BTB Tax Update - December 2009

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

Worker, Homeownership & Business Assistance Act 2009
Standard IRS Mileage Rates for 2010
Changes to Form 1040X
A Reminder to Our Attendees
CFS TaxTools Discount

Worker, Homeownership & Business Assistance Act 2009 - (Part II topic)
On November 6, President Obama signed the Worker, Homeownership & Business Assistance Act of 2009. Even though the new law was passed after the Part II book was printed, we will still cover the new material during our seminar. In addition, we have attached a PDF file to the newsletter so you have a hard copy for your office. The new law includes:

- The extension and expansion of the first-time homebuyer credit
- The new e-filing requirements for tax return preparers in 2011
- The extension of the 5-year NOL carryback provisions
- The increased penalties for late filing of partnership and S corporation returns

Click the following link for a PDF copy of the Worker, Homeownership & Business Assistance Act of 2009

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Standard IRS Mileage Rates for 2010
The new IRS mileage rates for 2010 have been announced:

- 50 cents per mile for business miles driven;
- 16.5 cents per mile driven for medical or moving purposes; and,
- 14 cents per mile driven for charitable purposes.

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Changes to Form 1040X

Click here to obtain new IRS Form 1040X

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New York State Tax Preparer Registration
A new law requires the individuals described below to register each year with this department. Some must also pay a registration fee. If you are required to participate, you can register online now.

Who must register & pay:
Generally, you must register if you do one or both of the following:
1. Prepare New York State income tax returns in 2010 as a tax return preparer.

However, you are not considered a tax return preparer if you are:
- a Certified Public Accountant (CPA) or Public Accountant (PA) currently licensed in New York Statean attorney currently licensed in New York State;
- an employee who is directly supervised by a New York State licensed CPA, PA, or attorney;
- an employee of a business that prepares the returns of that business; or,
- or a return preparer who is not compensated including volunteer tax preparers.

2. Help to issue or administer a refund anticipation loan or refund anticipation check.

Exemption for all CPAs with New York tax clients to register with New York DOR
New York Gov. David Paterson has signed the bill (A.40023) passed last week that eliminates the requirement for non-New York CPA tax preparers who file New York returns to register with the state. The provision (included in Section F) clarifies that all CPAs and attorneys and the people they supervise will not have to register with the New York State Department of Tax and Finance for the new Tax Preparer Registration Program. The legislation as originally passed exempted New York licensees, but not out-of-state CPAs. The tax preparer registration provision is scheduled to take effect on December 31, 2009.

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A Reminder to Our Attendees in the Milwaukee Area
We also hold a Saturday Part II seminar for those that do not like to miss a day of work or prepare taxes on a part time basis with a full time job, yet are looking for that year end tax update. That is held in the Brookfield area on Saturday, December 19th at the Midway Hotel on South Mooreland Road. Please do not confuse that with our Friday December 18th Brookfield Part II seminar held at the Sheraton hotel, also on South Moorland Road.

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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 TaxTools 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 be charged an additional $25.00.

To view past BTB Tax Updates, visit the Back to Basics Income Tax Seminars' Newsletter Archives

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.

www.btbtaxlink.com
Phone: 1 (877) 461-2922  or  1 (920) 983-3464    Fax: 1 (920) 336-1844
115 S. Broadway, De Pere, WI 54115