Tuesday, June 22, 2010

Homebuyer credit extension

For those who met the deadline of April 30, 2010, to enter into a contract a buy a new home, the deadline to close the deal is almost here: June 30, 2010. There have been some instances of paperwork delays that could cause some people to miss the deadline. As a remedy, there is a bill going through Congress now to extend the deadline by another three months. The Senate approved it, and the House of Representatives is expected to act on it soon.

Tanning Tax

A 10% tax on indoor tanning services goes into effect on July 1, 2010. So, hurry up and get your pre-summer tanning done!

Sunday, June 20, 2010

Small Non-Profits

The IRS now has a filing requirement for small non-profit organizations which previously were not required to file returns. It is called form 990-N. It is simple and can even be filed by e-mail. Organizations that are required to file and do not do so for three consecutive years will have their exempt status revoked. The IRS web site has more information at www.irs.gov/eo.