Monday, November 09, 2009

President Obama Signs Worker, Homeownership, and Business Act

Last Friday, President Obama yesterday signed the Worker, Homeownership, and Business Act of 2009 (H.R. 3548) into law. According to the Tax Professor, this new law has seven major tax provisions, in addition to extending the homebuyers credit. All of the tax changes are listed below.

1. Extension and Modification of First-Time Homebuyer Credit

2. Five-Year Carryback of NOLs

3. Exclusion from Income of Qualified Military Base Realignment and Closure

4. Delay in Application of Worldwide Allocation of Interest

5. Modification of Penalty for Failure to File Partnership or S Corporation Returns

6. Expansion of Electronic Filing by Return Preparers

7. Time for Payment of Corporate Estimated Taxes

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