Got CREBS?

[Unregistered]

Does anyone know anything about the amount of interest the Treasury is paying on these CREBS( Clean renewable energy bonds) in 2006?

I have read a few articles but I can't find any information on the estimated tax benefit for the bond holders.

Also, another unrelated question. Where can you find information on the penalties charged for filing 1099s and W2s late?

Any help would be appreciated.

[Gene V]

1099s and W2s

Where can you find information on the penalties charged for filing 1099s and W2s late?

Information on penalties are in the instruction for 1099s and W2s, they start at $15.00

Can't help you on CREB--Try google search.

[Bees Knees]

Does anyone know anything about the amount of interest the Treasury is paying on these CREBS( Clean renewable energy bonds) in 2006?

Why would they call them CREBS?

Sounds too creepy to me.

[Black Bart]

Please, sir!

Got CREBS? Any help would be appreciated.

I most certainly do not!

You have apparently and mistakenly stumbled onto a forum which quite strictly adheres to family values--oriented subject matter. While there's no question that some posters here wander quite far afield from our main topic (taxes) from time to time; we strive to abide by generally accepted "rules of decency." As such a "holier than thou" type, I am obliged to inform you that your question is completely inappropriate for this message board.

I realize that you may be experiencing an "emergency" of sorts. Nevertheless; while not unsympathetic to your plight, it seems obvious that you would be better served consulting your family physician (regardless of how traumatic or embarrassing).

[ED SMITH]

more CREBS

It is the season for the edible ones here in California. As for the other kind, an over the counter powder will do the trick.

The real CREBS are bonds whose proceeds have to be used for renewable energy. They are issued without discount and the issuer pays no interest. The gov't will pay energy credits to the bondholder, which is treated like interest income and then a tax credit is taken for the same amount. Does this mean a new form or another line on the 1040?

Here are some references.

Like qualified zone academy bonds, CREBs are not interest-bearing obligations. Rather,
the taxpayer holding CREBs on a credit allowance date would be entitled to a tax credit. The
amount of the credit is determined by multiplying the bond’s credit rate by the face amount on
the holder’s bond. The credit rate on the bonds is determined by the Secretary and is to be a rate
that permits issuance of CREBs without discount and interest cost to the qualified issuer. The
credit accrues quarterly and is includible in gross income (as if it were an interest payment on the
bond), and can be claimed against regular income tax liability and alternative minimum tax
liability.
It is on page 32 of this 139 page document:

http://www.house.gov/jct/x-60-05.pdf

Here's a shorter guide:http://www.elpc.org/CREBs/CREB_NRECAguide.pdf
ED

[Unregistered]

Thanks a bunch.

P.S.

I tried the otc powder and the CREBS love it; so much for eliminating the problem!