Living Wills Need To Be Specific

Extremely important observations about living wills are made in Jane E. Brody, Medical Due Diligence: A Living Will Should Spell Out the Specifics, NY Times, Nov. 28, 2006.
The simple statements contained in most living wills, more often than not, are hard to apply to the great variety of medical situations that can arise.

NY Times

Expanded Enforcement Brought In Millions - Mark Everson - IRS Commissioner

If you earn more than $100,000 or you’re a millionaire, you’re a lot more likely to be audited these days than just a few years ago, according to IRS Commissioner Mark Everson. In his statement on Fiscal Year 2006 Enforcement and Service Results, Everson said the agency made strong progress in a number of key enforcement categories, ultimately bringing in billions of dollars to the Treasury. While total individual returns audited increased by more than 6% in 2006 from 2005, audits of individuals with income of $1,000,000 and higher increased nearly 33% in the same timeframe. Audits of individuals with incomes over $100,000 showed an 18% increase from 2005. Everson also discussed stepped up business audits and IRS activities in the Exempt Organization area. Read his remarks.

Michigan Association of CPAs
Internal Revenue Service

Rules Regarding Independent Contractors

In today’s free market world, more and more companies are hiring people as independent contractors rather than as employees. The big reasons? To save payroll taxes and benefit costs, which together can add an extra 20% to the cost of having an employee. If you’re considering using this strategy, keep in mind that the IRS has criteria for determining independent contractors vs. employees and that penalties can result if you don’t follow the rules. The following three criteria are generally considered to be the most important:
Continue reading "Rules Regarding Independent Contractors"...

Accounting Blog

Look Before You Leap Survey Finds Tenure In Past Jobs Important Factor In Hiring Decisions

Chronic job hoppers may bounce themselves out of consideration for future opportunities, suggests a new survey of chief financial officers (CFOs). Eighty-seven percent of CFOs polled said the length of time a candidate has spent with previous employers is an important factor when evaluating that person for a position with their company. The survey, developed by Robert Half Finance & Accounting, was conducted by an independent research firm and includes responses from more than 1,400 CFOs. Max Messmer, chairman and CEO of Robert Half International, noted that many job changes stem from a desire for greater challenge, which doesn’t always require changing employers.

Michigan Association of CPAs
Robert Half

HAPPY THANKSGIVING !

Help us all embrace the spirit of this year's season of Thanks and Giving - with this Thanksgiving Movie
Take Heart!

Mary Robinson Reynolds

Did Congress Sabotage The Salvation Army Kettle Campaign?

What should taxpayers do when given the opportunity to put cash into a collection plate or donation basket? That's one of the interesting questions.
Will people continue to give, despite not having the deduction, because they give for reasons other than tax savings? I surely hope so. But I doubt it .I think people either will refrain from giving or will reduce what they give because of the lost benefit.
Prof. James Edward Maule - Villanova University School Of Law

Stop by the Salvation Army Web Site (above) and make a gift for 2006 or sign up to man a kettle at http://www.ringbells.org

IRS Frequently Asked Questions & Answers

Welcome to the Internal Revenue Service's general questions and answers section. Each year we update the answers to reflect the latest changes in tax regulations. These questions and answers came from taxpayers like you. We hope you find them helpful and informative.

Michigan Business Taxes - Frequently Asked Questions

Michigan Treasury

Michigan Individual Income Taxes - Frequently Asked Questions

Michigan Treasury

IRS 2007 Inflation Adjustments

Personal exemptions and standard deductions will rise, tax brackets will widen and income limits for IRAs will increase in 2007, thanks to inflation adjustments announced today by the Internal Revenue Service.
By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, are being adjusted for 2007. Key changes affect 2007 returns, filed by most taxpayers in early 2008.

IRS Announces 2007 Standard Mileage Rates

The Internal Revenue Service issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: 48.5 cents per mile for business miles driven; 20 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service to a charitable organization. The new rate for business miles compares to a rate of 44.5 cents per mile for 2006. The new rate for medical and moving purposes compares to 18 cents in 2006. The primary reasons for the higher rates were higher prices for vehicles and fuel during the year ending in October.

Proposed Passport Card Would Facilitate Travel To Canada From Michigan

To facilitate the frequent travel of those living in U.S. border communities, the Department of State has committed to producing a passport card that incorporates cutting-edge technology. To meet the documentary requirements of the Western Hemisphere Travel Initiative (WHTI), the Department of State, in consultation with the Department of Homeland Security, recently announced and submitted for public comment a federal rule proposing the development of a card-format passport for international travel by U.S. citizens through land and sea ports of entry between the United States, Canada, Mexico, the Caribbean and Bermuda. The limited-use passport card will be adjudicated to the same standards as a traditional passport book. The rule proposes a wallet-sized card that would cost $10 for children and $20 for adults, plus a $25 execution fee. The proposed rule is available for public viewing and comment at www.regulations.gov.

Year-End Tax Savings Ideas For Individuals, Businesses & More

There are a number of steps you might take by year-end to cut your 2006 tax bill, such as deferring income, accelerating deductions and capital gain planning.

Steven R. Katz CPA (provided by cpasitesolutions)