Canadian Prescription Drug Imports May Be Restricted
Canada will soon announce measures to restrict online pharmacies from selling prescription drugs to U.S.consumers, a Canadian official said. Such sales have become popular with Americans seeking cheaper medicines. A spokesman for the Health Ministry said the moves being considered include preventing Canadian physicians from cosigning prescriptions without examing patients. The Bush Administration opposes drug imports.

Nursing Homes And Medicaid

Theory that millions of millionaires are hiding their assets to qualify for Medicaid?? Littman Krooks LLP

Report: Impact Of Asset Transfers On Medicaid Costs Is Scant. FULL REPORT - http://ltc.georgetown.edu/pdfs/nursinghomecosts.pdf

MESP Tops $1Billion In Assets

Growth Reduces Management Fees
State Treasurer Jay B. Rising announced today that the Michigan Education Savings Program (MESP), Michigan’s Section 529 college savings program, has exceeded $1 billion in assets, more than doubling in size since November, 2003. As a result of reaching this milestone current and future account owners will see administrative fees reduced to 0.60% from 0.65% effective July 1,2005. Read about the program

State of Michigan

Homeowners Should Know Tax Implications

Homeowners enjoy generally favorable tax treatment when they sell their principal residence that eliminates taxes on capital gains. But experts say that not everyone wins under the law......

AccountingWeb

Clean Fuel Alternative Vehicle Deduction
For 2005, the original purchaser of a qualifying hybrid gas/electric car can claim a deduction for $2,000 of the cost of the car [IRC Sec. 179A]. In fact, from a tax standpoint 2005 is good year to invest in a hybrid. In 2006, the deduction is scheduled to drop to $500.

The following vehicles have been certified by the IRS as qualifying for the clean-fuel vehicle deduction
Toyota Highlander SUV- Model Year 2006 (Added June 27, 2005)
Lexus RX 400h SUV- Model Year 2006 (Added May 5, 2005)
Ford Escape Hybrid SUV- Model Year 2005
Toyota Prius- Model Years 2001 through 2005
Honda Insight- Model Years 2000 through 2005
Honda Civic Hybrid- Model Years 2003 and 2005
Honda Accord Hybrid - Model Year 2005

Intuit

Internal Revenue Service:
http://www.irs.gov/newsroom/article/0,,id=107766,00.html

Tax Planning For The Self-Employed
There are more benefits to being self-employed than just being your own boss. You may qualify for valuable tax deductions as well. The Michigan Association of CPAs offers the following advice to help you meet your tax responsibilities and claim the tax breaks you deserve....-MORE-

Enhanced Interest In Living Wills Documented
Many Still Seek One Final Say on Ending Life,
N.Y. Times, June 17, 2005, John Schwartz and James Estrin discuss the tremendous increase in public interest in living wills triggered by the Terri Schiavo case.
Also see April 28 article : "Advance Directives , Living Wills"

Wills, Trusts & Estates Blog http://lawprofessors.typepad.com/trusts_estates_prof

Web Site Provides Free Access To Medical Research

PatientINFORM is a free online service that provides patients and their caregivers access to some of the most up-to-date, reliable and important research available about the diagnosis and treatment of specific diseases.

Financial Management For Grads:
What They Don’t Teach You in College .....Whether you graduated from college with a degree in linguistics or biophysics, it’s likely that one of your biggest challenges right now is managing your finances. Here is what the Michigan Association Of CPAs says you need to know now that Mom and Dad aren’t footing the bills. ...-MORE-

Big Change For Head Of Household Status For 2005

Example: An unmarried father who paid more than half of keeping up a home for the year could claim his daughter of any age who is also working (regardless of income) and lives at home for more than half of the year for H of H status. NO LONGER

For 2005 - Uniform Definition Of Qualifying Child
In general, to be a taxpayer’s qualifying child, a person must satisfy four tests:
Relationship— the taxpayer’s child or stepchild (whether by blood or adoption), foster child, sibling or stepsibling, or a descendant of one of these.
Residence — has the same principal residence as the taxpayer for more than half the tax year. Exceptions apply, in certain cases, for children of divorced or separated parents, kidnapped children, temporary absences, and for children who were born or died during the year.
Age — must be under the age of 19 at the end of the tax year, or under the age of 24 if a full-time student for at least five months of the year, or be permanently and totally disabled at any time during the year.
Support — did not provide more than one-half of his/her own support for the year.

IRS Guidance Explains New FMV Rules For Donated Vehicles

Donors may now claim a deduction for the vehicle at fair market value (FMV) under certain conditions
Also see May 27 post on Car Donations - New Law

Internal Revenue Service

Cox Warns About Telemarketing Fraud Based on New Medicare Prescription Drug Scam
Attorney General warns Michigan consumers about con artists who are targeting Michigan seniors.

Attorney General Investigation Uncovers Hundreds of Criminals Working in Adult Residential Care Facilities
AARP Joins Cox in Unveiling New Initiative

Attorney General Mike Cox- State of Michigan

An Income Tax "To Do" List For Newlyweds
Once the wedding bells have stopped ringing, it’s time for newlyweds to address a number of practical financial questions. Unromantic as it may sound, paying taxes is among the most pressing. Here are some tax-related “to dos” -MORE
Michigan Association Of Certified Public Accountants

Tax Information for Members of the U.S. Armed Forces
Members of the U.S. Armed Forces, especially those serving in combat zones, face some special tax situations and are entitled to some special tax benefits.
Internal Revenue Service

Seniors getting fleeced
Avoid Life Settlements, a new way for seniors to get money out of their life insurance policies.
MarketWatch

Choose to Save:
Access a categorized list of calculators you can use to help manage just about everything you'd potentially have on your budget.

Managing My Money:
Access extensive information and tips relating to personal financial planning;

Michigan Association Of Certified Public Accountants

Financial Literacy Campaign Launched Targeting Women
Focuses on educating and empowering women to take control of their personal finances to achieve greater financial well-being. This campaign, 360 Degrees of Financial Literacy for Women, builds upon the success of the 360 Degrees of Financial Literacy effort. More information is available at a web site created specifically for this campaign.
American Institute of Certified Public Accountants