I will be on vacation from Saturday, June 28 until Tuesday, July 22. Thank You.

HOW ARE CHEATS ABLE TO CHARGE CALLS TO MY PHONE

First they call you, often posing as service technicians "testing" your phone line, or as police officers or emergency room workers. Depending on your service, they'll ask you to dial *72, 72# or 90#, which activates your call-forwarding function, and then a phone number.
Scammers can then make long-distance calls from that number and bill them to you.
This ruse, doable on landlines or cellphones, "surrenders" your phone number to the scammers until you deactivate call forwarding, usually by dialing *73.

AARP Bulletin

IRS Reminds Taxpayers To Report Certain Foreign Bank / Financial Accounts By June 30

WASHINGTON –– June 17, 2008 - The Internal Revenue Service today reminded U.S. persons who have bank and other financial accounts in a foreign country that they may be required to report those accounts to the U.S. Department of Treasury by the June 30 deadline.

With globalization, more people in the U.S. have foreign financial accounts. There is nothing improper about setting up or maintaining such accounts. Still, IRS officials are concerned that U.S. persons may overlook that their accounts are large enough to trigger reporting obligations.............

Form: http://www.irs.gov/pub/irs-pdf/f90221.pdf

Incorporation Bill Introduced In Congress

Introduced By Senators Levin, Coleman, and Obama

"To ensure that persons who form corporations in the United States disclose
the beneficial owners of those corporations, in order to prevent wrongdoers
from exploiting United States corporations for criminal gain, to
assist law enforcement in detecting, preventing, and punishing terrorism,
money laundering, and other misconduct involving United States corporations,
and for other purposes"..................

IRS Increases Mileage Rates Through Dec. 31, 2008

WASHINGTON — June 23, 2008 - The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.........

Internal Revenue Service

Q. I chose direct deposit for my 2007 tax refund but also requested a refund anticipation loan (RAL) from my preparer. How does that affect my stimulus payment?

A. Taxpayers who use Refund Anticipation Loans (RALs) or enter into any other loans or financial agreements with a tax professional, such as agreeing to have return preparation fees deducted from their refunds, cannot receive their stimulus payments by direct deposit and instead will get paper checks based on the paper check distribution schedule.

Internal Revenue Service Q & A

Blended Annual Rates For Demand Loans

(Current through December 2008)
Under section 7872 of the Internal Revenue Code, there is interest imputed to "below market loans" between family members, employers and employees, corporations and shareholders, and in other situations. For a loan payable on demand, the short-term applicable federal rate would apply for the purpose of calculating any foregone interest, and because that rate can change monthly, the calculation of interest would have to be month-by-month, with monthly compounding of accrued interest.........

Daniel B. Evans, Attorney At Law

Interest On Underpayments & Overpayments Of Federal Taxes

(Current through September 2008)
Interest on underpayments of federal tax must accrue interest, compounded daily, at rates published quarterly by the Internal Revenue Service in accordance with section 6621 of the Internal Revenue Code. (See Rev. Proc. 95-17, 1995-1 C.B. 556, for rules on how to calculate compounded interest.)

The rates for the last twelve calendar quarters are as follows:..............

Daniel B. Evans, Attorney At Law

Applicable Federal Rates For 2008

(Current through July 2008)
These are some of the rates published each month by the Internal Revenue Service in accordance with section 1274(d) of the Internal Revenue Code..........

Daniel B. Evans, Attorney At Law

Choosing A Business Structure

Of all the choices you make when starting a business, one of the most important is the type of legal organization you select for your company. This decision can affect how much you pay in taxes, the amount of paperwork your business is required to do, the personal liability you face and your ability to borrow money. Business formation is controlled by the law of the state where your business is organized.

This fact sheet provides a quick look at the differences between the most common forms of business entities...........

Internal Revenue Service

IRS Launches Summer Push To Reach Retirees & Disabled Vets Who Have Yet To File For Economic Stimulus Payments

WASHINGTON — June 19, 2008 - The Internal Revenue Service today announced a new summer campaign to reach those retirees and disabled veterans who qualify for the economic stimulus payment but have not filed to claim it. New statistics released today indicate about 74 percent in this group are accounted for in the stimulus payments currently being sent, leaving about 5.2 million potential recipients remaining...........

Business Provisions - Economic Stimulus Act

The Economic Stimulus Act of 2008 contains two provisions that provide tax benefits for businesses.

The first provision increases the limit up to which a business can expense property purchased and placed in service during its 2008 tax year.

The second provision provides an additional 50 percent special depreciation allowance for property acquired and placed in service during calendar year 2008.........

Internal Revenue Service

Minimum Wage To Increase

The Federal minimum wage increases to $6.55 an hour on July 24, 2008. The U.S Department of Labor has an interactive site that lists the minimum wage, planned increases and the hours threshold for premium pay for all states.

IRS Pub 4681: Cancelled Debts, Foreclosures, Repossessions, Abandonments For Individuals

It's not only a rewrite of the cancelled debt portion of the bankruptcy publication, but it clarifies a lot.

It's long, well written and very detailed.

Information is grouped for target audiences.

Internal Revenue Service

Michigan Enacts CPA Mobility Act

After more than a year of hard work and cooperation by many, Michigan became the 24th state to enact CPA Mobility provisions on Wednesday, June 11, when Governor Jennifer Granholm signed House Bill (HB 5936).

Enter 5936 in Bill Number Box

Michigan Association of CPAs

Supply Of Hybrids Run Out Of Gas, As Demand Soars

Even as car buyers stampede for vehicles with better fuel mileage, there are fewer hybrids, the gas-stingiest, to go around.

While sales of conventional small cars soared last month, sales of the most popular gas-electric hybrids were flat or down because dealers had fewer left. There was plenty of demand, but hybrid assembly plants are running as fast as they can, and some are short of components, particularly batteries..........

USA Today

SBA Offers Economic Stimulus Tax Info For Small Business

The Small Business Administration has created an online tax savings resource center to help small businesses understand the benefits of the economic stimulus package.

The resource center includes a fact sheet outlining various tax benefits for small businesses.........

WebCPA News

The Buy-Versus-Lease Dilemma

It's an age-old adage that entrepreneurs have been asking themselves for years: Should I rent it or buy it? Add to the mix today's tenuous economy and many small business owners are asking themselves that question more frequently and with added trepidation. In trying to answer this nagging question, some argue that there are a number of variables to consider. It's a subjective choice that is usually made on these factors: Business philosophy; financial obligations and growth.,,,,,,,,

NFIB

Calculator: http://www.lease-vs-buy.com

CPAs Offer Advice For Cutting Fuel Costs

Now that the average cost of a gallon of gas is hovering around $4, are you thinking about buying a more fuel-efficient vehicle? The American Institute of Certified Public Accountants advises that you consider all the costs involved in trading in the old for the new..........

Michigan Graduation Rates Slightly Behind Nation

Michigan's overall graduation is virtually the same as the national rate, but it shows some significant gaps among some ethnic groups, according to a report released this week by the Editorial Projects in Education Research Center.......

Includes map of all states with congressional districts.

Education Research Cenrer

IRS Adds Functions To Online Payment Agreement Application

WASHINGTON - June 6, 2008 - The Internal Revenue Service today introduced several new features to the interactive Online Payment Agreement application , which will make it easier for taxpayers and their authorized representatives to make changes to existing installment agreements.

The system will now permit:............

Michigan House Speaker Recall Bid Denied

Michigan Secretary of state nullifies 7,789 signatures, leaving petitions short of number to proceed against Dillon.

Gary Heinlein / Detroit News Lansing Bureau
LANSING MI -- Petitions for the recall of House Speaker Andy Dillon don't contain enough valid signatures to get the proposal on the Aug. 5 primary election ballot, Secretary of State Terri Lynn Land ruled Thursday...........

Formulas For Analyzing Vehicle Mileage

With the price of gas up some 30% in a year and little hope that prices will drop significantly in the near future, many individuals and businesses are looking to replace gas guzzlers to save money. But how much will you save? The amount depends on three factors--gas mileage of the old and new vehicles, the number of miles driven during the year, and the price of gas (or diesel). We've worked up two formulas that you can use to quickly compute the savings. Putting the formula in a spreadsheet will not only make the computations easier, you can analyze more vehicles and/or use different assumptions for fuel costs, miles driven, etc.........

A/N Group, Inc.

Where's Tax Refund Check?

As of last week, the Treasury Department had sent out about 57 million stimulus payments -- by paper check and direct deposit -- totaling about $50 billion. And so far, the Internal Revenue Service has answered 99.99 million phone calls about missing checks, direct deposits that didn't show up on time and smaller-than-expected rebates........

Detroit Free Press

Michigan Ranks Among Best In Health Care For Children

Michigan has one of the best health care systems for children, according to a recent nationwide study. The Commonwealth Fund Report, titled U.S. Variations in Child Health System Performance: A State Scorecard, examines state-by-state information and evaluates how the health system is performing for children.........

Mi Newswire

Michigan's Structural Deficit Will Continue To Grow

The Citizens Research Council of Michigan projects that Michigan's budget challenge will continue to grow through Fiscal Year 2017 (FY17) because virtually every area of the State budget faces spending pressure increases that outpace projected revenue growth. This "structural deficit" will persist even as the economy improves........

Michigan's Carpool Lots Are Free To Users

June 2, 2008 -- Michigan's 231 carpool parking lots are free to users, advises the Michigan Department of Transportation (MDOT). The department maintains these lots located throughout the state, with approximately 8,550 parking spaces available for motorists........

MiNewswire

Look Before Making A Relocation Leap

Consumer confidence has been plummeting, and concern about jobs has been a significant factor.

With a fear that jobs are harder to come by, you may be tempted to pick up stakes and relocate at the first offer you encounter. But experts say that it doesn't always make sense to move for just any job..........

MarketWatch

National Registry Of Unclaimed Retirement Benefits

What Is The National Registry?

The National Registry is a nationwide, secure database listing of retirement plan account balances that have been left unclaimed. This website is designed to help match employers with abandoned or forgotten employee retirement account balances with the former employees who they rightfully belong to..........

Fast...Free...Safe...and Easy!

National Association Of Tax Professionals Video

Scroll down to: NATP's Cindy Hockenberry Answers Tax Questions on TV360

State Governments Working Together To Safeguard And Return Your Lost Funds

**Officially endorsed by NAUPA and the participating states.
**Searches are free of charge.
**Data is refreshed monthly.
**A single, easy to use website to search nationally for your missing money.

MissingMoney.com

Hybrid Vehicles - U.S. Government Web Site

Find and compare.........

fueleconomy.gov

The law forbids taxpayers from buying a new hybrid vehicle with the intention of reselling the car or giving it as a gift. The law requires taxpayers to recapture their hybrid tax credit if they resell or gift their hybrid car or truck.

Employment Taxes For Household Employees

Household employees include housekeepers, maids, baby-sitters, gardeners, and others who work in or around your private residence as your employees. Repairmen, plumbers, contractors, and other business people who work for you as independent contractors, are not your employees. Household workers are your employees if you can control not only the work they do but how they do it...........

Internal Revenue Service