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Yearly Archives: 2009
December California News From the Franchise Tax Board
Legislative wrap-up 2009
Here is [an] annual summary of tax-related legislation enacted this session. / more+
Free backup withholding webinar
California conforms to federal backup withholding beginning January 1, 2010. / more+
Corporation tax law changes in California
Recently enacted California legislation adopted new statutes and amended existing statutes that result in major changes to how corporations are taxed in California. / more+
Find forms faster and easier with our form locator
On December 15, 2009, [the FTB] will have a new search tool on our forms webpage; it is called the Form Locator. / more+
Provisional payment plan pilot program begins December 2009
[The FTB’s] collection response and resolution section will begin to offer a provisional payment plan for personal income taxpayers. Taxpayers who qualify for this pilot program will be allowed to make payments towards their tax liability without involuntary collection action taking place, while they prepare and submit their missing valid tax returns to us. / more+
Top 10 personal income tax errors that delay return processing – 2009
Check to see where [the FTB] found the most common errors on personal income tax returns. / more+
Top 10 business entity errors that delay return processing – 2009
Check to see where [the FTB] found the most common errors on business entity returns. / more+
Small business
Will your client qualify for the new jobs credit?
Newly enacted state law, ABX3 15 (Assembly Budget Committee, Stats. 2009 Third Extraordinary Session, Ch. 10) allows a potential income tax credit of $3,000 to a qualified taxpayer for each additional full-time employee hired. / more+
Ask the advocate
Communication guidelines
Quite often [the FTB] receive questions from taxpayers and practitioners on issues relating to the interpretation of provisions of the R&TC as well as policies and procedures of [the FTB’s] department. / more+
Inside FTB
Take a look at the changes happening here at FTB. / more+
Criminal corner
[The FTB] monthly summary on bringing tax criminals to justice, and closing the tax gap one case at a time. / more+
Big business
Gross receipts fees discussed at CalCPA
On October 28, [the FTB] attended the CalCPA Committee on Taxation, [the FTB’s] annual liaison meeting. [the FTB] shared legislative updates affecting [the FTB], changes to [their] auditing and collections, and new communication products available to [their] taxpayers and tax professionals. / more+
More on This Topic From the IRS – Yet Again -10 Important Facts about the Extended First-Time Homebuyer Credit
[Stacie says: Boy the IRS is really bombarding us with the rules on the extended homebuyers credit. Do you think they are worried that taxpayers are going to get it wrong – again?]
If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.
You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.
If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.
No credit is available if the purchase price of the home exceeds $800,000.
The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
A dependent is not eligible to claim the credit.
For more information about the expanded First-Time Home Buyer Credit, visit IRS.gov/recovery.
Links:
First-Time Homebuyer Credit
IR-2009-108, First-Time Homebuyer Credit Extended to April 30, 2010; Some Current
Homeowners Now Also Qualify
YouTube Videos:
Recovery: New Homebuyer Credit – November 2009
Consejo Tributario: Consejos Tributarios de Fin de Año Noviembre 2009
Stacie's Tax Stuff 