cpasense

Name:
Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL -cpabakem01@yahoo.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Wednesday, August 31, 2005

Nursing Home Information-Michigan

Other Links:

Michigan Consumers Guide To Nursing Homes:
http://www.hcam.org/search.cfm

Nursing Home Inspection Reports:
http://www.carepathways.com/nhg-state.cfm

Alternatives For Seniors:
http://www.alternativesforseniors.com

Tuesday, August 30, 2005

Circular 230

Circular 230 Was Recently Amended To Modify The Rules On Written Tax Opinion Standards To Taxpayers.

The rules, which are effective for advice written after June 20, 2005, require tax practitioners to consider all relevant facts when they prepare written advice. The tax practitioner also may not base the written advice on unreasonable factual or legal assumptions or rely upon unreasonable representations, statements, findings or agreements. The amendments to the regulations also increase transparency by requiring practitioners to disclose if certain advice that they provide is not complete.

Internal Revenue Service

Fair Tax Book - New York Times # 1 Best Seller

Congressman John Linder's book ignites Americans across the country! Book buyers camp outside of stores to get The Fair Tax Book. Click here for full story http://www.fairtax.org

New York Post - Article ( Excerpt):
http://www.nypost.com/entertainment/books/excerpt.htm

Are You Eligible For The Earned Income Credit?

Find out if you are eligible for the Earned Income Tax Credit (EITC) by answering a few simple questions and providing basic income information. The program will also assist you in determining your correct filing status, determining whether your child(ren) meets the tests for a qualifying child, and, coming in January, estimate the amount of credit that you may receive.
EITC Assistant English Version

Internal Revenue Service

Monday, August 29, 2005

Retirement Planning Checklist For 30-Somethings

Each decade of life brings unique financial challenges. Many young adults in their 30s get married, buy houses, and have children. With these new responsibilities, it’s easy to see how saving for retirement can fall to the wayside. To help 30-somethings refocus on saving for a secure retirement, the Michigan Association of CPAs offers the following checklist....-MORE-

Saturday, August 27, 2005

Search Questions And Answers

Need answers fast? Enter a term or phrase related to your question in the Q & A Search Box

moneycentral.msn

The Light - An Inspirational Movie

Turn Sound On
(c)Mary Robinson Reynolds

Thursday, August 25, 2005

Did you know that there are events in life that may have a significant tax impact?

Many times we experience significant life events that have a tax impact too! This page is designed to help you while explaining to taxpayers the tax impact of these events.

Internal Revenue Service

Wednesday, August 24, 2005

Change In Federal Extensions:

This August 15th was the final due day for individual return on extension. Beginning with the 2005 returns, every one will be granted a Six (6)Month automatic extension (until October 15).

IRS Draft 2005 Form 4868 - Extension Of Time To File
http://www.irs.gov/pub/irs-dft/d4868.pdf

Seniors May Be Eligible For Summer Tax Deferment - Use This Form

If you’re over the age of 62, you may be able to defer payment of summer property taxes until next year. Public Act 24 of 2005, which was signed by Governor Granholm in May, increased the maximum household income threshold of a taxpayer who may defer their summer property taxes to $35,000 – which means more low-income seniors will be eligible. To apply, use this fillable Application for Deferment of Summer Taxes and turn it in with your local treasurer by Sept. 15.

State of Michigan

Take Charge Of Your 401(k) Plan

One of the best ways to boost your retirement savings is to contribute to a 401(k) plan. These plans are self-directed, which means you are responsible for choosing how your funds are invested and for managing your plan. The choices you make impact the return you get at retirement. To help you take charge of your 401(k) plan, the Michigan Association of CPAs offers answers to several frequently asked questions. ...-MORE-

Saturday, August 20, 2005

Taking Steps Now To Lower 2005-2006 Taxes Can Pay Off Later

Taking a look at your finances now can pay dividends next April 17, the Monday when tax returns are due, according to Commerce Clearing House (CCH)

Friday, August 19, 2005

How to Nuke Your IRA

Buying real estate in an IRA is a bad idea in many ways, but the one that gets mentioned the least often is the most deadly of all. You can end up with a prohibited transaction, with devastating consequences. Click here for details

Fairmark Press

Thursday, August 18, 2005

GAO Report Encourages IRS To Make Compliance Strategy Clearer

"The new GAO (Government Accountability Office) report tells us that good numbers on tax compliance remain rare. The IRS needs more precise information about the tax gap in order to better target its resources and, as a result, stay focused on the tax cheats and leave honest taxpayers in peace." - Senate Finance Committee Chairman Chuck Grassley (R-Iowa)

GAO Report - http://www.gao.gov/highlights/d05753high.pdf

Wednesday, August 17, 2005

Insurance Guidelines For Soon-To-Be-Retirees

Retiring from work does not give you a reprieve from your financial responsibilities. Retirement marks the entry into a new stage of life with different financial challenges. Obtaining the right kind of insurance coverage can help you meet those needs. For this reason, the Michigan Association of CPAs recommends that you take the time before you retire to review your insurance policies to be sure you have the right type and level of coverage. Here is a rundown of what you should consider....-MORE-

Tuesday, August 16, 2005

Consumer Tax Benefits In New Energy Bill Signed By The President

Senator Chuck Grassley, Chairman of the Finance Committee, said that consumers can look forward to new tax incentives to conserve energy in their homes and cars

2005 Energy Act - Quick Facts:
http://www.cch.com/tax2005/QuickTaxFacts.pdf

CCH Article - Energy Act:
http://www.cch.com/press/news/2005/200507291t.asp

Daylight Savings Time Change - Energy Bill:

From 1986 to 2006, Daylight Savings Time has been the first Sunday in April to the last Sunday in October. Starting in 2007, it will be from the second Sunday (2 am) in March to the first Sunday (2 am) in November. States may enact their own laws, however.

The Official U. S. Time: http://www.time.gov

Seniors Have Few Options For Medicare Part D Drug Benefit Program

AccountingWEB.com-Although several details of the new Medicare Part D drug benefit plan are yet to be set, seniors who don’t enroll for the prescription drug coverage will be penalized 12 percent for each year they delay in signing up for the program. Some seniors wouldn’t need to enroll in the program because they have no current drug bills or small drug bills at least. They will have to enroll to save themselves what amounts to a penalty though. CMS has estimated the average monthly premium will be about $32.20 per month.

AARP: http://www.aarp.org/bulletin/medicare

Sunday, August 14, 2005

Choose To Save

Financial Calculators
Budget, Savings, Paycheck Planning, Credit Card, College, Business, Auto, Home Mortgage, Home Equity, Retirement, Stock, Mutual Fund, Roth IRA, Life Insurance - Financial Tools For All Ages

Choose to Save. Org

Saturday, August 13, 2005

Gas Prices

Two women overheard at the gas station - "What are we going to do about the high gas prices" REPLY - "It won't affect me, I always buy $20 worth"

FIND CHEAP GAS PRICES IN YOUR CITY

Local, real time gasoline prices
http://www.gasbuddy.com
http://www.gaspricewatch.com/new

Friday, August 12, 2005

Labor Dept. Site -Nat'l Guard & Reserve Service - File Employment Complaints

U.S. LABOR SECRETARY ELAINE L CHAO
has announced a new service to help ensure National Guard and reserve service members return to the jobs and benefits they are entitled to under the Uniformed Services Employment and Reemployment Rights Act (USERRA). The latest improvement by the Department of Labor is a Web site where a USERRA or veterans' preference complaint can be filed electronically at: https://vets1010.dol.gov/Login.aspx?ReturnUrl--%2fDefault.aspx.

Famous Quotes:
'
"An investment in knowledge always pays the best interest" - Bejamin Franklin

"Save a little money each month and at the end of the year you'll be surprised at what litle money you have " - Ernest Haskins

Wednesday, August 10, 2005

Quote of the day:

"I have enough money to last me the rest of my life, unless I have to buy something" - Jackie Mason

Tuesday, August 09, 2005

Summer Tax Tips

Some traditional summer events — weddings, summer jobs, day camp, moving — can have tax consequences that you should consider. So, have a good summer ... but check out these tips:

Advice for newlyweds
Tips for working students
Summer day camp
Are you moving this summer?

Internal Revenue Service

Monday, August 08, 2005

Michigan Joins National Sex Offender Registry

The Michigan Public Sex Offender Registry (PSOR) is now available on the U.S. Department of Justice National Sex Offender Registry, joining 22 other states whose registries are currently available online

State of Michigan

Seven Ways To Boost Your Retirement Wealth

The time to take steps for boosting your retirement nest egg is well before you retire. The following strategies from the Michigan Association of CPAs can help to ensure a secure retirement....-MORE-

Sunday, August 07, 2005

Charitable Contributions - Quid Pro Quo Contribution

This is a payment donor makes to a charity partly as a contribution and partly for goods or services - Internal Revenue Service

Internal Revenue Service - Publication 526 - Charitable Contributions
http://www.irs.gov/publications/p526/index.html

Friday, August 05, 2005

Mutual Fund Selection

California based Chief Capital Management Inc., an investment management consulting firm, makes the following recommendations when selecting mutual fund investments.
WebCPA

Monday, August 01, 2005


CPA Profession Receives High Marks

According to a recent press release from the American Institute of Public Accountants (AICPA), new independent research shows that the CPA profession continues to garner high marks from business decision makers, executives and investors, earning favorability ratings of 97%, 95% and 89%, respectively. In fact, business decision makers and executives ranked CPAs higher than physicians by several percentage points. CPAs also beat other financial-related professions hands down, such as… management consultants and stock research analysts.