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 **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Saturday, December 31, 2005

Your Federal Income Tax - 2005

Publication 17 Released by the Internal Revenue Service

Taxpayers Who Open Their Homes To Katrina Evacuees May Be Eligible For Tax Deduction of $500 per person, up to a maximum of $2,000. To qualify, you must provide rent-free housing in your principal residence for at least 60 days. You can take the deduction for housing displaced members of your family as long as they're not claimed as dependents on your tax returns. Consult your tax advisor - Section 302 HR 3768 (PL 109-73) Katrina Emergency Tax Relief Act - 2005

Friday, December 30, 2005

Roth 401(k) Plans Start January 1. 2006

The purpose of this site is to provide technical and planning information on the Roth 401(k), which starts January 1, 2006 , to practitioners and consumers. For information on the Roth IRA, please see our sister site, the Roth IRA Web Site. For 2006, salary contributions to a Roth 401(k) are limited to $15,000 (or $20,000 if age 50 or higher).


FTC: Cell Phone Rumors & Do-Not-Call Registry

Cell Phone Rumors: While it's true that the major wireless phone providers (Verizon excepted) have announced their intention to establish a 411 directory of customers' cell phone numbers beginning in 2006, it is not true that they plan to "publish" said directory for any and all to read. Participating companies say the numbers will be made available only via telephone to users who dial directory assistance and pay a fee, and only with cusomer consent.

The companies swear the numbers will never be accessible to telemarketers, in fact, per FCC regulations. telemarketers are already prohibited from calling cell phone numbers using automated dialers, which are standard in the industry.

IRS 2005 Instructions Say All Transactions Be Shown on Schedule D (D-1)

There is much consternation in the tax blogosphere about the IRS's decision to crack down on the common practice of taxpayers and their preparers entering summary totals of capital gains and losses on Schedule D, with attached detailed schedules. The Instructions to the 2005 Schedule D (top of page 6) indicate that the IRS will insist that each individual stock trade be listed on Schedule D and D-1. if more than five entries

Taxpayer Alert: This could add to your preparer fee for keying in all the transactions

Wednesday, December 28, 2005

Find Out If The IRS Owes You Money

IRS Refund Database

National Taxpayers Union


Income Tax Information - 2005

Income Tax E-File - 2005

MI-1040 Income Tax Return - 2005

MI-1040 Instruction Booklet - 2005

MI-1040CR Property Tax Credit 2005

2005 Income Tax Forms

Michigan Treasury

Managing Post-Holiday Debt In Seven Easy Steps

With the holiday season coming to a close, it’s time to get serious about managing your debt. If you are staring at a stack of outstanding credit card bills, the Michigan Association of CPAs suggests you follow this seven-step plan for managing debt....-MORE-

Thursday, December 22, 2005

Silent Night Movie

Peace On Earth - Good Will To All Men

If you, or anyone you know, has been feeling the need to recapture the peace … and the magic … of Christmas – please watch above movie

whichever you prefer

Mary Robinson Reynolds

Wednesday, December 21, 2005

When Baby Makes Three: Financial Planning For New Parents

There’s no getting around it. Having a baby is expensive. But a new addition to your family, like any other major change in your life, is easier when you plan ahead. Here are some of the financial planning steps the Michigan Association of CPAs suggests you take when you have a new family member....-MORE-

Saturday, December 17, 2005

IRS Unveils Plan To Reduce Telephone Taxpayer Service

The IRS confirmed Decmber 16 that it plans to cut its telephone taxpayer service by 20% beginning next month The plan is to be achieved by handling calls only between 8 a.m. and 8 p.m. rather than from 7 a.m. to 10 p.m. Congress may have a say in this.

Internal Revenue Service

Friday, December 16, 2005

Michigan Taxes

Tax Updates for 2005

Pension & Retirement Benefits - 2005

Michigan Treasury

Wednesday, December 14, 2005

2005 Year-End Tax Planning For Individuals

Small Biz Taxes & Management

Tuesday, December 13, 2005

Federal Tax Law Changes For 2005/ 2006 & Later

Check here for newly-enacted tax law changes and changes from prior tax law

All Taxpayers
Estates and Trusts
Excise Taxes
Exempt Organizations
Foreign Issues
IRAs and Other Retirement Plans

Internal Revenue Service

Monday, December 12, 2005

Section 529 College Savings Plans & Their Impact On Financial Aid

Section 529 college savings plans and prepaid tuition plans are effective ways to save for college. But, many parents are concerned about the effect these college savings plans may have on their child’s chances to qualify for financial aid. It’s difficult to predict how 529 plans will be treated years from now, but here is what the Michigan Association of CPAs has to say about the current rules....-MORE-

Saturday, December 10, 2005

Search For Charities

Publication 78 Cumulative List Of Organizations is a list of organizations eligible to receive tax deductible charitable contributions. This online version is offered to help you conduct a more efficient search of these organizations by entering the name of the organization.

Internal Revenue Service

Friday, December 09, 2005

Financial Calculators

Mortgages, Credit Cards, Investments, Taxes, Personal Finances, Loans, Autos, Retirement, Savings, and Business


Secure Your Financial Future By Using Free Financial Tools And Resources

Visit the MACPA’s financial literacy resource center to learn how you can better manage your budget, prepare for your future financial needs, assess your current spending – and so much more.

Michigan Association of CPAs

Tuesday, December 06, 2005

SEC Urges Investors To Protect Their Online Brokerage Accounts From Identity Thieves

The SEC (Securities & Exchange Commission) has issued an investors guide to inform Americans about steps they can take to protect their online brokerage accounts from unauthorized activity from outsiders.

Monday, December 05, 2005

Protect Your Money: Check Out Brokers And Investment Advisors

Federal and state securities laws require brokers and investment advisors. and their firms, to be licensed or registered, and to make information public. But it is up to you to find that information and use it to protect your investment dollars

Securities & Exchange Commission (SEC)

Understanding Coverdell Education Savings Accounts

Coverdell Education Savings Accounts (ESAs) are one of the most popular methods of saving for college. To help you fully understand how these accounts can be used to save for future tuition bills, the Michigan Association of CPAs provides answers to some of the most frequently asked questions about these unique savings vehicles....-MORE-

The IRS Collection Process

This publication tells you the steps the IRS may take to collect overdue taxes and includes a summary of your rights and responsibilities concerning paying your federal taxes. Also Includes information on the Installment Agreement and Offers-In-Compromise

Internal Revenue Service

Sunday, December 04, 2005

Seniors Beware: Variable Annuities May Not Make Sense For You

Office of Financial and Insurance (OFIS) Director Linda Watters has issued a warning to Michigan seniors encouraging variable annuity buyers to get more information before making a purchase.

State of Michigan

Saturday, December 03, 2005

IRS Announces Automobile Mileage Rates For 2006

Above Site Provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes- 2006

IRS Revenue Procedure: Mileage Rates

Internal Revenue Service