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Recent Tax News
LATEST NEWS FROM THE IRS:
NON BUSINESS ENERGY PROPERTY CREDIT
For taxpayers investing in qualifying home improvements for heating and
cooling efficiency, such as windows, doors and HVAC, a nonrefundable
credit of 10% of the cost is available. The credit is extended for 2011, but it
reverts to a maximum of $500 ($200 for windows).
ADOPTION CREDIT
For 2011, a fully refundable credit of $13,360 is available to those who
adopt a child.
ALTERNATIVE MOTOR VEHICLE CREDITS
Credits are available for qualified fuel cell motor vehicles for 2011 through
2014. For 2011 only, credits are available for vehicles converted into qualified
plug-in electric drive motor vehicle. No credit is available for purchasing
hybrid, advanced lean-burn technology, or alternative fuel motor vehicles
beginning in 2011.
FAILURE TO FILE/LATE FILINGS
Penalties for failure to file and furnish the correct information returns to
payees have increased from $50 to $100 per return. The maximum total
amount of penalties that can be assessed has increased as well.