On July 2, 2010, President Obama signed the Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623). The bill permits first-time homebuyers to qualify for the $8,000 credit. It also allows homeowners who have lived for five years in their current residence to purchase a new home and receive a credit of $6,500. In both cases, the buyers must have signed a contract for purchase by April 30.
For non-profit organizations, other than churches and church related organizations, that operate on a calendar year the infomration return filing deadline for 2009 is May 17, 2010. Beginning in 2010, any organization that fails to file for three consecutive years automatically loses its federal tax-exempt status.
Victims of severe storms, flooding, mudslides and landslides beginning March 12 in New Jersey may qualify for tax relief from the Internal Revenue Service and the New Jersey Division of Taxation. As a result of this designation, the tax authoriites are postponing until May 11 certain deadlines for taxpayers who reside or have a business in the disaster area. This includes the April 15 deadline for filing 2009 individual income tax returns, making income tax payments and making 2009 contributions to an individual retirement account (IRA). The President has declared twelve New Jersey counties federal disaster areas as qualifying for individual assistance.
