Tuesday, March 9, 2010
Festival of Homes Committee Meeting, 3:30pm, BASCO

Tuesday, March 9, 2010
City Council Meeting, 6:30pm, City Hall

Wednesday, March 10, 2010
QuickBooks 101, 8:30am, Hallbrooke Club House

Thursday, March 11, 2010
Government Affairs, 11:30am, BASCO

Thursday, March 11, 2010
Bowling Night, 5:30pm, Sooner Bowling Center

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Bowling Night
5:30PM Thursday, March 11, 2010
Sooner Bowling Alley

For more information about sponsoring our Bowling Night please click here

Bowling Night Team
$100 Per Team
Each Player Will Receive Two Drink Tickets
Register NOW!

If you will be attending the bowling night, and will not have a team please click here to register.

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IRS Updates Form 5405 for Home Buyer Tax Credit-add just below Bowling Night
The IRS has published an updated version of Form 5405 as well as the instructions for home buyers using it to claim the recently extended $8,000 first-time home buyer tax credit and the newly-enacted $6,500 repeat home buyer tax credit.

Updates to the form include the extended purchase date window — tax credit-qualified homes must be under contract prior to May 1 and close before July 1. Although the revised Form 5405 still references the “First-Time Homebuyer Credit,” it is also intended to be used by repeat home buyers, who must have lived in a single principal residence for five of the last eight years prior to purchase of the tax credit-qualified home.

In addition to updating Form 5405, the IRS is also requiring additional documentation for home buyers who claim the credit for purchases after Nov. 6, 2009. Home buyers must now provide a copy of the HUD-1 form or, in cases where a HUD-1 form is not used, a certificate of occupancy for a newly constructed home. For purchases taking place after April 30, a copy of the signed sales contract must also be supplied.

For the expanded $6,500 repeat buyer tax credit, home buyers are also being required to attach one of the following for five consecutive years of the eight-year period to demonstrate that they meet the repeat buyer qualifications: a Form 1098 reporting mortgage interest, a property tax statement or home insurance records.

The extended and expanded tax credit, which was enacted in November, is expected to spur 180,000 additional home sales and create 211,000 jobs, according to NAHB estimates.

Legislation is not expected to extend the credit beyond its current expiration at the end of April.

Tax Credit Claimants Cannot E-File
Due to the new documentation requirements, home buyers claiming either the $8,000 first-time home buyer tax credit or the $6,500 repeat buyer tax credit cannot e-file. Because of this, taxpayers should be prepared to wait at least 12 to 16 weeks to receive their refunds.

More information about the new documentation requirements can be found on NAHB’s consumer tax credit Web site, www.federalhousingtaxcredit.com.

One Remaining Issue
An outstanding issue with the new documentation requirements for the tax credit can arise for many custom home buyers in areas where a certificate of occupancy may not be issued. In such situations, the required documents for Form 5405 may not be available for the home buyer to successfully claim the credit.

NAHB had previously recommended to the Department of the Treasury and the Internal Revenue Service that a statement from the builder indicating a completed home acquisition and reporting the sale price should be used when the HUD-1 and the certificate of occupancy are not available. NAHB repeated this recommendation last week to Treasury staff members, and noted this problem in BNA Daily Tax Report, a technical journal on tax issues.

NBN will provide updates as additional information becomes available. And more information about the new documentation requirements can be found on NAHB’s consumer tax credit Web site, www.federalhousingtaxcredit.com.

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Wednesday, March 10, 2010
8:30 am - 3:00 pm
Hallbrooke Club House - 2110 Hallbrooke Drive

Presented by Sean Hugo of Sean M. Hugo, CPA, PC
Topics covered include:
• How to manage lists in QuickBooks
Vendors, customers, chart of accounts and items

Entering Bills and Invoices/Sale receipts
• Managing construction loans and fixed assets
• Estimating in QuickBooks
• Recording the sale of a home

Using reports to help manage your business
• Understanding basic financial reports
• How to develop customized financial reports
• Job costs reports

How to use the class system in QuickBooks

To register or for more information please click here.

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Tuesday, March 23, 2010
2:00 pm - 5:00 pm
Hallbrooke Club House - 2110 Hallbrooke Dr.

Presented by Jeff Seeliger, Dolese Bros. Co., General Sales Manager

This class will cover cold & hot weather concrete, proper concrete practices, and the importance
of curing concrete. After the presentation actual field tests will be demonstrated for concrete
including slump, air content, unit weight, cylinders, and temperature.

To register or for more information please click here.

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Oklahoma State Home Builders Association
The Oklahoma State Home Builders Association will offer the following courses during the month of February. For more information and to register for the following class please click here.

• Disney's Approach to Business Excellence - Elective
March 11, 2010 (Oklahoma City )

• Erosion and Sediment Control Workshop - Elective
March 24, 2010

• EPA Lead-Based Paint Renovator - Elective
April 8, 2010

• EPA Lead-Based Paint Renovator - Elective
April 9, 2010

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The Norman Board of REALTORS® will offer the following Continuing Education
during the month of March 2010.

• VA FINANCING:
Date: March 11, 2010, 9:00 AM to Noon
at Norman Board Office
CE Credits: 3 CE/Elective
Instructor: Ann Swanson

NOTE: Please be sure to call the Norman Board office at (405) 364-8724 or
email nbr-staff@swbell.net to reserve a seat for these classes so material
will be available for everyone attending and space is limited.

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BASCO has a new recruiting incentive for EVERYONE!

Recruit a NEW member and BASCO will give YOU $100!!
Bring back a member who has dropped in the past 60 days to 6 months BASCO will give YOU $50!!
Bring a member back who has dropped their membership longer than 6 months ago and BASCO will give YOU $100!!

Click here for membership application and membership benefits

RECRUIT FOR CASH!!!!

Worker’s Compensation Seminar
Concerned about how workers’ compensation law is changing – and how your practices may be impacted?

Failing to stay on top of current workers’ compensation issues is full of hazard – including lost productivity and wages, medical and administrative costs, and fraudulent claims. Attend this seminar and update your knowledge of workers’ compensation laws while delving into more advanced areas, such as understanding permanent and total disability.

To learn more or to register please click here.

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Remington Custom Homes is putting the remaining 10 home sites in Remington Ridge up for sale. Click here for the pdf document showing the plat and the lot prices.

1/2 acre home sites and larger
1800 min sq. ft.
Newcastle Schools
Newcastle City Water
OEC Electric
Oklahoma Natural Gas
Community Park
Just 5 minutes from I-35 and Lindsey

Thank you so much! Please let interested parties know that they can contact Jennifer at 405-923-1926 for more information.
Thanks again