FYI

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Here are some items of interest to NJ Tax Practitioners -

+ Pete Pappas of THE TAX LAWYER’S BLOG has begun a 10-post series on the 2 full opinions and 8 Memorandum opinions issued by the Tax Court through October 10, 2008. He begins with Patrick S. Arnold v. Commissioner in the post “Tax Court Update - October 2008”.

+ For those of you who deal with Internal Revenue Code Section 1031 tax-free exchanges, Stephen A. Wayner, Esq., C.E.S. - First Vice President of Bayview Financial Exchange Services, LLC, a Qualified Intermediary, with over 35 years of real estate industry experience - writes BLOG1031 that you may find of interest. The site also has a page of good 1031 resources.

+ The latest edition of the newsletter of the New York State chapter of NATP is now available. Click here to download.

+ I just heard from a Buffalo newspaper article titled “Tax Forms Not Coming in the Mail” that according to the New York State Department of Taxation and Finance they “won’t be mailing tax forms directly to individuals anymore.” This means that the IT-201 and IT-203 packages will not be mailed out to resident and non-resident taxpayers. New York “expects to save $1 million in mailing, printing and processing costs”. This is fine for those of you who use flawed tax software to prepare your state as well as federal returns – but for me, who still prepares tax returns by hand, it means additional expense.

TAFN

"DON'T CALL IT A BAIL OUT" ACT ANALYSIS

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Just wanted to let you know you can click here to download the National Association of Tax Professional's Summary of the Emergency Economic Stabilization Act of 2008, Energy Improvement and Extension Act of 2008 and Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (HR 1424).

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TAFN

NEW YORK CHAPTER OF NATP ANNOUNCES STATE TAX SEMINAR

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Yesterday I received an email from the New York chapter of NATP about its upcoming seminars.

The New York NATP Chapter invites New Jersey NATP tax practitioners to attend its NY State tax seminar being held on October 21, 2008 at the Staten Island Hotel located at1415 Richmond Ave. The same seminar is being held in Manhattan at the Holiday Inn Midtown (440 West 57th St) on October 22 if that’s a better location for you.

Topics to be covered are:

• Sales Tax, 529 Plans
• Handling NYS Notices and Assessments,
• Residency Issues, and
• The famous State Tax Update.

Also on the agenda are representatives from the NYS Department of Taxation and Finance to update us on e-Services and new mandates as well as the new Voluntary Disclosure and Compliance law.
The Seminar is from 8 AM – 5 PM and eight (8) CPE’s are available.

Registrations must be received by October 13th. NJ-NATP members are offered a special “neighborly” price of $150.

For more information and a registration form, click here and go to pages 7-8.

TAFN

IT SUCKS TO BE NEW JERSEY

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A recent WebCPA article titled “NJ. Tax System Ranked Least Friendly to Business” reports that “New Jersey made the bottom of the list in a ranking of business-friendly state tax systems”.

“The Tax Foundation's 2009 State Business Tax Climate Index measures how well a state's tax system encourages investment by maintaining a broad tax base and low rates. The annual ranking takes into account corporate, individual income, sales, unemployment and property taxes. The states are scored on these taxes, and the scores are weighted based on the relative importance or impact of the tax to a business.”

The bottom 3 are California, New York and, again like Oliver Twist last on the list, New Jersey.

This ranking, which comes as absolutely no surprise to me (or should to you), added to the other lists of highest taxes (property, income, sales) and other costs that New Jersey tops, explains why a recent news item declared “Population Decline Hitting New Jersey Hard”.

According to the item, New Jersey “lost 231,565 people between 2002 and 2006, including 72,547 people last year. The latter was the fourth highest loss in the nation behind only California, Louisiana and New York.

“When lost income and sales taxes from the people who left New Jersey are considered, the population drain is estimated to have cost the state $680 million in tax revenue last year.”

Obviously rather than trying to fix the mucking fess that is New Jersey by voting out the bastards that have caused it to be so, NJ residents are “voting with their feet” by leaving the so-called Garden State for places with lower taxes and costs and less corruption and greed by politicians.

To be perfectly honest, as I have said many times before here and at TWTP, once my parents have gone to their final audit I am out of here!

TAFN

WE ARE BAILED OUT!

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As you know the House has passed and George W has signed into law the Emergency Economic Stabilization Act of 2008, with a cornucopia of extraneous tax measures – thankfully including the annual AMT fix and a 2-year extension of popular expired tax breaks.

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There is some good news for us preparers - the Act "fixes" the return preparer standard, retroactive to the effective date of the offending Small Business and Work Opportunity Tax Act of 2007, and requires that brokers report the adjusted basis of publicly-traded securities and indicate whether long or short term on Form 1099-B, beginning with stock acquired in 2011, mutual funds acquired in 2012, and other securities acquired in 2013 (unfortunately too long a time to wait for this to begin - they should have begun with all investments purchased in 2009 or at the latest 2010).

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CCH has published a “Tax Briefing” on the Act. Click here to go to the Tax Briefing home page – where you can download a free copy of the Briefing in “pdf” format.

TAFN

NATIONAL TAX INSTITUTE 2009 CONFERENCE SCHEDULE

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I just this morning received this email from CPE provider National Tax Institute -

“National Tax Institute (NTI) is pleased to announce their 2009 Conference Schedule.

You may be eligible for a VIP Conference Fee Discount if you book you conference by January 15, 2009.Here's a sampling from our first class resort destinations:

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--- Greek Isles - Mediterranean Cruise, experience the Western Mediterranean by gazing upon the Amalfi Coast, the hillside villages clinging ever so precariously, and you can feel the Italians' reverence for the land. Pull into Monte Carlo as the sun glints lovingly off the pristine yachts, and an undeniable joie de vivre permeates the air. Experience the alluring Greek Isles with full days to enjoy each port.

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--- Turks and Caicos - the Seven Stars Hotel enhances your experience of the natural environment of the Turks and Caicos Islands. From the magnificent pool that forms the centerpiece of our social area to your own luxurious accommodations, you will delight in all that Seven Stars has to offer.

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--- China & Vietnam Cruise - Vietnam has reinvented itself as a world-class travel destination. The country's natural beauty - long sandy beaches, and green-terraced rice fields - is intoxicating. Discover China by visiting Sanya (home of the indigenous Li people); Xiamen (1,000 year-old Nan Putuo Si Buddihist Temple); and Shanghai (neon pulses in Shanghai's race to modernity).

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--- The Ritz-Carlton, Kapalua, Maui - provides that rare opportunity to experience a different view of Hawaii - one that hearkens back to unspoiled landscapes, breathtaking sunsets, and swaying coconut palms. Escape to a distinctly memorable tropical getaway, where world-class service converges with captivating island culture.

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--- Alaska Cruise - so incredibly beautiful, you'll think you stepped into a painting. This is Alaska as seen from the panoramic perspective of your dazzling Princess cruise ship. Monumental glaciers are nature's draw and Alaska's waterways reveal more of these thrilling Ice Age giants than anywhere else on earth.

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--- Ritz-Carlton, Amelia Island - where Southern charm meets the sea and live oaks meet white sandy beaches. One of the most popular beach destinations on the East Coast, this luxurious barrier island hotel provides a welcome barrier between you and the world beyond.

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And, there are domestic and island destinations that include Walt Disney World, Kiawah Island, Cape Cod, Quebec City, Myrtle Beach, Banff, Bermuda, La Jolla, Destin, Newport, RI, Tucson, Ashville, Boston, Palm Springs, Las Vegas, Sea Island, Oregon Coast, Napa Valley, Key West, and Naples, FL. Call us at 800-588-8491 for all the details.”

I have never attended any of the NTI seminars - but some of the locations sound good. Anyone interested?

TAFN