The IRS released the updated Form 5405 that is to be used to claim the First Time Homebuyer Credit under the revised rules. The IRS is expected to begin processing these forms in mid-February. Qualifying homebuyers can now start to file their 2009 tax returns.
Note: No EFiling allowed. Taxpayers claiming the homebuyer credit must file [...]
Revenue Notice 2010-13 – Passive Activity Loss (PAL) groupings/regroupings must be reported to IRS effective for tax years beginning on or after Jan. 25, 2010
Who does this affect? In general…..
Taxpayers with many trades/ businesses that want to act as one economic unit;
Trades/businesses that want to combine rental activities as one economic unit
These new rules don’t [...]
December 22, 2009 SBA Press Release
President Obama signed the U.S. Department of Defense (DOD) appropriations bill on Saturday, which included $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA’s two largest loan programs. The SBA estimates the additional funding will support $4.5 [...]
IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, by any taxpayer for the purpose of avoiding tax-related penalties imposed under the U.S. Internal Revenue Code or any other applicable state or local tax law provision; furthermore, this communication was not intended or written to support the promoting, marketing or recommending of any of the transactions or matters it addresses.
