JRS

Here is a site with "frequently asked questions." You can also go the the IRS website for more info. http://www.federalhousingtaxcredit.com/2009/faq.php

"A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009." As of NOW, the credit is only for 2009 and escrow has to close before 12/01/2009. Who knows what they will offer next year.

Democrats on the California budget conference committee on June 16, 2009, approved a package of revenue raisers and program cuts to stave off the increasing deficit. Some of the tax provisions include: Increasing the personal income tax withholdings by 10% beginning January 1, 2010; Changing estimated tax payments again to accelerate revenue. Beginning in 2010, taxpayers would be required to pay: o 1st quarter 30% o 2nd quarter 40% o 3rd quarter 0% o 4th quarter 30% Imposing 3% independent contractor withholding, beginning January 1, 2010; Requiring 7% backup withholding on interest, dividends, and other income in conformity with the federal backup withholding rules; Increasing tobacco tax by $1.50 per pack beginning October 1, 2009; Imposing a new 9.9% oil severance tax beginning October 1, 2009; Repealing two corporation tax breaks passed in September 2008 before they take effect: NOL carrybacks and credit sharing among affiliated corporations; Extending sales tax requirement to certain out-of-state sellers, such as Amazon, that pay commissions to California firms; Allowing the state to suspend occupational and professional licenses for delinquent taxpayers; Suspending the Homeowners' and Renters' Assistance Program; and Enhancing collections by requiring banks and other financial institutions to match their account records with the FTB's delinquency account records. The Legislature is likely to take up the budget package early next week, and all these provisions are subject to change. However, Governor Schwarzenegger said he would veto any revenue proposals beyond those he had already included in his budget plan, which include a homeowner fee for fire fighting and acceleration of withholding and estimated tax payments. The Governor is also opposed to withholding on independent contractors.

IRS Commissioner Doug Shulman announced today that by the end of 2009, he will propose a comprehensive set of recommendations to help the Internal Revenue Service better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance and ensuring uniform and high ethical standards of conduct for tax preparers. Some of the potential recommendations could focus on a new model for the regulation of tax return preparers; service and outreach for return preparers; education and training of return preparers; and enforcement related to return preparer misconduct. The Commissioner will submit recommendations to the Treasury Secretary and the President by the end of the year. “Tax return preparers help Americans with one of their biggest financial transactions each year. We must ensure that all preparers are ethical, provide good service and are qualified,” Shulman said. “At the end the day, tax preparers and the associated industry must be part of our overall game plan to strengthen the integrity of the tax system.” The first part of this groundbreaking effort will involve fact finding and receiving input from a large and diverse constituent community that includes those that are licensed by state and federal authorities — such as enrolled agents, lawyers and accountants — as well as unlicensed tax preparers and software vendors. The effort will also seek input and dialog with consumer groups and taxpayers. “We plan to have a transparent and open dialogue about the issues,” Shulman said. “At this early and critical stage of the process, we need to hear from the broadest possible range of stakeholders.” Later this year, the IRS plans to hold a number of open meetings in Washington and around the country with constituent groups. More information, including schedules and agendas for public meetings, will be posted on the “Tax Professionals” page on this Web site and will be communicated to stakeholder groups.

Thank you. I will be going into withdrawals from not being able to scan the board. I am on my way to a seminar in Reno and being kinda low tech with no laptop or any idea how to use WiFi, I will be doing a lot of catch up when I get back. Thanks again.

>>a day trader reports the income on the 4797<< Only if the mark to market election has been made for the current year. (Elected n the prior year, section 475(f) and have filed a form 3115, change in accounting method.)

If he meets the qualifications of a day trader, (and wants to be), he is required to file schedule C. Gains and losses from selling securities as part of a trading business are not subject to self–employment tax.

You should probably read this article from the IRS. It goes into a little depth on what qualifies as a day trader vs an investor and where and when you are able to take deductions, etc. http://www.irs.gov/taxtopics/tc429.html Topic 429 - Traders in Securities (Information for Form 1040 Filers)

That is exactly what happened to me and I did what Wayne suggested and everything worked out fine. Very frustrated and many hours later, I found the files on my C drive and reinstalled ATX.

LLC refunds coming (05-22-09) The FTB will begin issuing refunds to LLCs that filed claims for refund and had income from both inside and outside California. (FTB Notice 2009-34) The FTB will process the refund claims either using the "Default Method" or the "Alternative Method." The FTB will compute the refund based on the Schedule R that was filed with the original LLC return (Default Method). If there was no Schedule R, the LLC may submit a Schedule R to the FTB no later than August 20, 2009. In either case, the LLC may elect the Alternative Method and must submit a copy of the LLC Income Worksheet from the 2008 Form 568 Tax Booklet for each year the LLC is eligible for a refund. An LLC that elects the Alternative Method must provide a copy of the LLC Income Worksheet no later than August 20, 2009, or the FTB will compute a refund using the Default Method, described above. To elect the Alternative Method or provide an original Schedule R, the LLC must attach the information listed in FTB Notice 2009-34, and fax the information to (916) 845-9796. Alternatively, you may mail the information to: ABS 389 MS: F340 Franchise Tax Board C/O FTB Notice 2009-04 P.O. Box 942867 Sacramento, CA 94267-8888 For Courier Service Delivery or Private Courier Mail: ABS 389 MS: F340 Franchise Tax Board C/O FTB Notice 2009-04 Sacramento, CA 95827

>>I'm trying to get a large return off extension!<< I'm trying to catch a large fish! Everyone have a great weekend and remember what Memorial Day is for.

My experience a few years ago on dial up was OK. VERY slow, but went smoothly. I would update once a day, first thing in the morning. It would take on average, two cups of coffee.

I received two emails. One from the salesman stating if they could not provide ATX, I would get a full refund. The second was a confirmation for only the amount paid for the software. I ordered on 4/24. I would contact the salesman and get the guarantee.

At least those of us who jumped will, hopefully, be OK for at least a year. I still go back to the email CCH sent me about no price increases, though my renewal went up by $50. I was told this is what I should of paid for 2008. I guess I will go through this again next year and probably will decide it is time to retire. Obtaining good software and one I am comfortable with is becoming more stressful than tax season.

I have the strange feeling, the site might have been "sanitized."

Comments from CCH: After reviewing many of the posts between ATX Community members and TRX over the past few weeks, I would like to offer an official CCH Small Firm Services response to your purchasing inquiries. TRX is not an authorized reseller or distributer of any of our ATX product lines. You will need to contact your CCH SFS renewal representative at 1-800-495-4626 to renew your ATX software. Kim Manuel VP - Customer Relations CCH Small Firm Services

Surprisingly, only the ATX "community" is down!!??!!

One of the few places left in California untouched by the "big box' syndrome. We've thought about living there for years, but it just never seems to work out.

That's really tempting, but after three days in Reno, I am more than ready for some fly fishing in the eastern Sierras.

Just tried the import in Chrome from Firefox and it went so fast, I didn't think it worked. But, it did and no problems. Maybe, you need to uninstall Chrome and try again.

I wish they had a different date, as I will be in Reno for the CSEA seminars.

Thanks for the tip. It has really helped both of our computers. Started with the free version and just moved up to the "pro" version. Jerry

Plus, Google Chrome opens a lot faster than either IE or FireFox. I can be reading this board while IE is still looking for it, bookmarked or not.

Ultimate Tax Service emailed me and offered Taxwise or Drake for $299 and only $24.95 for shipping and handling! Though the details given as to the actual pricing is a little vague. Drake for individuals is $299 plus s/h and $399 for 1120's etc. Taxwise details do not list price. I am sticking with TRX (ATX), but those interested in Drake, might explore.

TRX reply: "I understand and thanks for the heads up. ATX did request that we not advertise with their name as it is a trademark. We graciously complied, but as far as the products we are carrying they are the same. I’ve also been asked for the time being to hold off on posting on the board… I’ll get back asap but if you have anymore questions please feel free to email them to me."