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In this issue:
- American Recovery & Reinvestment Act of 2009
- California finally has a budget!
- Form 4419 Fax Number Correction
- What's my @#%! license code?!
American Recovery & Reinvestment Act of 2009
On February 17, President Obama signed the $787 billion stimulus package officially known as The American Recovery & Reinvestment Act (ARRA). As expected, the act has a number of tax provisions, including:
- The "Making Work Pay Credit"—up to $400 for working individuals and up to $800 for couples, in most cases through payroll withholding.
- One-time payment of $250 to retirees and disabled individuals.
- Partial exclusion of unemployment benefits in 2009.
- First-time home buyer credit extended and, in most cases, recapture no longer applies.
- The "American Opportunity Tax Credit"—an enhanced version of the Hope education credit for 2009 and 2010.
- Increased Earned Income Tax Credit for 2009 and 2010.
- Refundable Child Tax Credit for 2009 and 2010.
- Increased deduction for vehicle purchases for 2009.
- Another one-year patch for the AMT.
As always, CFS software will be quickly updated to comply with relevant provisions of the act. You will be notified by e-mail when an update is available for download. However, if you have a dedicated high-speed Internet connection such as DSL or cable, most CFS programs can be configured to automatically check for updates. Click "Configuration" on the toolbar, and check the box next to "Check for web updates when program starts."
California finally has a budget!
As someone recently remarked, "What the federal government giveth, the state taketh away." On February 20, Governor Arnold Schwarzenegger signed a $130 billion budget that raises sales and income taxes across the board for the first time in 17 years. The dependent credit amount has also been temporarily reduced.
CFS programs affected by these changes will soon be updated with the new rates, and users will be notified by e-mail when updates are available for download.
Form 4419 Fax Number Correction
In CFS Payroll System, the instructions for Form 4419 - Application for Filing Information Returns Electronically (available by pressing F1 while viewing the form) state that the form may either be mailed or faxed to the IRS. The fax number given in the IRS instructions (304-264-5602) has been changed. The new number is 877-477-0572.
What's my @#%! license code?!
How many times have you had to call CFS just to find out what the license code is for your software? Maybe you misplaced your receipt, or maybe you had to re-install your programs on a new computer. Whatever the reason, if you need a license code for either the current year or a past year, the easiest way to get it is to look it up online using your MyCFS account:
- Go to www.taxtools.com.
- Under the MyCFS menu, select "License Codes." (Or click on the License Code button under "Quick Links.")
- Log in to your MyCFS account using your e-mail address and password. (If you don't have a MyCFS account, click on Register.)
You will see a page containing your firm information, a list of products for each year you have purchased CFS software, and the license code to cover each year's products. If you need to, you can even download your software from this page. It's just that simple!
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