cpasense

Name:
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, November 29, 2007

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

Michigan: Avoid Foreclosure Forum Helps Homeowners Save Their Homes

November 28, 2007 DETROIT - Michigan Attorney General Mike Cox today announced a new effort by his office to help homeowners avoid foreclosure. Cox announced that his office was sponsoring an Avoid Foreclosure forum on Thursday, December 13, at Cobo Hall in Detroit. The forum is free, open to the public, and will run from 12:00 noon until 8:00 p.m..........

IRS RELEASES REVISED COPY OF PUB 17 FOR PREPARING 2007 RETURNS
http://www.irs.gov/pub/irs-pdf/p17.pdf

Wednesday, November 28, 2007

Don't Let Theives and Con Artists Ruin Your Holidays

Unfortunately, not everyone is filled with the spirit of peace and good will at this time of year. The holidays represent the peak............

Michigan Association of CPAs

Reporting Miscellaneous Income

While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as cash earned from:
**side jobs,
**barter exchanges of goods or services,
**awards, prizes, contest winnings and
**gambling proceeds.
This fact sheet, the 18th in the Tax Gap series, will help taxpayers better understand miscellaneous income and what they are required to report as taxable on their Form 1040..........

Internal Revenue Service

Tips For Choosing A Tax Preparer

If you pay someone to prepare your tax return, choose that preparer wisely. Taxpayers are legally responsible for what’s on their own tax returns even if prepared by someone else. So, it is important to choose carefully when hiring an individual or firm to prepare personal returns. Most return preparers are professional, honest and provide excellent service to their clients. Here are a few points to keep in mind when someone else prepares return......

Internal Revenue Service

Tuesday, November 20, 2007

The Tax Protester FAQ

Created by Daniel B. Evans

Like most things on the Internet, this is a work in progress. Not all citations and quotations have been confirmed, and there are additional cases and arguments that may be added in the future........

Monday, November 19, 2007

Thanksgiving Movie

Turn on your speakers and embrace the miracles of the seas

Mary Robinson Reynolds

Programs that Will Make Your Employees Thankful

Americans gather together this week to consider the many things for which they are thankful. As we take stock, it’s a good time of.........

Michigan Association of CPAs

Sunday, November 18, 2007

IRS Warns of New E-Mail Scam

SCAM E-MAIL RECEIVED BY TAXPAYER:

"The Taxpayer Advocate Service is an Internal Revenue Service program that provides an independent system to ensure that tax problems, which have not been resolved through normal channels, are promptly and fairly handled.

After several recalculations of your tax payments since 2005, the IRS makes you eligible to receive a refund of $343.56 US Dollars

Go to http://xxxxxxxxx/ xxxxx xxx /xxxxx/xxxxx.xxx

NOTE: IRS is checking your information provided directly to your issuing bank so any attempt of forgery or wrong inputs will be pursued and indicted according to (Art. 5 by Const. Amend. 19)

IRS apologies for any inconvenience created

Best Regard,
Taxpayer Advocate Service"
_____________________

Editor's Note: The URL is not addressed to the TAS.

To report any such scam, send e-mail to:
phishing@irs.gov

Friday, November 16, 2007

Tax Refunds May Be Delayed Due To Congress

The tax-filing season may be off to a shaky start even before it officially begins.

Internal Revenue Service officials warn that millions of people may face delays in having their returns processed next year and getting billions of dollars in refunds. The problem: Congress still hasn't approved temporary relief for many people from the alternative minimum tax, or AMT, a parallel system that operates under many different rules than the regular system............

Smartpros

Thursday, November 15, 2007

IRS Has $110 Million In Refund Checks Looking For A Home

The Internal Revenue Service is looking for 115,478 taxpayers who are due refund checks worth about $110 million after the checks were returned as undeliverable.

The refund checks, averaging about $953, can be claimed as soon as taxpayers update their addresses with the IRS. Some taxpayers have more than one check waiting..........

Frequently Asked Tax 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........

Tuesday, November 13, 2007

Tax Tips for Veterans and Members of the Military

On Veteran’s Day, we remember the heroic efforts and sacrifices made by members of our nation’s military. Those who have served in.......

Michigan Association of CPAs

Monday, November 12, 2007

Show Of Support For Veterans

Beth Milito, NFIB Legal Foundation

What small businesses can do to protect veterans in their workplace
November 11 took on storied meaning when the armistice ending World War I went into effect on the 11th hour of the 11th day of the 11th month of 1918. In the words of President Wilson, November 11 has since been a day to reflect "with solemn pride on the heroism of those who died in the country's service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of nations …"

Nat'l Federation of Independent Business

Sunday, November 11, 2007

Veterans Day

Wide-Angle View of National Veterans Day Ceremony at Arlington National Cemetary's Memorial Amphitheater.........

Value of a CPA

Certified Public Accountants (CPAs) advise individuals, businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial and related matters........

Michigan Association of CPAs

Plan Now To Get Full Benefit Of Saver's Credit

Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the Internal Revenue Service.

The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Formally known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.........

Internal Revenue Service

Wednesday, November 07, 2007

Top Ten Things That Cause AMT Liability

An overview of some of the things that may cause you to pay alternative minimum tax (AMT).
This page provides a list of items that can cause (or contribute to) liability under the alternative minimum tax. The list isn't complete — there are other items that can contribute to AMT liability. Based on our experience, the items described below are likely to affect more people than other items. For a complete list, see Form 6251, Alternative Minimum Tax — Individuals and the instructions for that form. By the way, if you count more than 10 items below, just consider it a bonus......

Fairmark Press

Read The Fine Print
It looks like an official notice from your state titled "Annual Minutes Disclosure Statement" or some similar sounding official title with an annual fee of $125 (in New York; $95 in another state; $175 in still another). At first glance it looks pretty convincing; some have a seal in the left-hand corner, the language is persuasive, the address is in the state capital, etc., but it's just another scam. Amongst the verbiage you'll see the disclaimer. But you can't toss all such notices. Many states do have an annual report or similar filing requirement. You don't want to run afoul of the corporate, LLC, etc. rules in your state. Another point. The scam artists are right about one thing. You should have annual shareholder and director meetings. It sounds foolish for a corporation with one shareholder and one officer to have a meeting and elect directors, but you should still go through the motions. You should be able to find help on line or talk to your attorney.

A/N Group Inc.

Tuesday, November 06, 2007

Avoid Overspending During the Holidays

Buying gifts for loved ones and traveling to see family can be expensive. As the holidays draw near, there are many simple spending........

Michigan Association of CPAs

Saturday, November 03, 2007

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

Need Petitions To Repeal Michigan Services Tax?
Go to http://www.axthetax.com/ and click on "Sign Up to Get a Petition," or call the Michigan Chamber at 517-371-2100 and ask for Tina Droscha.

Michigan Chamber Member Poll indicates business leaders overwhelmingly support repeal of services tax.

Check out this new website on the Michigan Business Tax! Created by the Dykema law firm, http://www.mibusinesstax.com/ is a one-stop, comprehensive resource on Michigan's evolving tax structure.

Michigan Chamber of Commerce

Opting Out Of The Workforce

By Karen Steede Terry
Many career-oriented women say they would like to work part-time, especially after having a child, but given our fast-paced and busy lives, is it really realistic?...........

Michigan Association of CPAs

IRS Panel Wants To License Preparers

The IRS has been called on to develop federal licensing requirements for all paid tax return preparers to help taxpayers to identify and select tax professionals based on their level of expertise. The proposal was recently placed on the table by the IRS's Taxpayer Advocacy Panel, which warned that the present unregulated tax preparation systen contributes to faulty tax filings
The TAP plan, outlined in an appendix to the group's freshly released annual report to the IRS calls for the Service to issue licenses to paid tax preparers based on each practitioner's level and area of experience, The group further recommended that licensed tax preparers undergo a mandatory background check to ensure protection of the taxpayer, especially with respect to identity theft issues

Practical Accountant