Thursday, December 13, 2007

PSAs from Garrett Gazzette

I normally don't post the entire Garrett Gazzett, but this week's has two important notices for residents of the Fifth.

The IRS has just announced that some disabled veterans may be eligible for tax refunds for benefits received through the Department of Veterans Affairs' Compensated Work Therapy (CWT) program.

A U.S. Tax Court decision issued earlier this year held that CWT payments are tax-free veterans benefits. This reversed a 1965 ruling that had classified the payments as taxable income. Disabled veterans who paid tax on these benefits in tax years 2004, 2005, or 2006 can claim a refund by filing an amended return (IRS Form 1040X). And, as the benefits will not be taxable for tax years 2007 and beyond, the Department of Veterans Affairs will no longer distribute a Form 1099 toCWT beneficiaries.

More than 19,000 veterans received CWT benefits in Fiscal Year 2007. This program provides assistance to veterans unable to work and supportthemselves, helping them learn new job skills and secure gainfulemployment. The Department of Veterans Affairs contracts with bothprivate industry and public sector for work by veterans through this program.

If you think that you may be eligible for a refund, IRS forms can be accessed at:



The U.S. Small Business Administration (SBA) recently announced that federal economic injury disaster loans are available for small businesses in Warren County as a result of hail and high winds thatoccurred on August 17, 2007. The disaster declaration by the U.S.Secretary of Agriculture extends to Hunterdon, Mercer, Morris, and Somerset Counties as well as Warren.

Both farm-related and non-farm-related small businesses and small agricultural cooperatives that suffered financial losses as a direct result of this disaster are eligible to apply. Farmers and ranchers are not eligible to apply to the SBA. Under this disaster declaration, the SBA cannot provide loans to agricultural producers.

Eligible applicants may qualify for up to $1.5 million in loans with a 4 percent interest rate and terms up to 30 years. The SBA determines eligibility based on the size and type of business and its financial resources and sets loan amounts and terms based on the applicant's financial condition.

If you think you may be eligible for this disaster relief, you can call the SBA's Customer Service Center at 1-800-659-2955, Monday throughFriday from 8:00am to 9:00 pm. Applications must be returned to the SBA no later than July 7, 2008. You can download a loan application at:

Completed applications should be mailed to:
U.S. Small Business AdministrationProcessing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155

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