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

Friday, October 27, 2006

AICPA "Feed The Pig" Campaign

The American Institute of Public Accountants (AICPA) and Ad Council urge 25-34 year-olds to "Feed the Pig" in new national campaign. New report shows this group faces uncertain future. Key message of the campign is to start building financial security now.

AICPA

Thursday, October 26, 2006

Michigan Unclaimed Property

Michigan's Money Quest:
The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. Because these properties were considered abandoned and unclaimed by the bank or company entrusted with them, they are turned over to the state, as required by law. The Michigan Department of Treasury is the custodian of these assets and returns them to their owners (or the owners' heirs) when they are rightfully claimed.
Please note: At the present time, the list of names is updated monthly. If you repeat a search within a month, you should see the same results.

Michigan Treasury

The Tax Increase Prevention and Reconciliation Act of 2005 extended the lower capital gains tax rate and even offers a zero percent tax rate on gains and dividends from 2008 to 2010 for taxpayers in the lowest tax brackets. Now that's something to look forward to.

About.com

Tax Credits For Energy Efficient Home Improvements

You can make your home more energy-efficient and reduce your taxes at the same time.

About.com

IRS Announces Online Payment Agreement Application

Many individuals who owe delinquent federal income taxes will now be able to apply online for a payment agreement, the IRS announced October 16. The Online Payment Agreement (OPA) application, now available on IRS.gov, provides an easy way to voluntarily resolve tax liabilities.

Internal Revenue Service

Monday, October 23, 2006

Charities, Churches And Politics

The ban on political campaign activity by charities and churches was created by Congress 52 years ago. The Internal Revenue Service administers the tax laws written by Congress and has enforcement authority over tax-exempt organizations. Here is some background information on the political campaign activity ban and the latest IRS enforcement statistics regarding its adminstration of this congressional ban.

Internal Revenue Service

Sunday, October 22, 2006

Hybrid Cars And Alternative Motor Vehicles

Vehicles Purchased or Placed in Service in 2006 - Updated Oct. 20, 2006:
The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer’s tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006.

Internal Revenue Service

Saturday, October 21, 2006

"Paying For College In Michigan" Publication Available

As part of Governor Jennifer Granholm's commitment to making higher education more accessible to Michigan children, the Department of Treasury's Student Financial Services Bureau has developed "Paying for College in Michigan", a new publication for high school students and their parents

Michigan Treasury

Monday, October 16, 2006

Michigan Voluntary Disclosure

The Voluntary Disclosure Act (Public Act 221 of 1998) authorizes the State Treasurer, or a representative, to enter into a voluntary disclosure agreement with nonfilers who have not been previously contacted by the Department and who meet certain other criteria

Under a voluntary disclosure agreement, eligible persons may file returns and pay taxes and interest for a limited lookback period of four years without imposition of penalties, in exchange for future tax compliance.

Michigan Treasury

Education Credits

Education tax credits can help offset those costs. The Hope Credit and the Lifetime Learning Credit are education credits you can subtract in full from the federal income tax, not just deduct from taxable income.

Internal Revenue Service

Saturday, October 14, 2006

Federal Energy Tax Credits

Tax credits are available for many types of home improvements including adding insulation, replacement windows, and certain high efficiency heating and cooling equipment. The maximum amount of homeowner credit for all improvements combined is $500 during the two year period of the tax credit. This tax credit applies to improvements made from January 1, 2006 through December 31, 2007

Acca

Tuesday, October 10, 2006

Home Office Deduction Reminders

Overstated adjustments, deductions, exemptions and credits account for up to $30 billion per year in unpaid taxes, according to IRS estimates.

In order to educate taxpayers regarding their filing obligations, this fact sheet, the fourth in a series, explains the rules for deducting home office expenses.

Internal Revenue Service

Saturday, October 07, 2006

Financial Calculators

Note: These calculators require that you have Java installed on your computer. It is available, without charge, at the Sun Microsystems web site. If your browser displays a blank box in the middle of the screen, you need to install this plug-in.

CCH

Wednesday, October 04, 2006

Income Down? Convert An IRA To Roth IRA

There is no better time.If you are in a low tax bracket this year because of unemployment, you have the ability to convert some or all of your IRAs to a Roth IRA wih little or no taxes. And when you withdraw your Roth IRA during retirement, it will be tax-free
http://www.rothira.com

Tuesday, October 03, 2006

A Half Dozen Year-End Tax Tips For Small Business Owners

Now is an opportune time to start thinking about year-end tax planning for your business. These six tax strategies, brought to you by the Michigan Association of CPAs, can be put into effect to reduce your tax liability come April 15....-MORE-

Does Your Business Need A Document Management System

Information. Your business depends on it. But can your employees easily locate the information they need when they need it? In most companies, documents are stored in a variety of places – on networks, on individual PC hard drives, CDs, and zip drives, in file cabinets and in desk drawers. To complicate matters, the people who need to access these documents are often situated in different locations as well....-MORE-

Investment 101: Teaching Teens To Invest

Teaching your children about investing develops important skills that will benefit them throughout life, says the Michigan Association of CPAs. A good time to begin is when your child is a teenager. Here’s how to get started....-MORE-

Gain Control Of Your Finances In Five Easy Steps

Would you like to start off 2007 on firm financial footing? By following these five easy steps, recommended by the Michigan Association of CPAs, you can gain control of your finances before year end....-MORE-

Tax Increase Prevention And Reconciliation Act

What You Need to Know. Although not as comprehensive as other tax acts, the recently passed Tax Increase Prevention and Reconciliation Act of 2005 includes important tax changes. Some apply to 2006 and others take effect several years down the road. Here, the Michigan Association of CPAs summarizes the most significant provisions affecting individual taxpayers....-MORE-