BTB Tax News Update - Arizona - October 2009

Newsletter Topics: (click on the topic title below to jump directly to the topic)

New Speaker for Arizona Part II Tax Law Update
Arizona Tax Update – Part II Topic
Federal Update – Part II Topic
New for 2009 – Saturday Phoenix Location
CFS TaxTools Discount

New Speaker for Arizona Part II Tax Law Update
Audrey McGhee worked with the Arizona Department of Revenue for 26 years. While there she held such positions as Manager in Income Tax Audit, Manager in Transaction Privilege Tax Audit and License and Registration Administrator. She ended her career as a Taxpayer Educator with the Community OutReach and Education section where she utilized her extensive knowledge of taxes administered by the Arizona Department of Revenue by providing workshops and seminars to businesses both large and small regarding their tax responsibilities with the State.

Audrey is currently owner and principal of Arizona Tax Education and Services LLC. The organization is responsible for providing educational opportunities for tax professionals, those conducting business in Arizona and the general public through workshops, seminars, webinars and presentations. She also provides consultation services as needed for business owners and accounting professionals.

“During her time at the Department, Audrey became well-versed in a number of different areas including auditing, research, customer service and management. She became a much sought-after employee……..Additionally, she has one of the most positive approaches to life and work I have ever seen. Gale Garriott, Director of Arizona Department of Revenue.

She is both a powerful speaker and dedicated advocate to business owners.

Arizona Tax Update (Part II Topic)
A complete review of the Arizona updates and recent law changes for 2009. Plus, a discussion of Arizona state forms and recent developments.

Arizona’s Treatment of 2008 Federal NOL Carryback based on the American Recovery and Reinvestment Act of 2009
If you filed amended federal individual income tax returns to carry back your 2008 net operating loss for an extended period (5, 4, or 3 years) pursuant to the American Recovery and Reinvestment Act of 2009, it is recommended that you hold off filing any Arizona amended returns for the carry back of the net operating loss until the Arizona legislature decides whether or not to adopt the changes in the American Recovery and Reinvestment Act of 2009 (likely sometime in the spring of 2010). By waiting you avoid having to redo your amended returns, if the legislature decides on a method different from the method you would have used in your returns.

Pensions, Annuities, and Wages
Senate Bill 1185 amended the amounts required to be withheld for Arizona withholding purposes. Currently the amount required to be withheld is a percentage of federal withholding. For amounts withheld on or after May 1, 2009 through June 30, 2010, the amount withheld will continue to be a percentage of the federal withholding. For amounts withheld on or after July 1, 2010, the amount required to be withheld will no longer be a percentage of federal withholding. Amounts withheld on or after July 1, 2010, must be based on a table prescribed by the department.

Note: The percentages for payments made on or after May 1, 2009 through December 31, 2009, will be different than the percentages for payments made on or after January 1, 2010 through June 30, 2010. (Specific details available at the seminar)

Federal Update (Part II Topic)
A complete review of The American Recovery and Reinvestment Act of 2009 and examples of the new forms and worksheets, including:

Schedule A, Worksheet for line 7 – New motor vehicle deduction (New for 2009)
Form 1040, Schedule L, Standard deduction for certain Filers, (New for 2009)
Schedule M, Making Work Pay and Government Retiree Credits (New for 2009)
Form 8863, Education Credits (New American Opportunity Credit for 2009)
Form 4684, Casualties and Thefts (New Change for 2009)
Form 8936, Qualified Electric Drive Motor Vehicle Credit (New for 2009)
Form 5695, Residential Energy Credits, (New rules for 2009)

In addition, we will review some of the recent developments form the IRS to help you get “up and running” for the next tax season, including:

New Federal Income Tax Refund Option – Purchase of U.S. Government Savings Bonds
Expanded Education Credits for Midwestern disaster area students
New York State tax preparer registration requirements
Deduction for losses in Ponzi schemes
Hybrid Vehicle Update

Plus, additional information on foreclosures, debt discharge, Form 982 Reduction of Tax Attributes, and repossession of property sold on installment.

New for 2009 – Saturday Phoenix Location
For those tax professionals who are working during the week, we have added a Saturday seminar date in the Phoenix area. We still have space available for those who would still like to attend on the weekend.

Date: November 7, 2009 Location: La Quinta Inn Phoenix North 2501 W. Greenway Road Phoenix, AZ 85029

CFS TaxTools Discount
The Back to Basics Income Tax Seminar “coupon code” for 2009 is now available. For this year, our students can use the following code (BTB67813). New orders receive a 20% discount for CFT TaxTool products and reorders will receive a 10% discount.

Save Money: Register before the day of the seminar and save $25. As always, advance registration is strongly recommended. Walk-in registrations will be allowed only if seminar materials and space are available. However, due to additional charges incurred for seminar set-up, walk-in registrations will now be subject to an additional $25 service fee.

To read past "Tax Updates", visit BTB Income Tax Seminars' Newsletter Archive

Our Instructors:

Thomas Zoeller EA, CFP, MST	James Hockenberry EA	John Geigel JD, CPA	Jaye Tritz EA, CFP, ChFC

Disclaimer
This publication is distributed with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional advice and assume no liability in connection with its use. Tax laws are constantly changing; are subject to differing interpretation; and the facts and circumstances in your particular situation may not be the same as those presented here. Therefore, we urge you to do additional research and make sure that you are fully informed and knowledgeable before using the information contained in this publication.

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