| Kirshon's December Newsletter |
EXPANDED HOME-BUYER TAX CREDIT
 written by Stephen Kirshon
Congress has expanded the rules for taxpayers to receive a refundable tax credit on the purchase of a primary residence. The credit for a first time home-buyer is 10% of the purchase price up to a maximum of $8,000. A first time home-buyer includes anyone who has not owned a home during the previous three years. The credit for repeat buyers is a maximum of $6,500. Repeat buyers must have owned their current home for at least five years. The primary residence must be acquired after April 8, 2008 and before July 1, 2010 as long as a purchase agreement is entered into by April 30, 2010. Taxpayers who purchase the home during 2009 and want immediate refunds can amend their 2008 income tax return and claim the credit.
The income limitations for claiming the credit have been increased. Individuals with incomes up to $125,000 and joint filers with incomes up to $225,000 are eligible for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits. These increased limits mean that clients who did not originally qualify for the credit may now qualify. Therefore, we suggest that anyone who has purchased a primary residence since April 8, 2008 or will purchase one prior to June 30, 2010 contact us to explore the potential of availing themselves of this substantial tax credit. |
|
Kirshon Welcome's Paula Hall 
We are pleased to announce that Paula S. Hall, MBA, CPA has joined the firm as a senior accountant in August 2009. Ms. Hall has over 14 years experience in public accounting and another 14 years experience working for a large public company in a management role. Ms. Hall has acted as controller on call to numerous small to mid-sized companies and has extensive experience in software training and implementation. She also has a strong background in providing attestation services for large 401(k) plans. Her duties will continue to focus on providing accounting, tax and attestation services to small to mid-size businesses and not-for -profit organizations. |
|
Kirshon Welcome's Mark DeGiacomo
We are pleased to announce that Mark L. DeGiacomo, CPA has joined the firm as a senior auditor in October 2009. Mr. DeGiacomo holds a Masters Degree in Accounting from Boston College and has over six years experience working for a big four accounting firm in a supervisory role. His duties will continue to focus on providing accounting and attestation services to businesses and not-for-profit organizations. He will also be an active participant in the firms tax practice. Mr.De Giacomo grew up in the Hudson Valley and we are very glad to welcome him back. |
