I have a non-profit customer that received their 501(c)(3) status in 2004.  At that time you were given something called an Advance Ruling Ending date.  This meant that at the Advance Ruling Ending date you needed to submit additional documentation via Form 8734 to substantiate that you were in fact operating as a non-profit.  The [...]

Point of clarification.  If you are a first time homebuyer and think you’re eligible for the $7,500 First Time Homebuyers tax credit - make sure you don’t have a South Dakota Housing loan.  This is very specifically excluded from the credit.  The idea is that you’re already getting a deal through the loan so you [...]

Congress in it’s infinite wisdom saw fit to allow the energy credit to lapse for the 2008 tax year, but will bring it back for 2009.  Gee, I don’t know - maybe it was a good year for energy and we don’t need the credit.  Maybe they know something I don’t about 2009.  Anyway, it’s [...]

I like this one.  I don’t always agree with changes to the code.  Some just don’t make a lot of sense - like the energy credit disappearing in 2008 and coming back in 2009.  The property tax addition to the standard deduction, however, is good.  If you don’t have enough expenses to itemize BUT you [...]

Don’t be surprised if the 1099-B and/or the consolidated statements you receive from your broker are late this year.  Public Law 110-343 changed the due date on 1099-Bs from Jan 31 to Feb 15 (Feb 17 because the 15th is on a Sunday).  It SHOULD reduce the number of annoying CORRECTED consolidate statements that you [...]

It’s Sunday afternoon January 18th and I’m sitting here waiting to e-file over 80 returns with the IRS.  It’s an early tax season this year - lots of folks have their W-2s and they would like to get their refund.  Several of our larger employers have their W-2s out.  I believe it is part of [...]

If you didn’t get the full amount of your Economic Stimulus Rebate in 2008 you MAY be eligible for the remainder in 2009.  It will not, however, come in a separate check.  Instead it will increase the amount of your refund or reduce the amount of tax you owe.  If your income was too high [...]