NEWSLETTER

     May 2010

   Your Contributions

  Extensions

  IRS Notices

  Homebuyer Credit

  Energy Credit

  Form 941

Thank you to all who sent contributions.
We had a truly wonderful tax season!  We were able to help more pastors
and missionaries than ever before and it was very rewarding.

If you are one of the many taxpayers who filed an extension this year -
remember that the extension only grants you extra time to file, it does not
grant you extra time to pay.  If you feel you may owe taxes it is best to get
your return finished as soon as you possibly can.

If you receive a notice from the IRS or your state please contact our office
before you accept any changes.  This year we have noticed an increase in
the number of notices taxpayers are receiving and it appears that the
changes are incorrect more than 90% of the time.

Time has run out for the first-time home buyer credit.  If you do not have a
binding contract you can no longer qualify for this credit.

Be careful buying products because they qualify for an energy credit.  The energy credit
is a credit that offsets federal income tax.  If you have no federal income tax you cannot
claim the energy credit.  Ministers who pay only Self-employment tax and do not pay
federal income tax cannot use the energy credit.

The IRS has changed their instructions regarding the filing of the quarterly form 941.  All
employers must now file this form until the IRS instructs them to quite filing or to file the
yearly form (944).  See this link for more information: 
http://www.irs.gov/pub/irs-pdf/i941.pdf

Sincerely,

James W. Rickard