On Aug 14, 5:54*pm, Harlan Lunsford <hlunsf...[at]bellsouth.net> wrote:
- quote -

LMAO!

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Bill Brown wrote:
- quote -


NO! it is NOT an interest free mandatory loan to Virginny. I'm sure
you really know that the procedure is inplace to assure that poor school
teachers have a steady source of income so they'll be able to feed their
families during the entire year, instead of blowing 9 months worth on
cheap Blue Ridge booze.

But still, Bill,a good thought; spoken like the conservative that I know
you are.

ChEAr$,
Harlan

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Aug 13, 3:54*pm, Alan <sfcnm-...[at]yahoo.com> wrote:
- quote -

Well, that's nice since I'm REQUIRED to take my 9 month contract
earnings over 12 months. Sort of an interest-free, mandatory loan to
the Commonweath of Virginia.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

For those of you who deal with teachers working a 9-10 month
school year and being paid over a 12 month period, the IRS has
issued Notice 2008-62 that makes permanent the temporary relief
from the deferred compensation rules (§ 457(f) they issued in
2007. The Notice is self-explanatory.

http://www.irs.gov/pub/irs-drop/n-08-62.pdf

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >