Another good overview of the new tax law

Here's a Tax Alert from BDO Seidman, LLP about the Worker, Homeownership and Business Assistance Act of 2009.

New Tax Law signed - Homebuyer Credit officially extended

The Worker, Homeownership & Business Assistance Act of 2009 was signed into law last week making the extension and expansion of the Homebuyer credit official.

All of the proposals I mentioned in the last article are included.

This law also has some interesting business items such as a generous expansion of the loss carryback rules which could put cash in your pocket if your business suffers a loss this year. Contact me at tperricelli@scottmcelveen.com for details.

See here & here for more details.

Senate Proposal to extend the Homebuyer Credit

Here is the latest on the Homebuyer Credit extension proposal:

• Congress is moving to extend this credit from the original expiration date of November 30, 2009 to a new expiration date of April 30, 2010. Under the current proposal, if you have a contract signed on or before April 30, 2010, then you have an additional 60 days to close the sale and still qualify for the credit.
  
• The current Senate proposal would also add a new Homebuyer Credit of $6500 for anyone who purchases a home and has owned and used the same principal residence for at least 5 consecutive years of the last 8 years.
• The revamped credits do have some restrictions:

1) Purchase price of the new home must be less than $800,000
2) Your gross income must be less than $125,000 if filing single or $225,000 if filing joint

Some interesting articles on this topic are here and here.