Reads from Last week
There are worse things for a CPA than losing a permit to practice
Are YOUR Clients Ready for an IRS Audit? Are You Sure? Really? In the face of increasing audit rates for medium and large businesses, a KPMG survey of nearly 300 executives found that 40% stated that their company did not have formal plan for IRS audits
THE IRS IS NOT JUST ABOUT TAXES – The recent National Taxpayer Advocate’s mid-year report observes that the IRS has, over the past several years, developed into a dual role agency.
THE IRS SHOULD BE JUST ABOUT TAXES! – Much has been written and said about the fact that under current law almost one-half of the American population pays absolutely no federal income tax – and many actually make a profit by filing a 1040. While this is a true statement it is misleading.
Last week I posted a review covering QuickBooks 2010 I also reposted Choosing the Right Representative: A post written by Rob Teuber.
Connecticut “Cheshire cat” governor “wines and dines NY hedge-fund honchos” – Under current tax law, people who work for hedge funds get a much better deal on their taxes (federal as well as New York State) than folks who work at other kinds of businesses.
Why you have to manage one-on-one
MTC: Initials That May Impact Your Business – Seems most government agencies love initials, and tax agencies are no different. MTC stands for Multistate Tax Commission, and if you do business in more than one state, you may want to get familiar with it.
I love Tax history. Happy 149th Birthday, Income Tax! – It was on Aug. 5, 1861, that President Abraham Lincoln signed the revenue act that imposed the United States’ first federal income. The money was needed to finance the Civil War.
IRS debt indicator decision could doom tax refund anticipation loans The IRS is going to make it more difficult for lenders to issue loans based on expected taxpayer refunds. If it was up to me they’d do away with it all together.
IRS Changes the Way RAL Providers Will Do Business
Cash-strapped cities cut services
Retirement benefits war on the horizon? – The battleground, says New York Times writer Lieber, will pit state and municipal retirees with “seemingly guaranteed and ever-escalating monthly pension benefits [that] are breaking budgets nationwide” against taxpayers whose 401(k)s or individual retirement accounts have taken a real beating in recent years
Review: The Top 5 Tax Problems & Their Solutions
Just Say No: Pot Not Allowed as Medical Expense
More on the (Non)Deductibility of Medical Marijuana
More on BP’s $10 Billion Deduction From the Gulf Oil Spill
A New Justification for Cutting the Income Taxes of High-Income People Six congressional Democrats from New York are pushing a tax cut for people who live in high-income areas. The idea is to index everyone’s income tax brackets to the cost of living, giving a big tax break to everyone who lives in the nation’s most expensive areas.
Is Letting the “Bush” Tax Cuts Expire the “Largest Tax Increase in History?”
Which Age Groups Bear the Largest Share of the Tax Burden? – New data from the IRS provides us some insights on the composition of tax filers by age and how much of the nation’s tax burden they pay. While the data does not break down the income levels of taxpayers by age, the data can still give lawmakers a new perspective on which age groups could be most impacted by changes in tax policy.
Tax Relief News: Geithner’s TurboTax Defense is Not Reasonable Cause for Understatement of Taxes – In recent U.S. Tax Court News, Treasury Secretary Tim Geithner, who owed $34,000 in back taxes and didn’t pay all of it until Obama nominated him, was not granted penalty abatement. His defense that he relied on TurboTax to prompt him to pay his self- employment taxes was rejected and does not excuse him from penalty or errors on his tax return.
Tax Relief News: IRS Recruits Hundreds of New Agents via YouTube to Crack Down on Back Taxes
Proposition 8 Overturned, Now What?
Debt and Wealth The Extreme of Both!
Fear of Money – The fear of money, this has to be one of the most interesting phobias for the modern age; the official name for this phobia is Chrematophobia, as all good things this is derived from the ancient Greek language from the words for money and fear.
4 Money Moves for Your Freshman Year in College – It’s back to school time, and that means that many students are heading to college for the first time. This is an exciting time, but it is also one that requires some serious thought and planning.
Best Business Credit Cards – If you have a business, chances are good that you have expenses that need to be made online, or expenses which require a credit or debit card. Credit cards are easier for expenses such as travel, rental cars, and similar expenses because they don’t tie up funds held in your business checking account. As long as you have the cash flow to pay the bill each month, credit cards are a great way to go.
Behold the Power of Backup Plans
Why Obama Will be a One Term President and What He Should Do To Save Our Economy!
25% of Americans Have a Credit Score of Less Than 600. Here’s How To Improve Your FICO Credit Score
Prepare your taxes on-line With L & R Tax Preparation
L & R Tax Preparation
Tax Preparation, Payroll, and Accounting,
Including online services.
E=MC2 or use QuickBooks
