January, 2008 To our 1040 Clients, We look forward to preparing your 2007 tax returns again this year, and appreciate your business last year.  Please check our website at www.mntinc.net or call us at (216) 252-2322 for more information, or to schedule an appointment. What's New for 2007? Tax Increase Prevention Act of 2007 (TIPA) Signed into law December 26, 2007. While widely known for the increase of the AMT exemption thresholds, the new act also affects the order in which nonrefundable credits are taken. The following forms and worksheets are affected by the TIPA tax law changes. Form 6251 Alternative Minimum Tax - Individuals Form 2441 Child and Dependent Care Expenses Form 1116 Foreign Tax Credit for Individuals Form 8839 Qualified Adoption Expenses Form 8880 Credit for Qualified Retirement Savings Contributions Schedule R Credit for the Elderly or the Disabled Child Tax Credit Worksheet from Publication 972 Form 8863 Education Credits Form 5695 Residential Energy Credits Schedule 2 (Form 1040A) Child and Dependent Care Expenses Form 8396 Mortgage Interest Credit Form 8859 Disctrict of Columbia First-Time Homebuyer Credit