he year 2009 will go down in history as a
hubbub of tax-related activity designed to benefit individuals
and businesses. Tax and accounting practitioners have had to keep pace with all of the modifications, working to stay informed about the nuts and bolts of the laws and codes in effect due to the flurry of activity by the Internal Revenue Service (IRS) and U.S. Treasury Department. The changes are outlined under the American Recovery and Reinvestment Act of 2009 (ARRA), which was signed into law by President Barak Obama on Feb. 17. The Recovery Act is a never-before-seen economic stimulus plan created to provide aid to Americans in the form of educational improvements, affordable healthcare, and various other tax relief measures.