Author Archive
Tax Due Dates
Posted by: | CommentsGuess What?
It’s That Time Again…
| Here’s a compiled list of important dates for you-
bookmark this page for future reference |
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| March 2010 | |
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| March 1 | Businesses – File information returns (Form 1099) for certain payments you made during 2009. These payments are described under February 1. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the 2009 Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file. If you file Forms 1098, 1099, or W-2G electronically (not by magnetic media), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms will still be February 1. |
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| Payers of Gambling Winnings – File Form 1096, Annual Summary and transmittal of U.S. Information Returns, along with Copy A of all the Forms W-G2 you issued for 2009. If you file Forms W-G2 electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 1. | |
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| Employers – File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2009. If you file Forms W-2 electronically (not by magnetic media), your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms will still be February 1. | |
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| Employers – with employees who work for tips. File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to March 31. | |
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| Farmers and Fishermen – File your 2009 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2009 estimated tax by January 15, 2010. | |
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| March 10 | Employees who work for tips. – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. |
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| March 15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February. |
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February. | |
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| Corporations – File a 2009 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe. | |
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| S Corporations – File a 2009 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe. | |
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| Electing large partnerships – Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership. This due date is effective for the first March 15 following the close of the partnership’s tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800. | |
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| S corporation election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2010. If Form 2553 is filed late, S treatment will begin with calendar year 2010. | |
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| March 31 | Electronic filing of Forms 1098, 1099, and W-2G. File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, see March 1. The due date for giving the recipient these forms will still be February 1. For information about filing Forms 1098, 1099, or W-2G electronically, see Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Magnetically or Electronically. |
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| April 2010 | |
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| April 12 | Employees – who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. |
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| April 15 | Individuals – File an income tax return for 2009 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone if you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040, 1040A, or 1040EZ by October 15. |
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| Household Employers – If you paid cash wages of $1,700 or more in 2009 to a household employee, file Schedule H (Form 1040) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2008 or 2009 to household employees. Also report any income tax you withheld for your household employees. | |
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| Individuals – If you are not paying your 2010 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2010 estimated tax. Use Form 1040-ES. | |
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| Partnerships – File a 2009 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by October 15. | |
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| Electing Large Partnerships – File a 2009 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then file Form 1065-B by October 15. See March 15 for the due date for furnishing the Schedules K-1 to the partners. | |
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| Corporations – Deposit the first installment of estimated income tax for 2010. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. | |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March. | |
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March. | |
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| April 30 | Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2010. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return. |
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| Employers – Federal Unemployment Tax. Deposit the tax owed through March if more than $500. | |
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| May 2010 | |
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| May 10 | Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2010. This due date applies only if you deposited the tax for the quarter in full and on time. |
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| Employees – who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070. | |
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| May 17 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April. |
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April. | |
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| June 2010 | |
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| June 10 | Employees – who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. |
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| June 15 | Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by October 15.
However, if you are a participant in a combat zone you may be able to further extend the filing deadline. |
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| Individuals – Make a payment of your 2010 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2010. | |
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| Corporations – Deposit the second installment of estimated income tax for 2010. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. | |
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May. | |
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May. | |
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| July 2010 | |
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| July 12 | Employees – who work for tips. If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. |
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| July 15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June. |
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June. | |
Real Estate Investors: Tax Dates
Posted by: | CommentsIt’s That Time Again…
Get your tax refund today!
| March 1 | Businesses – File information returns (Form 1099) for certain payments you made during 2009. These payments are described under February 1. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the 2009 Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.
If you file Forms 1098, 1099, or W-2G electronically (not by magnetic media), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms will still be February 1. |
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| Payers of Gambling Winnings – File Form 1096, Annual Summary and transmittal of U.S. Information Returns, along with Copy A of all the Forms W-G2 you issued for 2009. If you file Forms W-G2 electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 1. | |
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| Employers – File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2009.If you file Forms W-2 electronically (not by magnetic media), your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms will still be February 1. | |
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| Employers – with employees who work for tips. File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to March 31. | |
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|
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| Farmers and Fishermen – File your 2009 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2009 estimated tax by January 15, 2010. | |
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| March 10 | Employees who work for tips. – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. |
|
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| March 15 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February. |
|
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February. | |
|
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| Corporations – File a 2009 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe. | |
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| S Corporations – File a 2009 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe. | |
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| Electing large partnerships – Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership. This due date is effective for the first March 15 following the close of the partnership’s tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800. | |
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| S corporation election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2010. If Form 2553 is filed late, S treatment will begin with calendar year 2010. | |
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| March 31 | Electronic filing of Forms 1098, 1099, and W-2G. File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, see March 1. The due date for giving the recipient these forms will still be February 1.For information about filing Forms 1098, 1099, or W-2G electronically, see Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Magnetically or Electronically. |
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| April 2010 | |
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| April 12 | Employees – who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. |
|
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| April 15 | Individuals – File an income tax return for 2009 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone if you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040, 1040A, or 1040EZ by October 15. |
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| Household Employers – If you paid cash wages of $1,700 or more in 2009 to a household employee, file Schedule H (Form 1040) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2008 or 2009 to household employees. Also report any income tax you withheld for your household employees. | |
|
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| Individuals – If you are not paying your 2010 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2010 estimated tax. Use Form 1040-ES. | |
|
|
| Partnerships – File a 2009 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by October 15. | |
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| Electing Large Partnerships – File a 2009 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then file Form 1065-B by October 15. See March 15 for the due date for furnishing the Schedules K-1 to the partners. | |
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| Corporations – Deposit the first installment of estimated income tax for 2010. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. | |
|
|
| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March. | |
|
|
| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March. | |
|
|
| April 30 | Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2010. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return. |
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| Employers – Federal Unemployment Tax. Deposit the tax owed through March if more than $500. | |
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| May 2010 | |
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| May 10 | Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2010. This due date applies only if you deposited the tax for the quarter in full and on time. |
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| Employees – who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070. | |
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| May 17 | Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April. |
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April. | |
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| June 2010 | |
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| June 10 | Employees – who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. |
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| June 15 | Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by October 15.
However, if you are a participant in a combat zone you may be able to further extend the filing deadline. |
|
|
| Individuals – Make a payment of your 2010 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2010. | |
|
|
| Corporations – Deposit the second installment of estimated income tax for 2010. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. | |
|
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| Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May. | |
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| Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May. | |
REO Agents Wanted for BPO’s
Posted by: | CommentsThis week, I read that there have been almost 8 million foreclosures noted the first week of October 2009 since the housing crisis began.
One out of every 136 home owners received a foreclosure notice in the last three months?
This figure would suggest that a brand new foreclosure filing takes place every 10 seconds across the entire country.
In addition to new foreclosure filings, bank repossessions jumped 21% from the second quarter to the third quarter.
“REO (bank owned) activity increased from the second quarter in all but two states and the District of Columbia indicating lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of
distressed properties,” said James Saccacio, CEO of RealtyTrac.
What does this mean for investors, agents and other real estate industry professionals?
It means opportunity.
A two-fold opportunity to help others
and to make a profit.
Real Estate Agents have a unique advantage
in the listing of this massive amount of REO’s
and we have the wonderful prospect of partnering
with them on some of these deals.
Where does this leave the banks?
The banks need real estate agents to help list and sell
short sales and bank REO foreclosures not to mention
completing Broker Price Opinions or also known as the
almighty BPO! We all know how important those
are…don’t we?
Niche Markets
There’s so much competition out there and some folks
are having a real tough time scrambling for a niche
and hitting those much needed commissions.
This might set you apart from the rest
List REO’s and build another profit stream…?
www.bpotoolkit.com
Real estate agents across the country are making
$80,000 per year completing Broker Price Opinions
for the Banks and BPO Companies to move these properties.
Find out more about the types of attributes that banks are looking for to complete their broker price opinions.
You can check it out more here
www.bpotoolkit.com
Talk soon,
Karen
CALL TO ACTION: Seller Financing
Posted by: | Comments**CALL TO ACTION – LAST DAY**
The following information is extremely important!
“HUD Issues Problematic Rules Interpreting SAFE
Mortgage Licensing ACT HUD has proposed to eliminate
ALL seller financing unless the seller lives in the home
or becomes a licensed mortgage originator.”
Seller Financing for Residential and Commercial properties
is a HUGE way for investors to flip properties.
We desperately need for thousands of real estate investors
across the country to go on record with HUD on this issue.
How YOU can help:
1. Call your US Congressman or US Senator…otherwise,
according to one government insider, your emails to them will
be read by a lowly staffer.
To find your local US Congressman and US Senator’s line, go here
For US Congress: use (202) in front of the phone numbers listed
here http://clerk.house.gov/member_info/mcapdir.html
For US Senate: use (202) then the “22″ prefix in front of the phone
numbers listed here
http://www.senate.gov/general/resources/pdf/senators_phone_list.pdf
2. Tell them what you feel about the proposed law and how
that would negatively impact the real estate business their area, and for you.
Your message should include that you would like the definitions
in the proposed rules to be changed so that private individuals
can originate and service loans on properties they personally own.
Opinions must be in by tomorrow.
Which means we have less than one day left to flood this system
with comments.
Please forward this info to those who need to know. Action must be taken quickly.
Here is the link to HUD to read the law:
“http://m1e.net/c?40134443-RN4wgovDS//vo%405038917-wcMDQJ2j1DRlk“>http://m1e.net/c?40134443-RN4wgovDS//vo%405038917-wcMDQJ2j1DRlk</A>
Here is the link to HUD for you to post your public Comments:
“http://m1e.net/c?40134443-Bu7YsRGpcd3rY%405038918-vftzEOO.qaoQU“>http://m1e.net/c?40134443-Bu7YsRGpcd3rY%405038918-vftzEOO.qaoQU</A>
The FDIC Plot Thickens
Posted by: | CommentsIf this is accurate,
the Plot Thickens via this
INSANE FDIC Formula !
Plot Thickens
According to this, One West Bank will actually
EARN MONEY on any Indy Mac Loans that go to
Short Sale or Foreclosure and it’s set up in such a
way that they can’t lose.
It makes you wonder if the Government really
wants to clean up this mess or not.
You should be aware
of this and share it with people
that you know in order to shine the light
on this “arrangement“.
This is a “sweetheart” of a deal…
just in time for Valentine’s Day right?
You’re not even going to believe this one…
Humor me…Just watch anyway.
Check the video out>>> Click Here
and please share it and share any
thoughts or opinions you have about it, below.
Does this make you question why so many Loan Mods aren’t going through?
Karen
HAMP Guidelines Updated to Improve Conversions to Loan Modification
Posted by: | CommentsThe Treasury Department and the Department of Housing and Urban Development have announced another attempt to streamline procedures under their Home Ownership Made Affordable Program (HAMP.)
The program has enrolled over 850,000 homeowners who are seriously delinquent in their mortgage payments in a trial modification period but has encountered significant problems in converting those trials into permanent loan modifications. Today the two departments released updated guidance for the mortgage servicers who initiate the modifications and monitor the trial periods. The guidance refines the documentation requirements and other procedures in order to expedite conversions of current trial modifications to permanent ones.
Earlier reports on the progress of HAMP have indicated that many of the conversion problems result from missing documentation. Servicers have reported that borrowers are not providing the requested information while borrowers and consumer advocates have maintained that the servicers are mishandling or losing the paperwork.
The guidance issued today is in the form of a Supplemental Directive (Number 10-01) for servicers. In an attempt to mitigate the missing documentation problems, the directive makes a series of significant changes to that part of the process.
Beginning June 1, a borrower’s eligibility for a modification must be fully verified before the borrower enters the trial period. An earlier directive gave servicers the option of placing a borrower into a trial period based on verbal financial information supplied by the borrower which was subject to verification during the trial period. New applicants will now have to supply an Initial Package which will include a request for modification including a hardship statement and optional demographic information; acceptable evidence of income, and IRS Form 4506-T, Request for Transcript of Tax Form. The servicers must send written confirmation of receipt of these documents within 10 business days along with a description of the evaluation process and a projected time line, and must maintain evidence of the date the Initial Package was received in its records. The servicer then has 30 days to review the package and notify the borrower of any missing data. The directive also establishes deadlines for the borrower to supply the missing information before being dropped from consideration by the program. If the package is complete, the servicer must then either send the borrower a Trial Period Plan Notice or determine that the borrower is not eligible for HAMP and notify him of that ineligibility and of any other mitigation possibilities.
Another frequent complaint about the program from borrowers has been that rules are unevenly or even unfairly applied. Last month the Obama Administration required most trial modifications be placed in a temporary review period to ensure that borrowers were being fairly evaluated. Servicers were temporarily banned from canceling an active trial modification during this review period for any reason other than the eligibility of the property. During the review period the total number of conversions more than doubled. The new directive sets out firm conditions to be met to establish eligibility such as acceptable forms of income verification and application of rental income. It is hoped that this change as well as the upfront documentation will make it easier and quicker to move trial modifications to permanent status and use resources more effectively.
Another change under the new directive is that servicers are not required to forbear more than the greater of either 30 percent of the unpaid principal balance of the mortgage loan or an amount resulting in a modified interest bearing balance that would create a current mark-to-market loan-to-value ratio equal to 100 percent. If the borrower’s monthly mortgage payment cannot be reduced to the target monthly mortgage payment under either of these options, the servicer may consider the borrower ineligible for a modification. This does not, however, bar servicers from exceeding those amounts in order to achieve the target 31 percent ratios for both NPV-positive and NPV-negative loans. The directive also clarifies the way in which Net Present Value is to be determined in order to have consistent results at both the beginning and end of the trial period
Once the borrower is deemed eligible for the program there will be a two-step process for modifications. In step one, the servicer will send out a Trial Period Plan Notice to the borrower describing all terms and payment due dates. The first payment by the borrower will be deemed as evidence of acceptance of the plan. If the borrower is, in the servicer’s judgment, current at the end of the three month period then Step 2 is the permanent modification of the loan. The directive also sets out firm guidelines for current trial participants who were admitted to the programs before their eligibility was determined in order to compensate for this and move them to conversion.
Phyllis Caldwell, Chief of Treasury’s Homeownership Preservation Office said, “With more than 850,000 homeowners in trial and permanent modifications, we are providing immediate relief to struggling homeowners. Today’s guidance represents our commitment to more efficiently move qualified homeowners into permanent modifications.”
