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TaxToolsIn this issue:

  • 20 Years and Still Going Strong!
  • Tax Planner Helps with Tax Law Changes
  • Payroll Corrector Has New Form 941-X
  • Don't forget to download and install your software!
  • Our tax return folders are better—
  • Note to California Customers...

20 Years and Still Going Strong!
This year, CFS Tax Software, Inc. celebrates its 20th year of tax software development.

Many companies are now in trouble because they incurred too much debt and/or engaged in imprudent business practices before the economic crisis struck. CFS, however, has never had any debt, and we see no need to incur any in the future. Thanks to continuous careful and safe fiscal management, we are well positioned to weather the global economic storm.

Thank you for your continued support. We look forward to many more years of doing business with you!

Tax Planner Helps with Tax Law Changes
Considering all of the tax law changes brought about by the American Recovery & Reinvestment Act of 2009 (ARRA), every tax professional should be thinking about updated tax planning for his or her clients. Navigating the maze of tax law changes can be daunting. However, owners of CFS TaxTools can rest assured; TaxTools' Federal/State Tax Planner has been fully updated to comply with all relevant provisions of ARRA, including:

  • Making Work Pay credit
  • Earned Income Tax credit
  • Refundable Child Tax credit
  • AMT Relief
  • American Opportunity Tax Credit
  • Partial Exclusion of Unemployment Benefits
  • Increased Deduction for Sales Taxes on Car Purchases

The comprehensive 5-year or 5-scenario Federal/State Tax Planner can be used to do tax calculations or projections based on "what-if" scenarios, and has been enhanced to allow the user to display any combination of tax years in the five columns. For a full explanation of how the Tax Planner was updated for ARRA, see the help topic within TaxTools Tax Planner. If you have not yet purchased TaxTools, click here for more information. TaxTools is the most widely used program of its kind among tax professionals!

Payroll Corrector Has New Form 941-X
As we mentioned in the January e-news, the IRS has released a new Form 941-X, to be used for correcting Form 941 errors discovered after December 31, 2008. The previously used Form 941c is now obsolete. Form 941-X is also to be filed in place of Form 843, Claim for Refund or Request for Abatement, for refund or abatement requests of over-reported employment taxes. Form 941-X is to be filed separately; it is not to be attached to Form 941, which was the method of filing Form 941c. The IRS has also released 'X' versions of Forms 943, 944, and 945.

CFS Payroll Return Corrector 2008 has been updated to include the new 'X' forms. Payroll Return Corrector integrates with other CFS Payroll System programs, importing data from previously saved Form 941s. Note: If you use CFS Payroll Return Corrector to correct Forms 941, 943, 944, or 945, you should make sure you are using the 2008 version. For more information or to order, click here.

Don't forget to download and install your software!
Remember—if you requested the "no CD" shipping option, you will not receive a CD, so don't forget to download and install your purchased CFS software! The following 2009 CFS programs have been released and are ready to download:

  • CA 571 Preparer
  • CA Sales Tax Preparer
  • Financial Planning Tools
  • MD Personal Property
  • NY Sales Tax Preparer
  • Payroll System (941/940 and LivePayroll)
  • Quick Reference Guide
  • Small Business Tools
  • Tax Corresponder
  • TaxTools
  • W4 Calculator

To download the programs you have purchased, follow these simple steps:

  1. Make sure you have your license code. It will be on the receipt that was e-mailed to you at the time of purchase, or you can obtain it online at www.taxtools.com/mycfs_licensecode.aspx. (You will need to provide your e-mail address and MyCFS password.)
  2. Download any programs you have purchased at www.taxtools.com/mycfs_downloadsw.aspx. (You will need to provide your Customer ID and zip code.)
  3. Follow the instructions at the top of the "Download CFS Software" page to download and install your software.

We will e-mail you when programs and updates are available for download. You can also keep informed by checking the "News and Updates" section on our home page at www.taxtools.com.

Custom FoldersOur tax return folders are better—
Better than the competition, and better than they used to be! Whereas most of our competitors still use 80 lb. stock, we have been using heavier, 90 lb. stock for our best-selling tax return folders. However, the high quality of CFS tax return folders just got even higher. Our most popular folder colors (midnight blue, forest green, and burgundy) are now made from 100 lb. stock!

CFS tax return supplies are always a good deal—superior in quality and low in price. Click here to order!

Note to California Customers...
If you want to know what the tax impact of the new California budget will be, we have posted a calculator on our web site, here.

And by the way, why not renew your 2010 software and tax supplies today and save a little money before California sales tax increases on April 1st? You will also earn a $10 voucher for each program you renew early and receive 20% off the first-time purchase of additional software titles!

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