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

Wednesday, October 31, 2007

The Michigan 2007-08 Budget Is Finally Done

Working past midnight into the early hours of Halloween, the Legislature completed its Sisyphean task of enacting the budget, a month past the start of the 2007-08 fiscal year. Resolving the annual spending plan required developing compromises that allowed for the elimination of some beds at the Maxey Center for Boys.

The Detroit News

Tuesday, October 30, 2007

Don't Let Mischief Strike Your Company: Five Steps to Prevent Fraud in Your Business

Every year, businesses all over the country lose billions of dollars to employee fraud. And while the big... ......

Michigan Association of CPAs

Monday, October 29, 2007

From Nolo Press:

Corporations vs. LLCs
Types of Ownership Structures
Choosing the Best Ownership Structure for Your Business
Limited Liability Company FAQ

MBT Frequently Asked Questions

The Michigan Department of Treasury has created a comprehensive new site devoted to the MBT with up-to-date information on details, forms, presentations and more........

Services Added To Michigan Use Tax

Effective December 1, 2007, Michigan's 6% Use Tax will be expanded to include select services. This Web site provides access to important information about the tax, including a description of the Use Tax, guidance on services that will be subject to the tax, information on how businesses can register for the Use Tax, as well as forms, filing dates, and frequently asked questions. Be sure to check back often for updated information.

Michigan Treasury

Monday, October 22, 2007

Keeping Good Tax Records

In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax.

Fortunately, you don’t have to keep all tax records around forever. There are laws known as statutes of limitations that impact how long you must keep receipts, canceled checks, and other documents that support an item of income or a deduction on your return..............

Internal Revenue Service

give Your Business an IT Checkup

To be successful in business you don’t need to be a technology whiz – but you should have a plan in place for..........

Michigan Association of CPAs

Thursday, October 18, 2007

Record keeping for small businesses

The mindset and behaviors associated with protecting intellectual property start with top management. It's a tough job considering the not-so-surprising latitude for departing employees to take corporate trade secrets with them. The Boston Business Journal reports that even with strict vendor confidentiality agreements, keeping corporate secrets may be difficult. Identifying intellectual property at early stages is a good start...........

AccountingWEB

Wednesday, October 17, 2007

Financial Planning for Single Parents

Managing a family and a household while holding down a job is enough to keep any single parent busy. When you...

Donating Property Can Provide Tax Relief
Cash isn’t the only way you can help your favorite charity. Many organizations accept gifts of used clothing,...

Michigan Association of CPAs

Tuesday, October 16, 2007

IRS Announces New Tax Refund Program

Reginald Mombrun (Florida A&M) has passed along a short PowerPoint presentation summarizing a new IRS Refund Policy.

After Clicking on Red Dot in Next Screen, Click on Down Button

Tax Prof Blog

Friday, October 12, 2007

Energy Efficiency For Tax Credits Video

Taxalicious

Wednesday, October 10, 2007

Reporting Auction Income And The Tax Gap

Many people don’t realize the income they earn from auctions and consignment sales may be taxable. This fact sheet will help taxpayers better understand what income they are required to report and what deductions they may be entitled to take.............

Internal Revenue Service

Monday, October 08, 2007

Video Tax Tips with IRS (WWF Wrestler)

Taxalicious

MONEY & INVESTING
Disinherited By Vanguard
Ashlea Ebeling 09.03.07
IS IT TIME TO MOVE YOUR IRA?
Excerpt: In late July the Vanguard group sent 170,000 customers a form letter innocuously labeled: "Change in beneficiary policy will help you simplify your planning." A more candid heading would have been:"Warning! Unless you act, we're about to change who gets your Individual Retirement Accounts when you die."

Vanguard has decided that, as of mid-September, it will require customers to use identical beneficiaries for all IRAs of the same type. All your IRAs holding money rolled from employer pension plans count as the same type and must have the same beneficiaries. Traditional IRAs,both pretax and aftertax, are a second type. Roth IRAs are a third.

If you're one of 170,000 customers who now have different beneficiaries named for separate IRAs of the same type or different beneficiaries for different mutual funds within a single IRA, Vanguard will apply the newest beneficiary form to all your IRAs of one type--unless you contact Vanguard and direct otherwise. If two forms were submitted at the sametime, Vanguard will treat the one it processed later as newer. This is crucial, since it's the form--not your will--that determines who gets your IRAs.......,....

Saturday, October 06, 2007

Michigan Sales Tax Expansion

After nearly nine months of negotiations, Michigan Gov. Jennifer Granholm and state lawmakers avoided a shutdown in government services at roughly 4:20 a.m. Monday, Oct. 1, 2007 through a combination of tax increases and government reforms. A major piece of this agreement is House Bill (HB) 5198, a conference committee report on expanding the Michigan sales tax to include select services..........

Michigan Association of CPAs

Thursday, October 04, 2007

How To Handle An IRS Audit

One of the most frightening experiences any small-business owner can face is an audit by the Internal Revenue Service. Even if you've been diligent about keeping records and filing your taxes on time, you're not guaranteed to escape further scrutiny into your business finances. But the experience can be less daunting if you remain calm and follow a few suggestions to keep a bad situation from getting worse. .........

Nat'l Federation of Independent Businesses (NFIB)

Amber Alert System
http://codeamber.org
Missing & Exploited Children
http://www.missingkids.com
Nat'l Center For Missing Adults
http://www.theyaremissed.org/ncma/index.php
Homeland Security
http://www.dhs.gov/index.shtm
Michigan Homeland Security
http://www.michigan.gov/homeland

Buy-Sell Agreements Keep Your Business Afloat

Alex and Brad, both in their mid-forties, had just celebrated the tenth anniversary of Consulting, Inc., their marketing consulting business. The next morning, before going to work, Brad suffered a heart attack while jogging and died later that day. Alex suddenly lost his long-time business associate. What's more, after the estate was settled, he found himself with a new co-owner: Brad's wife........

Michigan Association of CPAs

Wednesday, October 03, 2007

The Businesses with Employees Web site on IRS.gov covers a variety of topics regarding tax responsibilities for businesses with employees including:

**Employer Identification Number
**Who are Employees?
**Hiring Employees
**Employment Taxes
**Depositing Taxes
**Recordkeeping
**Retirement Plans

Michigan Income Tax Rate Changed To 4.35% Effective October 1, 2007
> Public Act 94 of 2007

> Supplemental Withholding Guide Instructions
> Withholding Tables - Effective October 1, 2007 - December 31, 2007

Select Discretionary Services Added To Use Tax December 1, 2007
> List of Additional Services Subject to the 6% Use Tax
> Public Act 93 of 2007

Live MBT Overview Webinar on October 11
Sign up for a free webinar to learn more about the new Michigan Business Tax.

Michigan Dept. of Treasury