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

Saturday, May 31, 2008

Reporting Violations Of The Tax Law, Making Reward Claims

Can I turn in the tax shelter promoter to receive a reward under the Tax Whisleblower Reward Program.
The answer is a resounding "YES!"

“Since Congress enacted new procedures increasing award amounts last year, informants have come forward with information on alleged tax noncompliance amounting to tens of millions of dollars, and in some cases hundreds of millions of dollars,” said Stephen Whitlock, Director of the Internal Revenue Service Whistleblower Office..........

Charitable Contributions - Substantiation And Disclosure

IRS Publication 1771 (3-08) explains the federal tax law for organizations such as charities and churches that receive tax-deductible charitable contributions and for taxpayers who make contributions.
There are recordkeeping and substantiation rules imposed on donors of charitable contributions and disclosure rules imposed on charities that receive certain quid pro quo contributions..........

Internal Revenue Service

Thursday, May 29, 2008

High School Grads: Beware Of Financial Aid Scams

Congratulations to high school seniors who are graduating and taking the next step in their lives. High school graduates who are continuing their education are in the process of looking for financial aid. Unfortunately, it is also the time of year where scam artists who prey on high school grads looking for financial aid come out of the woodwork.........

The Detroit Free Press

Where's My Stimulus Payment

Specific Information about your Stimulus Payment will not be available until about one week before the payment is scheduled to be issued.

Please enter your Social Security Number, your Filing Status and the total Number of Exemptions as shown on your 2007 tax return.
*See our Privacy Notice regarding our request for your personal information.

Internal Revenue Service

Michigan Residents: Sign Up For A Chance At Free Tuition

The Michigan Education Trust(MET), the nation's first guaranteed tuition program, is reminding Michigan adults that they can enter to win one semester of free tuition for a student in their life. Michigan residents, 18 years of age and older, can enter to win a one semester MET Full Benefits contract through August 31, 2008. It's as easy as logging onto MET's web site at MET will announce the winner of the random drawing during College Savings Month in September.........

Michigan Treasury

Wednesday, May 28, 2008

Donating A Car To Charity

If a tax deduction is an important consideration for you when donating a vehicle
to a charity, you should check out the charity; check the value of your vehicle; and see what your responsibilities are as a donor.
Through this Publication 4303 (Rev. 3-08),the Internal Revenue Service (IRS) and state charity officials provide general guidelines for individuals who donate their vehicles.........

Thursday, May 22, 2008

Tax Savings Of Owning A Home

How much will my taxes go down when I buy that house? CPAs often get that question from first-time homebuyers. As always, there's no quick rule of thumb. If you live on Long Island real estate taxes for a modest home could be $7,000 a year; in many areas of Massachusetts for a similar home they could be $3,500. But chances are the biggest deduction will be mortgage interest. In fact, for many married taxpayers if their home is paid off or they're paying cash for a property, they may not have enough in deductions to itemize...........

A/N Group Inc.

Wednesday, May 21, 2008

SSA Adds Retirement Estimator

The Social Security Administration (SSA) announced May 12 that it intends to add a new calculator to its suite of online Benefits Calculators. The Retirement Estimator, will allow individuals to estimate potential retirement benefits in real time, based partly on their SSA-maintained records and partly on user-entered information. In addition to estimates of benefits at specific points in an individual's life, such as full retirement age, the calculator will permit users to perform a number of "what if" scenarios based on information they provide regarding future earnings and hypothetical retirement dates. The Retirement Estimator joins a lineup of four other Benefits Calculators on the SSA's Web site (Quick, Online, Windfall Elimination, and Detailed calculators).

The suite of SSA Benefit Calculators is available here.

Hewitt Associates LLC

Taxpayers' Errors Blamed In Overdue Rebates

Most of the income-tax filers who claim their rebates are overdue have only themselves to blame, experts say.......


Monday, May 19, 2008

Teaching Children Money Smarts

Do your children understand the value of a dollar? Learning how to manage money early is a lesson that will be essential throughout.........

Michigan Association of CPAs

Tuesday, May 13, 2008

New Web Cams Provide International Bridge Travel Conditions

May 9, 2008 - - Travelers can now make International Bridge crossing plans with up-to-the-minute views of the bridge traffic and weather, courtesy of new International Bridge Administration (IBA) Web cameras aimed at both the U.S. and Canadian ends of the bridge - Sault Ste. Marie Michigan........
Scroll down to Crossing Information

Michigan Dept. of Transportation (MDOT)


Michigan Senate Republicans have announced that four hearings will be held around the state to gather input on the impact of the Michigan Business Tax (MBT) and suggestions for improvement. Three hearings remain:

Thursday, May 15 at 3pm Oakland University , Elliott Hall Room 242, Rochester

Friday, May 16 at 1:30pm Saginaw Valley University Center

Monday, May 19 at 3pm in Traverse City.

More specific information will be posted as it is made available.

Monday, May 12, 2008

Planning An Affordable Family Vacation

With the end of the school year fast approaching, many families are beginning to plan their summer vacations. Travel expenses can take...........

Michigan Association of CPAs

Tuesday, May 06, 2008

How To Avoid Scams When Searching For Scholarships

Tuition and fees can add up to well over $30,000 at some universities. Many parents hope their children can secure a scholarship so...........

Michigan Association of CPAs

Sunday, May 04, 2008

The Three Big 401(k) Pitfalls

Most of us lead busy lives that leave little time to review investments regularly. For 401(k) investors this means losing track of investments. Uncertainty about the investments often leads investors to do nothing. Inaction leads to poor performance either through investment losses or the opportunity cost of remaining in laggard investments.

Let’s discuss some of the common pitfalls 401(k) investors face...........

Michigan Association of CPAs

Friday, May 02, 2008

Proposal Would Limit Increases In Credit Card Fees, rates

In a far-reaching effort to rein in abusive credit card practices, federal regulators have proposed restricting the ability of card issuers to sharply raise interest rates and fees.
The proposal, released Thursday by the Office of Thrift Supervision and the National Credit Union Administration, would:............

USA Today

Thursday, May 01, 2008

Michigan Business Tax "Actively Solicits" Act Defined

In view of the Franken Case

RAB 07-6
Under the Michigan Business Tax ("MBT"), a taxpayer, other than an insurance company under MCL 208.1235 et seq., has nexus with the State of Michigan and is subject to the MBT if "the taxpayer has a physical presence in this state for a period of more than 1 day during the tax year or if the taxpayer actively solicits sales in this state and has gross receipts of $350,000 or more sourced to this state." MCL 208.1200

(1). In other words, there are two nexus standards under the MBT.

First, a person may have nexus with the state if that person has physical presence in the state for more than one day during the tax year.

Alternatively, a person may have nexus with the state if the person actively solicits sales in this state and has Michigan gross receipts of $350,000 or more............

State of Michigan