lose-it” rule affecting benefits an employee receives under the flexible spending account portions of the plan (i.e., medical and dependent care reimbursement accounts) has been modified. Read more about the Cafeteria Plan rule modification here.

Are you considering using derivative contracts to hedge business risks?
Go here for more.