Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchases

Issue Number:    IR-2010-080

Inside This Issue

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Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchases

 

WASHINGTON — Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal, according to the Internal Revenue Service. 

The Homebuyer Assistance and Improvement Act of 2010, signed by the President today, extended the closing deadline from June 30 to Sept. 30 for any eligible homebuyer who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010. The new law addresses concerns that many homebuyers might be unable to meet the original June 30 closing deadline.

The IRS reminds taxpayers that special filing and documentation requirements apply to anyone claiming the homebuyer credit. To avoid refund delays, those who entered into a purchase contract on or before April 30, but closed after that date, should attach to their return a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract. 

Besides filling out Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, all eligible homebuyers must also include with their return one of the following documents:

• A copy of the settlement statement showing all parties' names and signatures if required by local law, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
• For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
• For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

Besides providing a tax benefit to first-time homebuyers and purchasers who haven’t owned homes in recent years, the law allows a long-time resident of the same main home to claim the credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. Homebuyers claiming this credit can avoid refund delays by attaching documentation covering the five-consecutive-year period:

• Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
• Property tax records or
• Homeowner’s insurance records.

There are three options for claiming the credit on a qualifying 2010 purchase:

• If a 2009 return has not yet been filed, claim it on Form 1040 for tax-year 2009. Though these returns cannot be filed electronically, taxpayers can still use IRS Free File to prepare their return. The returns must be printed out and sent to the IRS, along with all required documentation. The IRS urges taxpayers claiming refunds to choose direct deposit.
• If a 2009 return has already been filed, claim it on an amended return using Form 1040X.
• Whether or not a 2009 return has been filed, wait until next year and claim it on a 2010 Form 1040.

More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov.

 

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Make Mine a $ Million Business - Webinar Reminders

WEBINARS REMINDER January 13, 2010: Marketing Research and Customer Engagement and Why it Matters to Your Business In this webinar, you will: Explore the basics of why and how to use research as one of the newest and most exciting ways to engage your consumers! Learn how to measure, manage, and improve your business with research! Discover how the internet has changed the consumer landscape and what that means to you!   Date: Wednesday January 13, 2010 Time: 4pm EDT to 5pm EDT Price: Free Registration: https://www2.gotomeeting.com/register/500467747 This webinar will be conducted by Lynnette Leathers, President and Founder of Mindspot, Inc. January 20, 2010: Hire Your First Employee with Rhonda Abrams Small business success depends on building a great team-that means finding hiring, and leading great employees! In this webinar, you will: Identify exactly the kind of help you need and where to find it! Discover how to become both a manager and a leader! Realize the great opportunities that exist in this economy from terrific available talent to lower labor costs! EXTRA BONUS: Every webinar participant will receive a free copy of Rhonda's new book, "Hire Your First employee: The entrepreneur's guide to finding, choosing, and leading great people." Date: Wednesday January 20, 2010 Time: 4pm EDT to 5pm EDT Price: Free Registration: https://www2.gotomeeting.com/register/619217147 Hire Your First Employee with Rhonda Abrams will be conducted by Rhonda Abrams; author, entrepreneur, and nationally-syndicated small business columnist for USA Today. She has built four companies depending on finding and managing employees. She is currently the President and Chief Entrepreneur of The Planning Shop.		Can't Make the Webinar? In case you missed one of our webinars, the recorded versions are available a week after the original airing in our Previous Conference Calls and Webinars section. Apply for the Make Mine a Million $ Business Competition Deadline: January 18, 2010

 Upcoming Webinars

Wednesday January 27, 2010: Start With Why
with Count Me In Expert Simon Sinek, renowned Leadership Expert and Author of Start With Why.

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Wednesday February 3, 2010: Steps to Attracting Financing with Count Me In Experts Mary Beth Shewan and Bill Dueease.

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Wednesday February 10, 2010: Sell to the Choir with the Founder and Leader of Maverick & Company, Alecia Huck.

For 2010, little improvement seen in job market

U.S. economy to grow too slowly to create many jobs, forecasters say

By Rex Nutting, MarketWatch
This is an update to correct the affilation of David Levy, who is chairman of the Jerome Levy Forecasting Center.

WASHINGTON (MarketWatch) -- The U.S. economy is limping -- not sprinting -- out of the Great Recession of 2008 and 2009.


While the economy is likely to grow at a steady but unspectacular 3% pace in 2010, the prospects for significant job growth are dim and the unemployment rate could still be in the 10% neighborhood at this time next year, economists say.

Growth of 3% would be far slower than is usual after a steep recession (the economy grew nearly 10% in the year following the 1958 recession), but it would be slightly stronger than the 2.8% average of the past 20 years.

Above-trend growth "never felt so bad," wrote economists at JP Morgan Chase. "Growth will not be boomy. And growth will not go far in returning the economy to healthy levels of activity."

Still, it's expected that the economy will begin to create some jobs again in 2010, after two years of month-after-month declines that -- including anticipated downward revisions -- total a loss of more 8 million jobs.

According to the median forecast of economists surveyed by Blue Chip Economics, about 1.1 million nonfarm payroll jobs will be created next year. The consensus expects the unemployment rate to be 9.9% a year from now.


Read more:

http://www.marketwatch.com/story/little-improvement-seen-in-job-market-in-2010-2009-12-24

The Most Powerful Women You May Not Know of | Career | Mainstreet

The Most Powerful Women You May Not Know of | Career | Mainstreet

With more layoffs in the works, here is a timely article about what you should do in the event of a not so pleasant layoff. It is projected that the rising unemployment rate, currently at 10.2% percent, is likely to level off next year. Until then, there is still the potential for more layoffs.  We hope that the pointers from the article will help you to negotiate a graceful exit and help you to land your next job.

The most important thing is to keep a level head and negotiate your exit to your advantage. The article includes -- asking for reference letters, outplacement service, extra insurance coverage, moving costs, and asking for your job back in the future, when the economy rebounds.

So good luck -- it's wild out there but it is not over till its over! Stay positive!

Laid Off? 7 Rules for a Graceful Exit

by Amy Levin-Epstein | Dec 3, 2009

In the hours and days after you’ve been laid off, your emotional state tends to range from uncomfortable to devastated — but the way you handle yourself can either help you rebound or drive your career deeper into the ground. With economists predicting that the 10.2 percent unemployment rate will continue to climb before it plateaus early next year, it seems even more workers will soon be hearing words like “downsizing,” “staff reductions,” and “cutbacks.”

Regardless of the economic underpinnings, however, a layoff always feels personal. “We like to deny that we are expendable. So when we are told ‘we have to let you go,’ it feels like an assault,” says Katherine Crowley, a New York City-based psychotherapist and co-author of the book Working for You Isn’t Working for Me. She adds that when an employee experiences this slap in the face, he or she should avoid the natural inclination to slap back — either verbally or, it should go without saying, physically. “You never know who you will meet or need a reference from again. Exiting gracefully is one of the most important skills for someone who plans on building their career,” says Crowley.

Here’s how to handle your exit with aplomb.

Read more: 
http://moneywatch.bnet.com/career-advice/article/laid-off-7-rules-for-a-graceful-exit/369443/

6 Simple Steps to be Happier at Work

6 Simple Steps to be Happier at Work

10 ways to deal with a bad boss

One thing that you were most likely not taught in school is the concept of "emotional competence", i.e. your ability to deal rationally with your emotions in a professional manner so that you can remain cool in the face of extreme provocation. In other words, "never let them see you sweat!".

In order to survive in the workplace, one thing that you need to master is "emotional competence".

The article below discusses the best way to cope with a bad boss so that you can survive and thrive in the workplace.

Date: November 2nd, 2009 

Author: Calvin Sun
Source:  http://blogs.techrepublic.com.com/

Is your boss about to drive you crazy? Here are some coping strategies to help you keep your sanity (and maybe your job).

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At one point or another, you will have a bad boss. Maybe your boss won’t be like the one in Dilbert, but still he or she might make your work difficult. Here are some tips to help you cope.

Note: This article is also available as a PDF download.

1: Avoid responding in kind

If your boss acts like a jerk, becomes abusive, or is freaking out, your initial impulse might be to do the same thing. Fight that temptation, hard though it might be. Repaying “evil for evil” accomplishes nothing and only makes the situation worse. If you maintain your professionalism, it will make a positive impression on those who are watching or those who hear about it — including possibly your boss’s boss.

Here’s an extreme example, but one based on a true incident. Suppose you’ve just sat down at a restaurant with your boss, and the latter becomes agitated that there are no menus. Rather than get agitated yourself, perhaps because the boss is blaming you for the lack of menus, try to stay calm and simply say, “Boss, the menus are on the way.” Repeat as often as necessary.

2: Document your work

Keep track of your accomplishments and of compliments you get from co-workers or managers of other departments. Record the date of these incidents. When documenting these items, try to record as well the significance of the accomplishment. What problem existed at the time? What would have happened had you not acted? How did your action have a positive effect on the entire organization? Keep this information on a system other than your work computer or company network - that is, keep it in a place where you can still access it even if you leave or are terminated.

3: Use objective measures

When documenting your accomplishments, try to use objective measurements. If you’re on a help desk, for example, “I resolved that ticket promptly” is a meaningless statement. However, “I resolved that ticket in three hours, compared to the departmental average of five hours,” carries more credibility. If you’re in a call center, similarly, a statement that “I answered 80% of my calls within the second ring” is preferable to “I answered my calls promptly.”

Read more:  http://blogs.techrepublic.com.com/10things/?p=1128&tag=rightCol;topRated