TaxSlayer Pro Newsletter
April 2009

A Letter from the President

by Jimmy Rhodes, PRESIDENT

It has been another successful tax season at TaxSlayer Pro Tax Software and I would like to thank the TaxSlayer Pro programmers, tech support staff, and the sales consultants for all of their hard work. I would also like to thank all of "YOU", the Tax office owners, preparers and staff that used TaxSlayer Pro this past tax season. Your continued support is greatly appreciated and you are the primary reason for our growth and success!

TaxSlayer Pro is always striving to improve the TaxSlayer Pro program. I want to take a moment to remind everyone to complete the TaxSlayer Survey that was released in March. The survey results are one of the methods used to determine enhancements for the 2009 tax program. If you have not already done so, you are welcome to send your ideas and enhancements to TaxSlayer Pro at enhancements@TaxSlayerpro.com.

Speaking of enhancements, I would like to introduce the TaxSlayer Pro Premium Package. This software package has all of the great features of TaxSlayer Pro Classic plus many additional features including: Paperless office, customer text, advanced reports, off site client back up and marketing data. TaxSlayer Pro Premium will allow you to add additional services for your customers, while at the same time reducing your office expenses. Call your TaxSlayer Sales Consultant today to find out more about TaxSlayer Pro Premium.

TaxSlayer will be on the road again this summer attending IRS Tax Forums and we would love for you stop by our booth. If you plan on attending one of the IRS Tax Forums, please give us a call. TaxSlayer Pro will also be offering many training and educational seminars before next tax season. Note: Due to popular demand, our Augusta and Las Vegas User Seminars have been moved to November this year. These seminars provide a wealth of information and they are a great way to get last minute CPE credits. We have included a TaxSlayer Pro Calendar of Events in this newsletter for you to review.

I want you to know that in these difficult economic times, every TaxSlayer Pro employee will work hard to provide you with a quality product and exceptional customer service. We are also offering our "Early Renewal Discount' until May 1st because we understand every dime counts these days. Thank you again for giving us the opportunity to serve you again during 2009-2010. We appreciate your business and look forward to serving you for many years to come.

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TaxSlayer Pro Premium

TaxSlayer Pro Premium includes our Classic Features plus 6 New Exciting Features:

PAPERCUT
you on the path to a paperless office by letting you export, save and print returns as PDF documents. Not only that but you can also scan and save all of your client documents including W-2s, 1099s, IDs and even handwritten notes. PaperCut will reduce paper, toner and storage operating costs associated with most tax preparation offices. PaperCut also enables you to encrypt and email tax returns directly to your clients.

TAXSLAYER PRO MOBILE MANAGER
Manage your office from anywhere: TaxSlayer Pro Mobile Manager provides On-the-go access to management reports from TaxSlayer Pro including revenue, volume, client management, and bank product reports. Access these reports easily from anywhere with internet access.

TAX STATUS NOW
Empower your clients to check the status of their return anytime: Tax Status Now provides online access for you and your client to check the status of their return. Check for IRS acceptance as well as Bank product status and check availability. All you need is internet access, so you can even use your web enabled mobile device.

TAX OFFICE ASSISTANT
Eliminate those 'Is my check ready?' phone calls: Tax Office Assistant will alert your bank product clients that their check is ready for pickup by sending them a text message to their cell phone. Our top of the line text messaging system is integrated into the software.

PDF VAULT
Securely backup your client files with the touch of a button: PDF Vault gives you peace of mind, knowing you have a safe offsite backup of your tax returns. You can even allow your clients to obtain a copy of their return from anywhere that they have internet access.

ADPACK
Professional advertising solutions at a fraction of the cost: Our AdPack provides production ready print media for your office including but not limited to banners, promotional handouts, mailers, and email templates. Also includes a thirty second radio spot that can be used to highlight your tax office.

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TaxSlayer Books

Ahhhh, Spring - a time of growth, renewal, new life�.

What better time to grow your tax practice by introducing new services to your clients? By offering bookkeeping services to your small business clients, you can open the door to year-round revenue opportunities while also laying the groundwork for easier, more efficient tax seasons to come.

Many of you are already reaping the rewards from using TaxSlayer Books to better manage your own business as well as expand your relationships with your clients. What are the rest of you waiting for? The time couldn't be better - as tax season wraps up, take a moment to consider your next business steps. Think about your clients and who could use your help the most. Offer payroll services, data entry of receipts and disbursements, monthly review and reconciliation of bank accounts, regular financial reporting, electronic filing of quarterly 941s, and preparation of quarterly state unemployment reports. Package your services based on the individual clients' needs and gain experience while earning extra revenue during the off season. No background in accounting or bookkeeping? No problem - our program is designed for the non-accountant. It's simple to use and the program does the accounting work behind the scenes for you. But if you'd like hands-on guidance on how to perform each of the above-mentioned processes through TaxSlayer Books, just register to attend one of our upcoming seminars at TaxSlayer headquarters in Evans, GA.

For all of you current TaxSlayer Books users, be sure to check for software updates regularly by choosing File/Get Update within the program (while all company files are closed). Our most recent release includes the automated federal withholding changes in payroll for compliance with the Making Work Pay Credit, as well as the updated Form 941 required for reporting COBRA premium assistance payments. Also available, our new Expanded Print Module which offers greater flexibility in reporting capabilities, including the ability to export report data to Excel, Word, PDF, or other formats for easier analysis, email attachment, etc. Since response to our SUTA worksheet has been so positive, we've now added a FUTA worksheet as well. And for those users who have clients who want to print their own payroll checks and vendor payments, refer them to TaxSlayer Books to perform and track their daily business transactions. With the Client/Accountant feature, they can transmit their monthly data to you through our secure data interface for review and reconciliation, quarterly payroll filings, etc. They enjoy the benefit of your expertise while you're spared the tedious, after-the fact data entry which can be time-consuming and error-prone.

Go online today and choose which version is right for you. With prices ranging from $49.95 to $99.95, what do you have to lose?

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Tech Support News

by Chad Wallace, Director of Technical Support

On behalf of the entire Technical Support Staff I would like to extend a special thank you to all of our loyal TaxSlayer Pro customers for an outstanding tax season. You are the reason for our continued success and growth.

In March, we sent out a survey to our customers asking for your feedback. If you did not have a chance to complete the survey and would like to send us your ideas and enhancements, please send an email to enhancements@taxslayerpro.com. The ideas that you send us are the basis for next year's software.

As a reminder, many of the banks will stop offering RALs in April and May. Look for a message in your Message Center that covers the deadlines for each bank affiliated with TaxSlayer Pro. If you filed an individual extension, you have until October 15th, 2009 to submit the return to the IRS.

Remember that we are here for you. If you have any questions or need assistance, please do not hesitate to contact us. We'll be here to help you.

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First-Time Homebuyer Credit Information

Information here applies to qualifying home purchases completed in 2008. The American Recovery and Reinvestment Act of 2009 expand the First-Time Homebuyer Credit.

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Only the purchase of a main home located in the United States qualifies. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home.

Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.

Q: How much is the credit?

A: The credit is 10 percent of the purchase of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing a joint return; $3,750 for married persons filing separate returns. The full credit is available for homes costing $75,000 or more.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000.

This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q: Can a person with an ITIN, who qualifies as a resident, take this credit?

A: Resident aliens with an ITIN are eligible to take the credit.

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a main home:   - Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above:
  - You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
  - You stop using your home as your main home.
  - You sell your home before the end of the year.
  - You are a nonresident alien.
  - You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.
  - Your home financing comes from tax-exempt mortgage revenue bonds.
  - You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.

Q. How is the credit repaid?

A. The first-time homebuyer credit is similar to a 15-year interest-free loan. It is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld.

If you want more info about this subject, please visit irs.gov.com.

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Highlighting A Proud Customer of TaxSlayer Pro

Gwen Landers
Gwen Landers Bookkeeping and Tax Service
Vero Beach, Florida


How long have you been in the tax business?
I have been doing tax returns since the early 90's.

How did you get started?
I did returns the old-fashioned way (manually) until 1999 when I converted to Intuit ProSeries.

How long have you used TaxSlayer Pro?
My first tax year with TSP was 2004.

What brought you to TaxSlayer Pro?
I began attending the IRS Tax Forums in 2002 where I was first introduced to TSP by Richard Marshall. He was persistent and ever so kind each time I told him "no" that I was too afraid to make a change. In July 2004 I finally made the change and have never regretted it for a moment.

What do you like best about the software?
The program is extremely user friendly. I have been able to train others in my office who have absolutely no tax background to do initial data entry. This has been attained quite successfully and I hope to incorporate deeper training this year to go beyond and into more complex entry.

My desk is such that my clients sit behind me as I prepare their returns. I have had so many comments from them about the fun name of "TAXSLAYER". They also repeatedly comment about how easy it looks on the screen.

How has TaxSlayer Pro helped your business to grow?
Being able to have fast data entry time enables us to process more returns, thus growing the business.

What is your main type of clientele?
We process about 120 corporate/partnership returns and about five hundred 1040 returns a year.

Are you open year round or is this a secondary career?
We are open year round and manage about 65 small businesses in town for their ongoing bookkeeping affairs. This makes it very convenient for year-end tax preparation.

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Meet The Team...

Name: Gina Purkey
Birthplace: Augusta, Georgia
Family: Son Cory, Daughter Kayla
What do you like best about your job? Talking with our clients
Favorite Hobbies: Going to the beach
Favorite Food: Italian
Favorite Places: Mexico and Aruba
Favorite Color: Blue
Biggest Accomplishment: Raising my children
Something you don't know about me: I love to cook

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Crédito Tributario Ayudará a Primeros Compradores de Vivienda

by Ana L. Rivera, Representante en Español

Primeros compradores de vivienda deben empezar a planear ahora para aprovechar un nuevo crédito tributario incluido en la recién decretada Ley de Vivienda y Recuperación Económica de 2008. Y que se extiende hasta el año 2009.

P. ¿Qué compras de viviendas califican para el crédito de primer comprador?

R. Solamente la compra de una residencia principal, ubicada en los Estados Unidos, califica, y solamente por un tiempo limitado. Viviendas para vacacionar y propiedades de alquiler no son elegibles. Usted debe comprar la vivienda después del 8 de abril, 2008, y antes del 1° de julio de 2009. Para una vivienda que usted construye, la fecha de compra es la primera fecha en que usted ocupa la vivienda.

Los contribuyentes que fueran propietarios de una residencia principal durante cualquier per�odo de los tres años antes de la fecha de la compra no son elegibles para el crédito. Esto significa que quienes compran una vivienda por primera vez y aquellas personas que no han sido propietarias de una residencia durante los tres años antes de una compra pueden calificar para el crédito.

Si usted hace una compra elegible en el 2008, usted reclama el crédito como primer comprador de vivienda en su declaración de impuestos de 2008. Para una compra elegible en el 2009, usted puede elegir reclamar el crédito en su declaración de 2008 (o declaración enmendada de 2008) o en la de 2009.

P. ¿Cuánto es el crédito?

R. El crédito es 10 por ciento del precio de compra de la vivienda, con un crédito máximo disponible de $7500 ya sea para un contribuyente soltero o para una pareja casada presentando una declaración conjunta. El l�mite es $3750 para una persona casada que presente una declaración por separado. En la mayor�a de los casos, el crédito completo estará disponible para viviendas que cuesten $75,000 o más. Cualquiera sea el monto del crédito que reciba el contribuyente, el crédito debe ser pagado a lo largo de un periodo de 15 años.

P. ¿Hay l�mites de ingresos?

R. S�. El crédito es reducido o eliminado para los contribuyentes con ingresos más altos.. El crédito completo está disponible para parejas casadas cuyos ingresos son de $150,000 o menos y para otros contribuyentes cuyos ingresos son de $75,000 o menos.

P. ¿Puede una persona con ITIN, que quilifica como residente, obtener éste crédito?

R. Si., Un individuo Extranjero con ITIN es elegible para obtener este crédito.

P. ¿Quién no puede tomar el crédito?

R. Si cualquiera de los siguientes puntos lo describe a usted, usted no puede tomar el crédito, aun si usted compra una vivienda principal:

"Su ingreso excede la escala de disminución gradual. Esto significa quienes declaran conjuntamente con MAGI de $170,000 y más y otros contribuyentes con MAGI de $95,000 y más.

- Usted compra su vivienda de un pariente cercano. Esto incluye a su cónyuge, padre o madre, abuelos, hijos o nietos.

- Usted cesa de usar su vivienda como su residencia principal.

- Usted vende su vivienda antes del fin de año.

- Usted es un extranjero no-residente. Usted es o fue elegible para reclamar el crédito del Distrito de Columbia para primeros compradores de vivienda por cualquier año tributario.

- El financiamiento de su vivienda proviene de bonos hipotecarios exentos de impuesto.

- Usted fue dueño de otra residencia principal durante cualquier momento durante los tres años antes de la fecha de compra. Por ejemplo, si usted compró una vivienda el 1° de julio de 2008, usted no puede tomar el crédito por esa vivienda si usted fue dueño, o dueño de interés parcial en otra residencia principal durante cualquier momento entre el 2 de julio de 2005, hasta el 1° de julio de 2008.

P. ¿Cómo y cuándo se paga el crédito?

R. El crédito de primeros compradores de vivienda es semejante a un préstamo libre de intereses por un plazo de 15 años. Normalmente, es pagado, en 15 anualidades iguales, empezando con el segundo año tributario después del año en que se reclama el crédito. La cantidad del pago es incluida como un impuesto adicional en la declaración de impuestos del contribuyente para ese año. Por ejemplo, si usted reclama correctamente un crédito de $7500 para primeros compradores de vivienda en su declaración de 2008, usted empezará a pagarlo en su declaración de impuestos de 2010. Normalmente usted adeudará $500 cada año desde 2010, hasta el 2024.

Si usted desea más información acerca de este tema, por favor visite www.irsgov.com.

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Scheduled Dates & Events

May 21st	TaxSlayer Books Seminar
May 25th	TaxSlayer Pro Sales & Support closed
June 15th	Due date for transmitting timely filed Forms 4868 or 2350 to meet overseas expectation
June 20th	Last day for re-transmitting rejected timely filed Forms 4868 or 2350 to meet overseas expectation
July 3rd	TaxSlayer Pro Sales & Support closed
July 7th - 9th	IRS Show in Las Vegas, NV
July 14th - 16th	IRS Show in San Diego, CA
July 23rd	TaxSlayer Books Seminar
July 31st	5500 Return deadline
August 4th - 6th	IRS Show in Orlando, FL
August 25th - 27th	IRS Show in New York, NY
September 7th	TaxSlayer Pro Sales & Support closed
September 8th - 10th	IRS Show in Dallas, TX
September 22nd - 24th	IRS Show in Atlanta, GA
September 24th	TaxSlayer Books Seminar
September 25th	TaxSlayer Pro New User Seminar
October 15th	Last date for transmitting returns on extension form 4868
October 19th	Begin updating My Account for the 2009 Tax Season to insure accurate contact, mailing and bank data
October 20th	Last date for re-transmitting rejected returns on extension form 4868
October 23rd	TaxSlayer Pro New User Seminar
November 2nd - 3rd	TaxSlayer Pro User Seminar in Las Vegas, NV
November 19th - 20th	TaxSlayer Pro User Seminar in Augusta, GA
November 26th - 27th	TaxSlayer Pro Sales & Support closed
December 4th	TaxSlayer Pro New User Seminar
December 24th - 25th	TaxSlayer Pro Sales & Support closed

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