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 **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Thursday, September 27, 2007

Tax Semiinars For New Business Offered

As part of its continuing effort to help new business owners understand Michigan's business taxes as well as their rights and responsibilities, the Michigan Department of Treasury is hosting nine free Tax Seminars for New Businesses over the next two months..........

Late Filed Tax Returns And IRS Civil Penalties

If your tax problems result from your not having filed your federal income tax return, three specific penalties will likely be assessed by the IRS when you file your delinquent returns. These are the failure-to-pay penalty, the failure-to-file penalty and the estimated-tax penalty........

Michael A. Port - California Tax Attorney Blog

Tuesday, September 25, 2007

The Story Behind The Mortgage Crisis In Michigan

Just a few years ago, the mortgage industry was in full swing. Non-traditional mortgages, variable rate, low documentation, reverse and payment option loans were highly sought after by financial institutions. People were qualifying for loans and buying homes left and right. Things were going so well in the mortgage industry, how did it all fall apart?........

Michigan Association of CPAs

New E-Mail Scam Mimics IRS "Where's My Refund?"

A new e-mail scam, which imitates the IRS's "Where's My Refund?" tool, has surfaced on the Internet, the Service is warning. Individuals are directed to a website called "Get Your Tax Refund!" where criminals steal the victims' identities and financial information.........


MBT Dissection Continues As Initial MBT Is Released

Informal, initial guidance has been released by the Department of Treasury in the form of a newly launched web site devoted to the new Michigan Business Tax (MBT), with more formal guidance expected in the form of Revenue Administrative Bulletins and Administrative Rules. The website includes a frequently asked question documents and an online webinar......

Michigan Association of CPAs

Monday, September 24, 2007

Seven Ways to Take Control of Your 2007 Tax Bill
When it comes to cutting your 2007 tax bill, there’s no time like the present, says the Michigan Association of...

Is Your Home Adequately Insured?

For most people, a home and its contents are their most valuable assets. To protect them, it’s important to be sure you have sufficient homeowner’s insurance. If it’s...

Michigan Association of CPAs

Friday, September 21, 2007

The Michigan League For Human Services Reports:

1. Only 26.1 % of Michigan adults 25 or older have a college degree. That means we are worse than all but 14 states
2. Drop the standard to those who have just a two-year associate's degree, and still only 36.4 % qualify, making Michigan a scarely better 31st in the nation
3. Worse. Michigan's educational pipeline from high school to college leaks like a sieve. According to the National Center for Public Policy and Higher Education, the vast majority of Michigan ninth-graders fail to graduate and go on to earn a postsecondary degree

Thursday, September 20, 2007

No Free Lunch

Ever get one of those invitations in the mail for a free seminar and lunch (or dinner)? There may be food and plenty of information, but be ready for a hard sales pitch. Recently the Financial Industry Regulatory Authority said it will began examinations looking into sales practices involving older individuals. But it's not only investments that are hawked at "seminars". Estate planning, real estate, businesses, etc. If you think you're strong enough to resist the sales pitch, go for the free lunch. If not, stay home. The money you save from not investing could allow you to buy plenty of meals.

A/N Group, Inc.

Tuesday, September 18, 2007

AICPA Survey: Corporate America Belongs at the Public Policy Table

More than half of the CPAs surveyed believe businesses and executives should take a leadership role in helping shape public policy on issues including, healthcare, Social Security and the environment. Learn More>>

American Institute of Certified Public Accountants (AICPA)

The Ins and Outs of 529 Plans

Whether your children are toddlers or teenagers, 529 college savings plans are an option worth investigating, according to the Michigan Association of CPAs. All states...

Saturday, September 15, 2007

AICPA Survey: Financial Executives Concerned About Employee Healthcare Costs

While most of the executives said their organizations do not plan to reduce benefits, nearly a quarter indicated that employees would have to shoulder increased costs.

American Institute of Certified Public Accountants (AICPA)

Friday, September 14, 2007

Granholm Urges High School Class of 2008 To Use Michigan Promise Scholar ship

September 14, 2007
LANSING, MI - In her weekly radio address,Governor Jennifer M. Granholm today urged high school seniors to continue their education with college or technical training using the Michigan Promise scholarship.

For a tax angle on The Simpsons, check out Homer Simpson at the IRS

529 Plan And Savings For College

Saving for college with 529 plans

Choosing among tax breaks for college costs

529 College Savings Plans remain a mystery to most parents

Twelve tips for funding that college education


Wednesday, September 12, 2007

Fed Web Site Offers Foreclosure Resources For Consumers

A new Federal Reserve web page provides links to information from the Federal Reserve and other government agencies to help consumers facing foreclosure.

Tuesday, September 11, 2007

Pub 970 - Tax Benefits For Education

Normally, a taxpayer can claim tuition and required enrollment fees paid for their own and their dependent’s college education. A taxpayer cannot take both an education credit and the tuition and fees deduction for the same student in the same year. Income limits and other special rules apply to each of these provisions. Education credits are claimed on Form 8863, and the tuition and fees deduction for 2007 will be claimed on new Form 8917.

IRS Publication 970, Tax Benefits for Education, can help eligible parents and students understand the special rules that apply and decide which tax break to claim. The publication also describes other education-related tax benefits, including qualified tuition programs (also known as 529 plans), the student loan interest deduction, Coverdell education savings accounts and the education savings bond program.

Internal Revenue Service

Thursday, September 06, 2007

Subscribe To IRS E-News For Small Businesses

e-News for Small Businesses is a free electronic mail service designed to provide tax information for small business owners and self-employed individuals. It is distributed every Wednesday.

Internal Revenue Service

Tuesday, September 04, 2007

Bankruptcy Alternatives in the Wake of Reform

In late 2005, the Bankruptcy Abuse Prevention.........

Michigan Association of CPAs

Sunday, September 02, 2007

Michigan is in the ironic position of having no restrictions on the length of its legislative sessions while at the same time having one of the most stringent term limit restrictions in the nation. Read Legislative Term Limits and Full-Time and Part-Time Legislatures

Citizens Research Center of Michigan