Closing Date for the First-Time Homebuyer Credit Extended

N E W S   R E L E A S E
News Release: Immediate

For more information contact:
Phillip Peine
HintonBurdick CPAs & Advisors
435-628-3663

St. George, UT, July 8, 2010 — Good news for those first-time homebuyers and long-time residents who were hoping to claim the First-Time Homebuyer Credit but were unable to close on their homes before June 30, 2010. Congress passed the Homebuyer Assistance and Improvement Act on July 2, 2010, which extended the closing date from June 30 to September 30, 2010.

Keep in mind that the credit has not been extended nor has the time to enter into a written, binding contract been extended; only the time to close on a principal residence has been extended. The extension of the closing date will only apply to those taxpayers who already entered into a written, binding purchase contract before the end of April. Those who entered into a written contact before the end of April, and who meet the other first-time homebuyer or long-time resident requirements, now have until September 30, 2010 to close on their home.

As a reminder, the First-Time Homebuyer Credit will apply to those individuals who have not owned a principal residence in the U.S. during the prior 3 years from the date of purchase of their new home. To claim the full credit, married filing joint taxpayers must have modified adjusted gross income of less than $225,000 ($125,000 if filing single). No credit will be available to married filing joint taxpayers with modified adjusted gross income of more than $245,000 ($145,000 if filing single). Any home purchase for more than $800,000 will not qualify for the credit. The credit is fully refundable and is the lesser of 10% of the purchase price or $8,000.

Long-time residents who make a qualifying principal residence purchase could qualify for a credit of up to $6,500. A long-time resident is defined as one who has lived in the same principal residence for five consecutive years within the previous eight years, ending on the date of purchase of a new principal residence.

Please contact us for assistance on claiming your First-Time Homebuyer Credit. To find the phone number of the office nearest you, as well as for weekly tax tips, visit our website at www.hintonburdick.com.

Snow Jensen & Reece Names Two New Shareholders

St. George, UT, July 9, 2010.  The law firm of Snow Jensen & Reece announced the addition of two new shareholders to the firm.  Matthew J. Ence and Joshua R. Forest were both made shareholders in official action taken by the firm Board of Directors.

Mr. Ence has been employed by the firm since 2003 and is licensed to practice law in both Utah and Nevada.  His expertise is in the area of real estate, business transactions and general commercial litigation.  Ence also has extensive experience in water law and represents several rural water companies in Southern Utah.

Mr. Forest is licensed to practice law in both Utah and Arizona.  He joined the firm in the fall of 2008 after 6 years of practice with a large firm in Phoenix, Arizona and later with a St. George law firm.  Forest has had extensive experience in handling complex litigation involving construction defects, real estate disputes and securities.  His practice will continue to focus in these areas.

Ence and Forest are both cum laude graduates of BYU’s J. Reuben Clark Law School, where they held prominent leadership positions including law review, the Student Bar Association and the Business Law Society.  Ence earned a B.S. degree at BYU in economics, while Forest received a B.A. in psychology from Southern Utah University.

Both are residents of Santa Clara and are active members of their community. Matt Ence was recently reelected to a second term to the Santa Clara city council.  He also serves on the board of the Washington County Solid Waste District and is a member of the Dixie Transportation Executive Committee.  Joshua Forest is a volunteer with the Ivins City Youth Sports Program and was recently awarded the 2009 Pro Bono Award for his service in donating legal services to various non-profit organizations.  In addition, Forest is currently serving as President-elect of the Southern Utah Bar Association.

Both Ence and Forest expressed their appreciation for the opportunity to become Snow Jensen & Reece shareholders.  “This is a way for us to reinforce our commitment to fellow shareholders of the firm and to the clients we serve,” Ence said.