cpasense

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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

Thursday, March 30, 2006

IRS - Where's My Refund?

New program enhancements allow you to begin a refund trace online if you have not received your check within 28 days from the original IRS mailing date. Some of you will also be able to correct or change your mailing address within this application if your check was returned to us as undelivered by the U.S. Postal Service. “Where’s My Refund?” will prompt you when these features are available for your situation.

Where's My Refund?

Internal Revenue Service

Check Your Michigan Income Tax Return Online

The nearly five-million State of Michigan taxpayers who will file income tax returns by the *April 17th deadline this year, can easily access information about their income tax return by clicking on the Check My Income Tax Info box on Treasury's Web site (www.michigan.gov/treasury).

Michigan Treasury

Wednesday, March 29, 2006

Zero Coupon Bonds

A safe and reliable investment If you are seeking a safe, reliable investment that provides attractive, predictable returns, zero coupon instruments can be an ideal solution. Their many advantages include the following:

*** Assured growth, assuming you hold the securities until maturity.
*** Low minimum investment
*** Automatic compounding of interest.
*** A wide selection of issuers, and maturities ranging from one to 30 years or more.
*** Liquidity through a secondary market

http://www.sec.gov/answers/zero.htm

Michigan Governor Signs Minimum Wage Bill

LANSING – March 28, 2006 -- Governor Jennifer M. Granholm today signed legislation that will give hundreds of thousands of workers in Michigan a pay raise. Senate Bill 318 increases the state’s minimum wage from $5.15 per hour to $7.40 per hour over the next two years. The minimum wage has not been increased since 1997.

The Act: PA 81 (SB 318) http://www.legislature.mi.gov

State of Michigan

Monday, March 27, 2006

Deductible Investment-Related Expenses

Do you invest in stocks, bonds or mutual funds? If you do, you may be able to deduct certain expenses related to your investments. To be deductible, the expenses must be ordinary and necessary and related to the production of taxable income, or for the management of property held for the production of income, reports the Michigan Association of CPAs....-MORE-

IRS Has E-Mail Box For Phony E-Mails

The Internal Revenue Service has established an electronic mailbox for taxpayers to send information about suspicious e-mails they receive that claim to be from the IRS. phishing@irs.gov

Sunday, March 26, 2006

Student Financial Web Site Gets New Look

The Michigan Department of Treasury recently unveiled its new-look, Paying for College Web site. The site offers a cleaner design for easy navigation and a sharper focus on various programs designed to make college more affordable for Michigan families.

Friday, March 24, 2006

Health Savings Accounts (HSAs)

HSAs are designed to be a new way for individuals and businesses to obtain affordable health insurance. They are a marriage between a high deductible health plan (HDHP) with a tax-exempt savings account.

U.S. Treasury

Wednesday, March 22, 2006

Tax Breaks That Help When Disaster Strikes

When disaster strikes, taxes are probably not on your mind. Yet it is reassuring to know that when your property is damaged, destroyed or stolen, you may qualify for tax relief for losses not covered by insurance. To assist victims of property loss or damage in understanding the tax breaks that may be available to them, the Michigan Association of CPAs explains the casualty loss tax deduction and how to claim it....-MORE-

Michigan Targets Illegal On-Line Tobacco Sales

Information about taxes on on-line tobacco sales

Michigan Treasury

Tuesday, March 14, 2006

How Big Is The Tax Code, Really?

Check out the dozen answers provided by members of the U.S. Congress cataloged in "How Long is It?" (The United States Tax Code)

Trygive.com

Monday, March 13, 2006

No Sweat Tax-Filing Tips

As the April 15 deadline looms, many taxpayers find themselves facing unnecessary stress about filing their 2005 tax returns. By following a few “no sweat” tax-filing tips, the Michigan Association of CPAs says you can get through the process without too much anxiety....-MORE-

Sunday, March 12, 2006

Vehicle Donations Made In 2005

This news release clarifies that a charity need not sell the vehicle in 2005 in order for the donor who donated the vehicle in 2005 to receive a deduction for 2005.

Internal Revenue Service

Thursday, March 09, 2006

Web's Top Internet & E-Mail Scam Searches

Supersurge.com

Tuesday, March 07, 2006

Federal Tax Breaks Get Better In 2006

For 2006, more than 35 tax benefits have been modified to keep pace with inflation. These new figures don’t affect the return you’re filing for 2005, cautions the Michigan Association of CPAs, but you should keep them in mind for this year’s tax planning. Here is an overview of the more common ones....-MORE-

Monday, March 06, 2006

About Disability Insurance

Personal disability Insurance

Life & Health Insurance Foundation For Education (LIFE) - Includes Disability Insurance Needs Calculator
http://www.life-line.org

Social Security Benefits For People With Disabilities:
http://www.ssa.gov/disability

Who Gets The Child As Dependent?

IRS Guidance for determining a Qualifying Child, Qualifying Relative, Qualifying Person

Internal Revenue Service

IRS Donor's Guide To Vehicle Donations

Before you give your vehicle to a charitable organization:

* Check out the charity
* See if you get a tax benefit
* Check the value of your vehicle
* See what your responsibilities are as a donor

Internal Revenue Service

Friday, March 03, 2006

Phishing, Identity Theft, And Scams

The IRS has issued several consumer warnings on the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumer financial information in order to steal their assets.

Internal Revenue Service