Protecting Your Child Against Identity Theft

Is someone using your child’s Social Security number or other personal information to commit fraud? ..........

Michigan Association of CPAs

Michigan Voter I.D. Law

Beginning with the Nov. 6, 2007 election, voters will be asked to show a photo ID - or sign a form stating that they don't have one - before receiving a ballot. The requirements are the result of a 1996 law recently determined to be enforceable by the Michigan Supreme Court...........

Michigan Secretary of State

The U.S. Supreme Court's 6-3 ruling on Monday April 28, upholding Indiana' s voter identification law should put to rest any question about the constitutionality of Michigan's identification law. Secretary of State Terri Land said

Gongwer News

CPAs Offer Advice On How To Spend Tax Refund

Many tax filers stress over completing the return on time and mailing it before incurring any penalty from the IRS, so they often do not consider all of the options available to smartly spend or save any refund. The Pennsylvania Institute of Certified Public Accountants (PICPA) offers a few suggestions that will allow you to enjoy your refund for years to come.........

AICPA OFFERS TIPS FOR TAX SAVINGS
The AICPA advises taxpayers to take advantage of the opportunities offered by the nation's tax laws to save money.........
http://tinyurl.com/4lq6pu

AccountingWeb

Michigan Supreme Court: City Doesn't Have To Clear Sidewalks

Sidewalks are part of the "highway" for purposes of determining governmental immunity, but snow accumulated on them is not a "defect", the Michigan Supreme Court said in an order announced Monday ending a lawsuit, at least against the City of Lansing, by parents of a child killed while walking on the street to avoid snow-packed sidewalks

MLive

Today Is Tax Freedom Day

Take Advantage of Tax Laws to Save Money, CPAs Tell Taxpayers

The American Institute of Certified Public Accountants advises taxpayers to take advantage of the opportunities offered......

Michigan Association of CPAs

May 1st Deadline Is Near For Michigan Dual Homeowners

Form 4640 - Conditional Rescission Of Principal Residence Exemption:

To qualify for a conditional rescission under PA 96 of 2008, Form 4640 must be submitted to the assessor of the local unit of government where the property is located

Under the Michigan Property Tax Act,only the owner-occupied residence is exempt from local school operating taxes under what is known as the Principal Residence Homestead Exemption. A person may only claim one Princpal Residence Homestead Exemption. Because of the current condition of real estate sales in Michigan, many homeowners who have moved to another residence for employment or other reasons may not have been able to sell their prior residence

PA 96 of 2008 provides tax relief to those persons unable to sell vacant homes. In addition to the owner's current principal residence, that owner can retain a "Conditional Principal Residence Exemption" for up to three years on property previously exempt as the owner's residence.

Michigan Treasury

AAA Study Shows Increase In Driving Costs

The increase in the cost of driving a passenger vehicle in the U.S. has increased by 1.9 cents per mile in the last year and now averages 54.1 cents per mile.

While the cost of some driving expenses declined since the start of 2007, higher gasoline prices have more than offset these savings and pushed the overall cost of vehicle ownership and operation costs higher this year.

In 2008, it will cost an estimated $8,121 to own and operate a new passenger car driven 15,000 miles. This compares to $7,823 in 2007, or 52.2 cents per mile.

Costs of maintenance, full-coverage insurance and depreciation are all slightly lower this year, while costs for fuel, tires, financing, license, registration and taxes showed increases.

The study calculated the average costs of all expenses associated with owning and operating a vehicle over five years and 75,000 miles of driving

The annual average cost of driving a small sedan is $6,320 per year, while a large sedan costs $9,769 per year.

Similar savings can be realized driving a minivan, instead of a large and less fuel efficient SUV

IRS Business Standard Mileage Rates: 2008: 50.5 Cents Per Mile, 2007: 48.5 Cents per mile

Fox Business

_______________________________

ENERGY LEADS THE PACK OF RISING COSTS IN THE DETROIT AREA

* Inflation rate rose 0.9% during March

* Energy costs increased 6% in March - Increased 17.5% over past year, following a decline of 1.45% during previous 12-month period

Largest contributor to energy costs was gasoline which rose 7.1% from Feb. to March

* Food & Shelter costs remained relatively tranquil in recent months

The cost of grocery food fell 1.1% during March. Over the year, prices were up just 0.4%.

Detroit News

Medical Identity Theft: Don't Be A Victim

Many people are familiar with identity theft in which con artists use another person’s personal information to..........

Michigan Association of CPAs

New Tax Shocks Michigan Business Owners

James Jenkins, a Southfield accountant. said last week that he's facing an even stiffer bump in his business taxes. from $1,000 a year under the SBT to $14,000 a year under the MBT, a 1,300% increase

What is different:
The MBT shifts some of the burden away from manufacturers and onto the fast-growing service sector, which includes insurance companies, restaurants, travel agencies, and accounting firms. The MBT relies more on a firm's profits to calculate taxes.

In addition, the MBT significantly cut the personal property tax on equipment that businesses paid under the SBT. That helped manufacturers and large commercial businesses.

Got Questions About The MBT?
Business owners with questions about the MBT can e-mail them to treasmbt@michigan.gov

Taxpayers can also get more information at: http://tinyurl.com/yobj48.............

Detroit Free Press

Tax Resolution Can Lift Heavy Back-Tax Burden

Consumers and business owners who owe the IRS are entering their most stressful time of the year. But those with serious tax problems do have multiple options for negotiating with the IRS to reduce past due tax penalties and payments.

Americans, carrying more debt than ever, are also more likely than ever to have tax problems. According to information released by the IRS in early 2006, the total of annual uncollected taxes reached close to $290 billion. According to the Internal Revenue Service, the number of levies (a key enforcement tool in which the IRS takes possession of assets to collect on unpaid taxes) reached 2.7 million during fiscal year 2005, a 35 percent increase over 2004 and more than double the number of levies in 2002............

Michigan Association of CPAs

2008 IRS 1040ES Instructions

Preprinted Vouchers:

Because you are making estimated tax payments for 2008, estimated tax payment vouchers for 2009 will be sent out to you preprinted with your name, address, and Social Security number with return envelopes and a copy of the instructions.

TIP: If you do not want to receive vouchers and envelopes, simply begin making your estimated tax payments electronically or file your return electronically.

_________

Smart Tips For Managing Your Debt

Debt is not always a bad thing. Taking out a loan can make it possible to buy a home, purchase a new car or send.........

Michigan Association of CPAs

Michigan Bits & Pieces News:

REVENUES UP SIGNIFICANTLY IN MICHIGAN
Michigan's major taxes netted nearly $1.2B in March, up a whopping 22.3% over the same month a year ago, according to the Senate Fiscal Agency

HOUSE REPUBLICANS PUSHING INCOME TAX HIKE REPEAL
A day before residents faced the deadline for their income tax returns, House Republicans held a press conference announcing that they will introduce legislation to repeal last year's income tax rate increase.

Gongwer News

"Besides, that would add just one more horse's ass on the island"
Kelley Rossman-McKinney, CEO of the Rossman Group, concluding her point that the Mayor of Detroit Kwame Kilpatrick should be invited to the Detroit Regional Chamber of Commerce Policy Conference on Mackinac Island.

MIRS News

Michigan OFIR Warns Consumers About "Credit Repair" Scams

LANSING-The Office of Financial and Insurance Regulation (OFIR) warned Michigan citizens about companies promising, for a fee, that they can clean up and fix credit reports. OFIR told consumers that these companies do nothing to improve a credit report and only cost citizens money. After consumers pay these companies hundreds or thousands of dollars in fees, most of them simply vanish...........

MI Newswire

Five Ways To Save On Energy Costs

The average American household spends $1,900 a year on energy bills, according to the government’s ENERGY STAR program. Whether you’re...

Michigan Association of CPAs

Clintons 2006 Tax Return Question?

And following along the strange twist line - if you look at the 2006 return, the amounts on line 65 ($4,642,911) seem to include the amount in some fashion from the 2005 return of $942,911 which was listed as a refund of overpayment but appears to be included in the estimated payments for 2006 ???
Submitted by David Henry CPA

Clintons 2005 Tax Reurn Question?

Line 65 (2005 estimted tax payment and amount applied from 2004 return) $5,227,968 seems to reflect that $867,968 (Line 73 - 2004) was included or some part thereof ???

Clintons 2004 Tax Return Question?

How could Line 73 (amount on Line 71 applied to your 2005 Estimated Tax) be $867,968 whereas Line 71 (Overpaid) is $826,020 ???

Michigan Governor Signs Second Package Of Bills In Reaction To The Real Estate Crisis

LANSING - April 3, 2008 - Governor Jennifer M. Granholm today signed a 13-bill package that will help protect Michigan consumers from mortgage fraud and unfair lending practices by requiring the state's estimated 20,000 mortgage loan officers to register with the state's Office of Financial Services (OFIS).

"This legislation will help us to protect consumers against unfair lending practices, mortgage fraud, and unlicensed mortgage activity," Granholm said. "Effective regulation of loan officers is critical in our effort to protect citizens from abusive lending practices by unethical individuals.".............

MI Newswire

Michigan Governor Signs Legislation To Help Citizens Threatened With Mortgage Foreclosure

LANSING – April 2, 2008 - Governor Jennifer M. Granholm today signed legislation aimed at preserving the American dream of homeownership for Michigan families in jeopardy of losing their homes to foreclosure. The governor was joined today by lenders from the Michigan Credit Union League, the Michigan Bankers Association, and sponsoring legislators from across the state for bill signings in Grand Rapids, Jackson, and Detroit.

“These new tools will help protect families from losing their homes and work to stabilize Michigan’s housing market,” Granholm said. “I applaud the leadership of our legislators and our many partners in the lending community, including bankers, credit union lenders, and mortgage lenders, for making these tools a reality.”..........

MI Newswire

Determine The Health Of Your Pension

We are often asked the same urgent question: How can I determine whether my pension plan is in trouble?

So we developed this system to evaluate the financial health of many of the nation’s largest private pension plans – and hopefully yours.........

Know Your Pension.org

Summary Of Law Changes 2007-2011

Learn how federal tax law changes could impact your return in upcoming tax years.

Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years or are indexed to inflation. To help you determine how these tax laws affect your long-term plans, this article explains the changes that come into effect through 2011..........

Kiplinger -Turbo Tax