Sunday, September 21, 2008

ANOTHER ONE BITES THE DUST

I have decided to “lay to rest” THE FLACH REPORT, my blog of tax planning and preparation advice and information for Schedule C filers. I do not have the time to devote to properly maintaining this blog in addition to TWTP and the NJ TAX PRACTICE BLOG.

In the future I will include posts on Schedule C issues here at TWTP.

I will keep the “archives” of THE FLACH REPORT available. Sole proprietors and one-person LLCs who file a Schedule C can find valuable information in the archives.

Thanks to the regular visitors to THE FLACH REPORT. I hope you have found the information I have provided helpful.
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TTFN

2 comments:

Samantha said...

Hiya! Just wanted to inquire, whats all of this first time homebuyer 7500 credit/loan thing?! We bought our first home in 3/11/08, which falls just outside their "window".. and that totally stinks! We need the money just like everyone else... maybe even more!
Is there any way to protest/appeal to get the credit?

Thanks!!

Robert D Flach said...

Samantha-

An odd place to post your comment.

As for "what's all of this first time homebuyer $7500 credit/loan thing?" - check out my post THE HOUSING BILL AND THE 1040 at http://wanderingtaxpro.blogspot.com/2008/07/housing-bill-and-1040.html.

As for "is there any way to protest/appeal to get the credit?" - you are joking, aren't you?

Congress has many choices for setting the "effective" date of a new tax deduction, credit or application of tax law.

(1) They can make it retroactive to the first day of the current year, or "for all tax years beginning after December 31, 200X" (the prior year). This way the item is allowable for the entire calendar year.

(2) They can make it effective on the date the original legislation is introduced.

(3) They can make it effective on the date the final legislation is passed - or is signed into law by the President.

(4) They can make it effective on a specific date that relates to a specific event or action - for example in the case of tax legislation related to a natural disaster such as Katrina or Ike.

(5) Frankly they can make it effective on any date they wish.

TWTP