May your travels be safe, whether traveling near or far this Holiday Season. We wish you the many blessings of Christmas today and always ...- Joy
- Hope
- Peace
- Love
Wednesday, December 23, 2009
From Our Family To Yours: Merry Christmas and safe holiday travels to all ...
May your travels be safe, whether traveling near or far this Holiday Season. We wish you the many blessings of Christmas today and always ...
New Federal Legislation, Updates and Tax Reminders from nwyc.com ...
Received the following message from National Write Your Congressman ...
www.nwyc.com
Wednesday, December 23, 2009
Homebuyer credit renewed and expanded
In the hopes of sustaining the real estate market's recent momentum, Uncle Sam has made more than two-thirds of current homeowners, and nearly all first-time buyers, eligible for thousands of dollars in tax breaks when a house is purchased.
Credit for homebuyers
While the value of the credit remains as high as $8,000, the new law pushes back the deadline by which qualified first-time homebuyers must make a transaction in order to claim it. (The legislation defines “first-time homebuyers" as anyone who has not owned a principal residence in the three years prior to making the purchase.) Under the previous law, buyers needed to close the transaction by Nov. 30. However, under the terms of the new law, homebuyers must have a signed sales contract before May 1, 2010, but they have until the end of June to actually close the transaction.
Annual income limits raised
At the same time, the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples. The changes make nearly all first-time homebuyers eligible for the credit.
Current homeowners tax credit
In addition, the new law makes most current homeowners eligible for a tax credit of up to $6,500 when they purchase their next primary residence. Under the terms of the legislation, current homeowners must have lived in their home for five consecutive years over the previous eight to be eligible. Current homeowners can obtain the credit on homes purchased between Dec.1 and the end of April 2010. Similar to first-time homebuyers, this means they need a signed sales contract on a home before May 1, 2010, but they have until the end of June to close the sale. The income limits for current homeowners are the same as those for first-time homebuyers.
Renewed and expanded NOL carry-back rules
Great news! The recently signed Worker, Homeownership, and Business Assistance
Act of 2009 expands net operating loss (NOL) rules to include all companies, not just small businesses. Now, midsized and large businesses can elect to use a three-, four- or five-year NOL carryback against prior years income, instead of the normal two-year carryback. Thus, business losses incurred in 2008 or 2009 can now be used to recoup taxes paid in the prior five years by all business sizes. The provision is expected to put $33 billion of tax cuts in the hands of businesses.
New limits on expanded loss rules
One difference between the new provisions and the old ones is that the Worker Act of 2009 limits the amount of loss a large company can carry-back to the previous fifth year at 50 percent of that years’ taxable income. However, any remaining loss can be used to offset the other preceding years income. This limitation does not apply to the 2008 losses of small businesses with revenue of less than $15 million. The expanded loss rules are not available to TARP recipients or members of a TARP recipient’s affiliated group.
Business standard mileage decreases for 2010
The standard mileage rate has been set at 50 cents per mile for business travel in 2010. That's 5 cents down from the 55 cent allowance for business mileage during 2009. The mileage rate is used to calculate not only vehicle business use by self-employed persons but also to reimburse employees for the business use of personal vehicles.
Medical care mileage rate
You may also use the 2010 mileage rate of 16.5 cents-per-mile when using a car to get medical care or in connection with a move that qualifies for the moving expense deduction.
Due Date Reminder
December 31 - last day to set up a pension and profit sharing plan for 2009.
December 31 – individual state taxes paid by this date may be deducted on the 2009 federal tax return.
January 15 – 4th quarter 2009 individual estimated tax deposit due.
www.nwyc.com
Wednesday, December 23, 2009
Homebuyer credit renewed and expanded
In the hopes of sustaining the real estate market's recent momentum, Uncle Sam has made more than two-thirds of current homeowners, and nearly all first-time buyers, eligible for thousands of dollars in tax breaks when a house is purchased.
Credit for homebuyers
While the value of the credit remains as high as $8,000, the new law pushes back the deadline by which qualified first-time homebuyers must make a transaction in order to claim it. (The legislation defines “first-time homebuyers" as anyone who has not owned a principal residence in the three years prior to making the purchase.) Under the previous law, buyers needed to close the transaction by Nov. 30. However, under the terms of the new law, homebuyers must have a signed sales contract before May 1, 2010, but they have until the end of June to actually close the transaction.
Annual income limits raised
At the same time, the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples. The changes make nearly all first-time homebuyers eligible for the credit.
Current homeowners tax credit
In addition, the new law makes most current homeowners eligible for a tax credit of up to $6,500 when they purchase their next primary residence. Under the terms of the legislation, current homeowners must have lived in their home for five consecutive years over the previous eight to be eligible. Current homeowners can obtain the credit on homes purchased between Dec.1 and the end of April 2010. Similar to first-time homebuyers, this means they need a signed sales contract on a home before May 1, 2010, but they have until the end of June to close the sale. The income limits for current homeowners are the same as those for first-time homebuyers.
Renewed and expanded NOL carry-back rules
Great news! The recently signed Worker, Homeownership, and Business Assistance
Act of 2009 expands net operating loss (NOL) rules to include all companies, not just small businesses. Now, midsized and large businesses can elect to use a three-, four- or five-year NOL carryback against prior years income, instead of the normal two-year carryback. Thus, business losses incurred in 2008 or 2009 can now be used to recoup taxes paid in the prior five years by all business sizes. The provision is expected to put $33 billion of tax cuts in the hands of businesses.
New limits on expanded loss rules
One difference between the new provisions and the old ones is that the Worker Act of 2009 limits the amount of loss a large company can carry-back to the previous fifth year at 50 percent of that years’ taxable income. However, any remaining loss can be used to offset the other preceding years income. This limitation does not apply to the 2008 losses of small businesses with revenue of less than $15 million. The expanded loss rules are not available to TARP recipients or members of a TARP recipient’s affiliated group.
Business standard mileage decreases for 2010
The standard mileage rate has been set at 50 cents per mile for business travel in 2010. That's 5 cents down from the 55 cent allowance for business mileage during 2009. The mileage rate is used to calculate not only vehicle business use by self-employed persons but also to reimburse employees for the business use of personal vehicles.
Medical care mileage rate
You may also use the 2010 mileage rate of 16.5 cents-per-mile when using a car to get medical care or in connection with a move that qualifies for the moving expense deduction.
Due Date Reminder
December 31 - last day to set up a pension and profit sharing plan for 2009.
December 31 – individual state taxes paid by this date may be deducted on the 2009 federal tax return.
January 15 – 4th quarter 2009 individual estimated tax deposit due.
peace
Monday, December 21, 2009
Health Care Update and R&P Report from nwyc.com for December 21, 2009 ...
December 21, 2009 is officially the first day of Winter here ...
We received an e-mail from National Write Your Congressman today on the health care issue, as well as the R&P Report for December 21, 2009 ...
issue update: health care
Robin B Tucker, the Senate was in session throughout the weekend debating health care legislation. At 12:01 Monday morning, Senate leaders held a cloture vote on the legislation, which is a vote to end debate on the measure and move it to the floor for consideration. The vote was approved, 60-40 - with not a vote to spare. Sixty votes were needed for the vote to pass. All Republicans voted against the cloture vote.
The Senate is expected to vote on final passage of the bill on Dec. 24, Christmas Eve. If it is approved then, the legislation will go to conference, where differences between the House and Senate health care measures will be resolved and a final measure will be written.
Once a final measure is decided upon, the legislation would go back to the House and Senate for a final vote. If no further changes are made, and the legislation is approved in both chambers, the bill will be sent to President Obama to be signed into law.
Click here for information on the Senate health care bill (H.R.3590) (Click 'CRS Summary' for a summary of the bill)
Click here for information on the House health care bill (H.R.3962) (Click 'CRS Summary' for a summary of the bill)
This is a fast-moving issue. Sign up for Twitter alerts from NWYC for the latest information and breaking news alerts on the health bill.
REVIEW
Senate Health Care Bill (H.R.3590)
Timeline: Senators are preparing for some late nights and early mornings at the Capitol as Democrats push to pass a bill to overhaul the nation’s health care system before the end of the year. The majority party believes it is only one vote shy of the 60 votes needed to advance the health care bill. The Senate could be in session on Christmas Eve, and perhaps the week between Christmas and New Year’s Day, as well. Republicans have launched an all-out procedural assault to slow the march toward a final vote on the health care package, which they contend is broadly opposed by the American public. Democrats say GOP members are stalling needlessly.
Holdouts: Centrist Democrat Ben Nelson of Nebraska stated that he would not support the bill unless its restrictions on insurance coverage for abortion services are strengthened. He added that he had not yet seen a compromise that would satisfy him. Republican Olympia Snowe of Maine, the only GOP senator who was seen as likely to support bringing the bill to a vote, remains unwilling to support the bill because she says there are too many unanswered questions about how major provisions of the bill would work. “I think we should accept that and take time to work through the issues,” Sen. Snowe told reporters.
Anti-Terrorism Act: The House passed a bill that would amend the 9/11 Commission Act of 2007 to authorize the Secretary of Homeland Security to accept gifts of property and services for authorized activities of the Center for Domestic Preparedness. It directs the Secretary to report to Congress annually regarding such gifts. (H.R.3978)
$636 Billion Defense Bill: The Senate voted around 1 a.m. on Friday, Dec. 18 to proceed with action on the fiscal 2010 Defense spending bill, which also contains several non-defense provisions. At press time, a vote to clear the bill for the President’s signature was expected on Saturday morning. The legislation would provide $508 billion for the Defense Department’s regular activities and $128.3 billion for war operations.
Copenhagen Climate Summit: President Obama arrived in Copenhagen on Friday where delegates from around the world have spent the past two weeks writing a new global agreement on fighting climate change. Sec. of State Hillary Rodham Clinton sought to break an impasse between the U.S. and China by saying that the U.S. would contribute to a fund providing $100 billion annually through 2020 to help poor countries adapt to the impact of climate change if China and other developing countries would allow independent verification of promised carbon reductions. Republicans attacked the idea of spending more U.S. tax dollars on aid for developing countries. Click here to voice your opinion on this issue.
PREVIEW
Resolution of Disapproval: GOP members are expected to file a resolution that would repeal the EPA’s recent finding that carbon dioxide and other greenhouse gases threaten public health. The finding triggered a requirement that fossil fuel emissions be regulated under the Clean Air Act. It is this finding that allows the President to promise that U.S. will mandate reductions in greenhouse gas emissions — with or without congressional action.
Federal Reserve Chairman: The Senate Banking Committee approved the nomination of Ben Bernanke to serve another term as chairman of the Federal Reserve by a vote of 16-7. (S.604)
The Senate is expected to continue work on the health care measure and could vote as late as Christmas Eve on the issue. The House has adjourned for the year.
Personally, at work for our small manufacturing company, we concluded our company's health care paperwork for the 2010 plan year. Health care has many challenges and reform is necessary, but the suggestion of single payer national health care system for the United States is very difficult to envision as a successful system of care for Americans. We would favor reforms that would keep and maintain consumer choice and would expand competition in the health care industry.
We want to wish everyone a safe and enjoyable Christmas holiday and a wonderful New Year in 2010.
peace
We received an e-mail from National Write Your Congressman today on the health care issue, as well as the R&P Report for December 21, 2009 ...
issue update: health care
Robin B Tucker, the Senate was in session throughout the weekend debating health care legislation. At 12:01 Monday morning, Senate leaders held a cloture vote on the legislation, which is a vote to end debate on the measure and move it to the floor for consideration. The vote was approved, 60-40 - with not a vote to spare. Sixty votes were needed for the vote to pass. All Republicans voted against the cloture vote.
The Senate is expected to vote on final passage of the bill on Dec. 24, Christmas Eve. If it is approved then, the legislation will go to conference, where differences between the House and Senate health care measures will be resolved and a final measure will be written.
Once a final measure is decided upon, the legislation would go back to the House and Senate for a final vote. If no further changes are made, and the legislation is approved in both chambers, the bill will be sent to President Obama to be signed into law.
Click here for information on the Senate health care bill (H.R.3590) (Click 'CRS Summary' for a summary of the bill)
Click here for information on the House health care bill (H.R.3962) (Click 'CRS Summary' for a summary of the bill)
This is a fast-moving issue. Sign up for Twitter alerts from NWYC for the latest information and breaking news alerts on the health bill.
As mentioned, here is the R&P Report for this week ...
REVIEW
Senate Health Care Bill (H.R.3590)
Timeline: Senators are preparing for some late nights and early mornings at the Capitol as Democrats push to pass a bill to overhaul the nation’s health care system before the end of the year. The majority party believes it is only one vote shy of the 60 votes needed to advance the health care bill. The Senate could be in session on Christmas Eve, and perhaps the week between Christmas and New Year’s Day, as well. Republicans have launched an all-out procedural assault to slow the march toward a final vote on the health care package, which they contend is broadly opposed by the American public. Democrats say GOP members are stalling needlessly.
Holdouts: Centrist Democrat Ben Nelson of Nebraska stated that he would not support the bill unless its restrictions on insurance coverage for abortion services are strengthened. He added that he had not yet seen a compromise that would satisfy him. Republican Olympia Snowe of Maine, the only GOP senator who was seen as likely to support bringing the bill to a vote, remains unwilling to support the bill because she says there are too many unanswered questions about how major provisions of the bill would work. “I think we should accept that and take time to work through the issues,” Sen. Snowe told reporters.
Anti-Terrorism Act: The House passed a bill that would amend the 9/11 Commission Act of 2007 to authorize the Secretary of Homeland Security to accept gifts of property and services for authorized activities of the Center for Domestic Preparedness. It directs the Secretary to report to Congress annually regarding such gifts. (H.R.3978)
$636 Billion Defense Bill: The Senate voted around 1 a.m. on Friday, Dec. 18 to proceed with action on the fiscal 2010 Defense spending bill, which also contains several non-defense provisions. At press time, a vote to clear the bill for the President’s signature was expected on Saturday morning. The legislation would provide $508 billion for the Defense Department’s regular activities and $128.3 billion for war operations.
Copenhagen Climate Summit: President Obama arrived in Copenhagen on Friday where delegates from around the world have spent the past two weeks writing a new global agreement on fighting climate change. Sec. of State Hillary Rodham Clinton sought to break an impasse between the U.S. and China by saying that the U.S. would contribute to a fund providing $100 billion annually through 2020 to help poor countries adapt to the impact of climate change if China and other developing countries would allow independent verification of promised carbon reductions. Republicans attacked the idea of spending more U.S. tax dollars on aid for developing countries. Click here to voice your opinion on this issue.
PREVIEW
Resolution of Disapproval: GOP members are expected to file a resolution that would repeal the EPA’s recent finding that carbon dioxide and other greenhouse gases threaten public health. The finding triggered a requirement that fossil fuel emissions be regulated under the Clean Air Act. It is this finding that allows the President to promise that U.S. will mandate reductions in greenhouse gas emissions — with or without congressional action.
Federal Reserve Chairman: The Senate Banking Committee approved the nomination of Ben Bernanke to serve another term as chairman of the Federal Reserve by a vote of 16-7. (S.604)
The Senate is expected to continue work on the health care measure and could vote as late as Christmas Eve on the issue. The House has adjourned for the year.
Personally, at work for our small manufacturing company, we concluded our company's health care paperwork for the 2010 plan year. Health care has many challenges and reform is necessary, but the suggestion of single payer national health care system for the United States is very difficult to envision as a successful system of care for Americans. We would favor reforms that would keep and maintain consumer choice and would expand competition in the health care industry.
We want to wish everyone a safe and enjoyable Christmas holiday and a wonderful New Year in 2010.
peace
Tuesday, December 15, 2009
The Big Ten plans to have an announcement today on future membership: our thoughts on expansion ...
We read the following today on Gazette Online that the Big Ten Conference plans to have an announcement today, regarding expansion. Well, here's to keeping eleven members and lobbying the NCAA for a 13Th game for the Big Ten. Let's be like the Pac 10 Conference and play everyone once in football. Say no, to expansion and say yes to let's get a 13Th game petitioned.
Big Ten confirms statement ‘will come out this afternoon’ - The Gazette
The Big Ten Conference will issue a statement this afternoon on whether it will consider expanding from 11 to 12 schools, conference spokesman ...
Report: Big Ten expected to talk expansion to 12 teams - SportingNews.com
Big Ten conference officials were expected to release a statement sometime today addressing a possible expansion to 12 teams. Commissioner Jim Delany has ...
Iowa coach Kirk Ferentz suggested during the 2009 season that a round-robin schedule for the Big Ten would be a good way to determine the champion in football. He suggested that the NCAA would have to give the Big Ten a 13Th game, so like the Pac 10, conference members could have three out of conference games.
The Big Ten and Pac 10 conferences both send the winner of their conferences to the Rose Bowl, unless they are among the Top 2 for the BCS title game. We think it would be great to see each conference to play a round-robin slate and separate themselves from the ACC, Big 12, C-USA, MAC and SEC mega conferences. Look what happened to the Nebraska-Oklahoma rivalry in the old Big 8 Conference, after the expansion and creation of the Big 12 Conference.
Robin Tucker
Monday, December 14, 2009
This week's R&P Report from NWYC.com ...
We received our weekly e-mail from a service of National Write Your Congressman
http://www.nwyc.com/ 
Vol. 13 No. 1-37
Monday, December 14, 2009
REVIEW
Health Care LegislationSenate: (H.R.3590) House: (H.R.3962)
The Senate’s floor debate on its version of the health legislation has stalled while Democratic leaders wait for a Congressional Budget Office analysis of their latest batch of proposals. That report is expected this week.
A group of five moderate Democrats and five liberal Democrats reached an agreement in talks aimed at finding a compromise on the “public option,” or government-run health care plan. Senate lawmakers will now consider a proposal that would open Medicare to uninsured Americans from ages 55 to 64 and would effectively scrap an earlier government-run insurance plan to compete with private insurers.
Neither chamber has ruled out the possibility of staying in session during part of their scheduled break in order to vote on health care legislation.
**** *** ****
$446.8 Billion Spending Bill: The Senate is temporarily shifting its attention away from health care to a year-end omnibus spending bill. The six-bill package combines funding for the fiscal year that began Oct. 1. (H.R.3288)
Guantánamo Detainees: The GOP is planning to use various tactics, including amendments and motions to recommit, to attempt to reverse President Obama’s decision to try some Guantánamo detainees in federal district courts. A GOP motion to bar the use of funds to release or transfer the detainees was defeated earlier in a 2010 omnibus spending measure. (H.R.3288)
Financial Regulations: The House began the amendment process for a bill that would overhaul the nation’s financial regulations. It would authorize the use of $4 billion in bailout funds for housing relief and include language that would require secured creditors of failing institutions to take losses when the failing company is being overseen by the government. (H.R.4173)
Defense Bill Pay-As-You-Go: The House Blue Dog Coalition is pushing for language that would put the pay-as-you-go budget principle into law if the Defense bill is brought to the floor with an expected $2 trillion debt limit increase attached. The law would require new mandatory spending or tax cuts to be offset by savings or revenue increases elsewhere in the budget. (H.R.3226) Click here to express your opinion on this issue.
Electronic Waste: A Senate panel approved legislation that seeks ways to encourage more recycling of electronic products such as computers, mobile phones and televisions. (S.1397)
PREVIEW
Estate Tax: Congress could be unable to prevent the scheduled repeal of the estate tax before it disappears for one year beginning Jan. 1, 2010. However, Congress could come back in 2010 and pass a retroactive law that would “repeal the repeal” creating difficulties for estate planners.
The Obama administration wants to extend the current estate tax structure indefinitely, and legislation passed by the House last week would do just that. But Senate Democratic leaders, consumed by the health care debate, say it is unlikely that they will be able to take up the bill. (H.R.4154) Click here to express your opinion on this issue.
Copenhagen Summit: President Obama will not be taking an enacted climate change bill with him this week to international negotiations in Copenhagen. He plans to attend the end of the conference on Dec. 18. House-passed cap and trade legislation is stalled behind health care in the Senate. (H.R.2454)
The Senate is expected to continue work on health care, spending bills and a bill to modify first-time homebuyers’ credit for armed service members. The House is scheduled to continue work on financial regulations, spending bills and Guantánamo detainees measures.
Rotary Club of Cedar Rapids meeting for December 14, 2009 is the annual holiday party ...
Robin Tucker is scheduled to attend today's Rotary Club of Cedar Rapids meeting at Noon. Robin celebrated his 20Th year anniversary as a member of Rotary International in September of this year.
The Rotary Club of Cedar Rapids is now on Twitter! Link
The Rotary Club of Cedar Rapids is now on Twitter! Link
CROWNE PLAZA HOTEL
Today's Speaker and Program:
Annual Club Holiday Party
Annual Club Holiday Party
While attending Cocoa and Carols with family at Washington High School on December 12, 2009, the program brings memories of the type of Holiday program that the Rotary Club of Cedar Rapids has over the years. Our Rotary Club typically invites one music group from one of the local schools. Who will it be this year?
Friday, December 11, 2009
How do you feel about the proposed War Tax in Congress right now?
We received the following e-mail from National Write Your Congressman today ...
A service of National Write Your Congressman
Friday, December 11, 2009
http://www.nwyc.com/
War Tax
Congress is considering a proposal by Rep. David Obey (D-WI) to levy a war
surtax to help fund President Obama’s Afghan war strategy. The graduated surtax
would impose a 1percent tax on most Americans that rises to 5 percent on
wealthier citizens. The White House estimates that the effort would cost roughly
$1 million per soldier or Marine per year.
For
Rep. Dave Obey (D-WI)
"...Democratic members introduced legislation today that would end the
practice of paying for the war in Afghanistan with borrowed money by imposing a
war surtax beginning in 2011. ... Regardless of whether one favors the war or
not, if it is to be fought, it ought to be paid for ... If we don't address the
cost of this war, we will continue shoving billions of dollars in taxes off on
future generations and will devour money that could be used to rebuild our
economy..." - Press Release 11/19/2009
Against
Rep. Tom Price (R-GA)
"No, I think [a war surtax] is as cynical as it is irresponsible. The fact
of the matter is the protection of the American people is the number one
challenge, the number one task for the United States Congress. It ought to be a
priority in our budgeting process. … A penny on the dollar will get us hundreds
of billions of dollars in order to accomplish the priorities that we ought to
have for the American people. And one of the priorities absolutely has to be and
must be the protection of our land and degrading the resources that Al Qaida
has." - CNN Interview 11/30/2009Do you support a war surtax to help fund President
Obama’s Afghan war strategy?Voice your opinion now!
If the above link to the ballot does not work, try pressing the 'Back'
button on your browser, or copy and paste the following text in your address
bar:
War Tax: http://www.spesend.net/SpeClicks.aspx?X=2R0QE581HR436RXS02XXW6
get in touch
National Write Your
Congressman
phone: (214) 342-0299
fax: (214) 324-2455
address:
2435 N Central Expressway, Suite 300
Richardson, Texas 75080-2770
http://www.spesend.net/SpeClicks.aspx?X=2R0QE581HR436RXS04XXW6
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