Blog | WM. F. Horne & Company, PLLC

06Aug2010

Homebuyer Credit Closing Deadline Extended to September 30, 2010

The deadline for the completion of qualifying First-Time Homebuyer and Long-Term Homeowner Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home.

Note- This extension ONLY extends the time by which taxpayers who had entered into a binding contract before May 1, 2010 can actually complete the purchase (close escrow). It does not extend the “before May 1” contract date…

  • 6 Aug, 2010
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03Aug2010

Tips on the 10 Percent Tax on Tanning Services

Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services that it provides. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010.

Here are nine tips on the tanning excise tax that providers must collect.

  • Businesses providing ultraviolet tanning services must collect the 10 percent excise tax at the time the customer pays for the tanning services. 
  • 3 Aug, 2010
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23Jul2010

The State of the Estate Tax Reform


Many clients have been asking about the status of the estate tax. Regrettably, there is nothing new to report on this issue for federal purposes. Presently, there is no federal tax on the estates of individuals dying in 2010. Although many believed that Congress would reinstate the tax on estates in 2010, that has not happened, and the more time that passes the less likely it is that it will happen. Meanwhile, some…

  • 23 Jul, 2010
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