Recently, I read a tweet asking why we don’t comment on blogs any more. My thought. No need to. Everyone is in too big of a hurry. In response to this, here is what I ask of you: Most bloggers including myself have some sort of way for you to share the post. The post is full of great information. You liked it to the end, and you may have found it informational and or useful. So why not share it. Use the buttons, share it on your Facebook page or your twitter or Digg this or whatever you happen to be on. We are all out here providing information not for fame but to help you the American taxpayer find out what could save you money. Send it on to your friends and followers.
IRS Taxing Your Pumpkin Stands? Good Grief!
An Investor Nightmare Waiting to Happen – In order to claw our way out of a scary recession, we’ve dropped interest rates to artificially low levels to stimulate the economy. What happens to our financial institutions and our pocketbooks when interest rates go back up?
How the battle over credit card swipe fees hits consumers – The feud over the so-called swipe fees merchants pay banks when customers use plastic is reaching a crescendo and will likely hit registers in coming months. Both sides — merchants and card issuers — insist they’re fighting for the best interests of the consumer. At stake are billions of dollars in swipe fees, otherwise known as interchange fees.
IRS paid more than $111 million in erroneous stimulus-related tax benefits
If you missed it yesterday. Please go back and read this week’s rendition of WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
I just finished up some work for the auto company (shame it didn’t last long) and find it in the news more than I seemed to think it was before. Michigan Gets Ford Tough on Tax Credits – The Michigan Economic Growth Authority (MEGA) is seeking tax cuts for the auto giant, as well as its counterparts, GM and Chrysler. Michigan Governor Jennifer Granholm announced the tax cuts, noting the intent of the cuts was to create and retain jobs in the state.
My favorite post this week – Recognize and Eliminate Distractions – One of the things that’s critical when it comes to achieving goals is just plain sticking to the goal until it is complete. It can be super-easy to become sidetracked without even realizing it.
A great book review – Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back – Personal finance is a broad topic and can be difficult to understand when you don’t know where to start. That’s where the book, Generation Earn, by Kimberly Palmer comes into play. Generation Earn is geared toward young professionals, (it is subtitled The Young Professional’s Guide to Spending, Investing, and Giving Back), but I also think it is a great book for anyone starting off on their own, including high school and college students, recent college grads, someone separating from the military or making another similar career change, or anyone else dealing with a major life change that affects their financial situation.
You Can Request an IRS Appeal- Here’s How: - Don’t like the IRS’s rulings? Don’t think you owe? Believe it or not, if you have a conflict with a notice sent to you by the IRS, you have the right to appeal.
IRS Patrol: IRS Announces Pension Plan Limitations for 2011
Off the rails – The federal government has decided to spend $218 million that it doesn’t have on railroad track repairs between Chicago and Iowa City. The State of Iowa will throw in $20 million it doesn’t have, all to enable Amtrak to start losing money forever at $42 per ticket to run trains that will take five hours to make the trip, on the occasional day that Amtrak is on time.
NZ Approves Tax Break for The Hobbit
Is the Mortgage Interest Deduction on the Table? – The Wall Street Journal reported Monday that President Obama’s deficit commission is mulling the idea of reforming the mortgage interest deduction as a way to help solve the nation’s budget problem. You can expect the typical reaction from those in the housing industry (Realtors® and homebuilders) who will claim this is the end of the world as we know it, as well as the anti-tax caucus who won’t accept any tax increase ever.
Still waiting for my confirmation, my friend posted I GOT IT! Cash Basis Balance Sheet balance for A/R or A/P – What can you do if you do have an Accounts Receivable balance on your Cash Basis Balance Sheet?
Five Steps to Starting a Business – Starting a business can be a rewarding experience, but it can also be very time consuming and difficult. Many resources are available to assist you, but information overload can cause you from moving forward.
5 IRA Moves to Make Before the New Year – it’s time to start thinking about holiday shopping—and some year-end money moves. When it comes to your IRA, there are five moves you ought to consider before the ball drops in Times Square.
4 Ways to Blast Away Your Debt – Debt can be as blinding as a blizzard in Buffalo during February. If you are in debt, chances are you have never taken the time to add up the exact amount you owe. Figuring out your net worth is simple and must be done if you ever expect to get out of debt.
This is a number one must read for the small business crowd – New Sec. 179 Rules Have Pleasant Surprise - Many small businesses placing assets in service in 2010 will get a big additional break if they are above the normal $250k.
Understanding Financial Statements Fundamentals
Reading the Story of a Financial Statement
Tracking Stats For Your Business
A LOAD OF CRAP! – My fellow tax bloggers and I are constantly reporting on emails allegedly from the IRS that are in reality “phishing” scams, and reminding you that the IRS will NEVER initiate contact with a taxpayer via email. But those are not the only emails you need to worry about. I am often forwarded tax-related emails that clients have themselves been forwarded, often from friends or family, with the question, “Is this true?”.
Tax Day Gets 2011 Change – Procrastinators rejoice! Next year you will be able to wait three days longer to queue up at your local post office and send in your taxes.
13 Things Your Auditor Will Need For An Initial Audit – We often are engaged to do initial audits of companies preparing to go public. Many have limited operating histories and have never been through an audit. Your auditors are going to need a lot of information to complete the audit and I can tell you we appreciate it when our clients have everything together. What should you have ready? Here is the list we give to our new clients:
How the HIRE Act Incentives Work
2011 IRA contribution limits: 3 ways to maximize your retirement tax advantages – . . . find it useful to think of saving money like distance running. If you obsess over the total distance, then each step seems hopelessly insignificant in covering the necessary ground. If instead you just start making those steps, and concentrate on finding a comfortable and consistent pace, you’ll find that before you know it, the distance will take care of itself.
Music Video – Los Bank Auditors- I’m on an Audit – Fantastic
BusinessWeek Publishes Misleading Article on Federal Withholding Changes in 2011 – All taxpayers should be concerned about the impending expiration of tax cuts (from both the Bush and Obama years) but no one should have a heart attack reading BusinessWeek’s latest estimates of how much higher the taxes will be. They’re way too high.
Even tax lawyers need tax filing help
Best, worst state tax climates for business – Most folks are obsessing over how the expiring Bush tax cuts might affect individual taxpayers, but when it comes to businesses, a lot of other factors come into play. So the Tax Foundation analyzes each year the tax climates of the 50 states to determine which states, from a tax standpoint, are the most business-friendly and which tend to cause companies to flee their borders.
7 Costs to Eliminate Before You Retire – You will be able to get by in retirement with a smaller nest egg if you eliminate as many expenses as possible before you leave the workforce, such as mortgage and credit card debt. While you’re still working, you can also take care of many other expenses that are likely to crop up in retirement, including home repairs, and even taxes in some cases. Here are some expenses you should try to tackle before you retire.
Small Business Payroll Tax Management – When it comes to payroll tax filing, perfection is essential. For small business owners who lack the luxury of having an accounting staff at their disposal, staying on top of filing deadlines and keeping abreast of changing regulatory requirements can be a time-consuming ordeal.
In addition to freeing you up to focus on revenue-producing tasks, full-service payroll companies offer a range of additional benefits:
Renting Vs. Buying A Home: Which Is The Best Choice?
Tax plan now for year end – With just a little over 2 months left until the end of 2010, it is looking more like we will not get an extension of the Bush era tax cuts. The impact of not extending the current tax cuts will be a tax increase for just about everyone, but especially hard hit will be families with over $250,000 of income.
Sadly several of the links do not take you anywhere. Also I noticed that several of the listed blogs actually haven’t contributed to their sites for a very long time.64 Tax Blogs for Geeks and Wonks – Although taxguy not listed you need this list – There’s something for everybody in this list — one of the best we’ve seen — of blogs for tax geeks and wonks. This list includes four kinds of tax blogs: Tax Policy Blogs by American Professors, “Think Tank” Tax Policy Blogs, State and Local Tax Policy Blogs, Helping American Taxpayers Make Sense Of Policy.
Colbert: Tax Shelter Skelter – Comedy Central’s Stephen Colbert explains why we need to keep George W. Bush’s tax cuts alive.
A few weeks ago I received several letters (can you call them letters if they come to you via e-mail?) asking if I had room in my practice for newly accredited CPA’s. I responded equally to them all asking for résumé like information stating classes or experience above and beyond the call of what is taught to get by.
To get to the CPA exam in Missouri one must have 150 Semester Hours and a Minimum Degree (Baccalaureate) is required. Unfortunately to get there, tax education is very minimal in my opinion. Then, the CPA exam covers/test not so-much in the way of tax.
Other MO requirements:
- minimum of 33 semester hours in accounting (at least 1 course in Auditing and at least 18 semester hours of the accounting courses must be upper division accounting)
- 27 semester hours in general business
Of those that sent out the request, only one responded and he was/is very honest. The short version, he knew he didn’t have adequate experience and only during the CPA testing did he realize what he wanted to do. He contacted me looking to join me in an effort to learn. If I can swing it, he’ll be working for me in the upcoming season.
One of the others (just past the CPA exam), tweeted that she had $40.00 and a few days later it was gone and she had no clue where she had spent any of it. I am glad she didn’t respond to my inquiry, as after that, she’d been looking elsewhere.
My point with all of this? Tax season is fast approaching. Make sure you find a tax pro to help you with your preparation. Know and visit with the person handling and preparing your information.
© 2010, Bruce Mc. All rights reserved.
Hey Bruce,
Thanks for the include
.
As you know I am a younger generation CPA. While I may not be as young as the person who wrote about not having any tax experience from the CPA test, I remember 1/8th of the test covering the tax section, and it did not qualify me as a tax practitioner. I could not even do my own tax return until I went into public accounting!
I just wanted to comment on this, because I know the new practitioner testing exempts us CPAs, attorneys and EAs, yet most of us realize that these designations are not qualifications in their own right to practice tax. I know many CPAs and attorneys who have 0 tax experience. CPAs today have a much larger scope of work possibilities then 20 years ago in my opinion.
-Joe