Appeals Court Says Reform Michigan Measure Can't Go On Ballot

LANSING -- August 20 -- The Michigan Court of Appeals said Wednesday that a broad proposal to change the size and makeup of the courts and the Legislature shouldn't be allowed on the November ballot.

The court said the Reform Michigan Government Now ballot measure is "of a reach and expanse never before seen" in Michigan constitutional initiatives..........

MiLive

Choices For Financing Your New Business

You’ve decided to take the plunge. You have a great idea for a new product or service and you’re going to turn it into a winning business. Or maybe you’ve seen a “For.........

Michigan Association Of CPAs

Before They Leave For College, Talk To Your Children

If you have children getting ready to head off to college, there’s one
subject you shouldn’t leave to their professors to cover.

Money.

The American Institute of Certified Public Accountants recommends that you have this all-important discussion before you and your dorm-bound kids walk out the door..........

AICPA

Outline Of The Michigan Tax System

This outline is designed to be a ready reference to the 52 taxes levied by state and local government in Michigan. It contains information on each of the 34 state and 18 local taxes as of December 31, 2007, including:

A description of each of the 52 state and local taxes and historical collections from major taxes.

A summary of major tax law enacted by the state Legislature between January 1, 2006 and June 30, 2008.

A table of tax collections for years 2004-2007.

Citizens Research Council Of Michigan (CRC)

Michigan Political Report

Public dislikes tax hikes, spending cuts

Now that the 2009 state budget has been signed into law two months ahead of last year's pace, there won't be a government shutdown this year.

That doesn't mean voters are happy. About 87 percent of those polled in a recent survey sponsored by Detroit Renaissance say Lansing has done a fair or poor job balancing the state's budget and setting spending priorities............

MiLive

Full Time Legislature? Not This Summer In Michigan

Sunday August 17, 2008, 10:36 AM

LANSING, Mich. -- Michigan's full-time legislature rarely meets in summer, especially in an election year, but that hasn't stopped political games from being played over whether lawmakers should be in session.

House Republicans held a news conference last week to ask Democrats who control the chamber to immediately return to session and address the state's high unemployment and home foreclosure rates -- issues that have been around for far longer than this summer.

The GOP props included a picture of the Capitol with a "gone fishing" sign slapped across it. Later, the Michigan Republican Party sent out news releases complaining that a handful of House Democrats in districts the GOP hopes to win this fall have "worked only one day this summer" while costing taxpayers $13,000 each...........

MiLive

OFFSETTING CAPITAL GAINS

The usual advice is to take losses if you've got capital gains for the year. But that general rule may not make sense for everyone.

In some situations it may make more sense to avoid recognizing losses in the current year.

That's particularly true in 2008, 2009, and 2010 since capital gains tax rates will be zero for taxpayers in the 10 and 15% brackets.

Even if your gains will be taxed at 15%, itemized deductions, exemptions and credits could bring your tax to a small amount.

Automatically taking unrecognized losses to offset gains may not make sense.

Of course, you've got to look at the investments. If you think the investment will only head lower, you should sell regardless of the tax consequences.

A/N Group Inc.

Michigan Republicans, Dems Choose Sides As Reform Ballot Issue Awaits Tuesday Court Hearing

Saturday August 16, 2008, 5:38 AM

LANSING -- The fate of a politically popular sweeping change proposed for Michigan's constitution could be decided in court before it reaches the November ballot...........

MiLive

Michigan.Gov.: Are You Registered To Vote?

Please use one of the two options to find your information.........

Michigan Government

IRS Offers News For Small Businesses

Washington, D.C. (Aug. 14, 2008) By WebCPA staff

The Internal Revenue Service has introduced a free e-mail service to provide tax information to small business owners and the self-employed.

The IRS's e-News for Small Businesses newsletter will be distributed every other Wednesday. It provides information about important upcoming tax dates for small businesses and small enterprises................

OPR List Of IRB Disciplinary Actions

This Internal Revenue Bulletin (IRB) List provides the announcement issue numbers, dates, and page numbers of the disbarments, suspensions, resignations, and censure taken against attorneys, certified public accountants, enrolled agents, and enrolled actuaries who practice before the Internal Revenue Service since 1998...........

Internal Revenue Service

Michigan Election Official: RMGN Ballot Proposal Can Be Summarized

LANSING — August 13 -- Supporters and opponents of a constitutional amendment to reshape state government clashed before an elections board Tuesday over whether the measure can be explained to voters in 100 words.

A lawyer for Reform Michigan Government Now (RMGN), which wants to put the sweeping proposal to a statewide vote in November, read a draft summary within the 100-word limit and said there is no requirement that every detail be included in the explanation read by voters at the polls...............

MiLive

Draft Of 2008 Stimulus Credit Worksheet

New Line On The 1040 Will Spark Confusion Among Many Filers Next Year

It involves the 2008 tax rebate...payments folks received of up to $1,200 for couples and $600 for singles, plus $300 for each dependent child under age 17. Low-income S.S. beneficiaries and others were eligible for a $300 check.

The line is only for filers who now deserve more than what they received. The rebates were based on recipients' 2007 tax data and didn't reflect events in 2008 that could boost the amount such as a newborn baby, a drop in income for filers who made too much to get a full rebate and a person who is no longer a dependent.

But filers must use a complex 29-line worksheet to figure the right amount of the credit. Technically, folks will claim any extra rebate as a 2008 tax credit. And they'll have to scour their records for the IRS notice that explains their rebate. All this is bound to cause headaches in 2009 for taxpayers and preparers.

Kiplinger/Fairmark Press

Court Ruling: Insurance Company - Demutualization - Cost Basis

When mutual insurance companies (where policy owners are the owners of the companies) first began to demutualze (change to companies owned by stockholders who may not be policy owners), the IRS held that a shareholder's basis in the stock received for his ownership interest was zero.

Thus, if you held such shares and sold them for, say $300, the entire amount would be long-term capital gain.

In a recent Court of Federal Claims case (Eugene A. Fisher, et al) the Court applied the open transaction doctrine, finding the value of the ownership rights was not discernible and the amount received by the taxpayer being less than its cost basis in the insurance policy as a whole, the Court found the taxpayer did not realize any income from the sale.

Basically, under this approach no income is recognized until the proceeds from the stock sales exceed the taxpayer's basis in the insurance policy.

Note, many taxpayers are likely to be affected by this ruling.More than likely the IRS will announce that it will not agree with the decision or will abide by it and issue a procedure for claiming a refund.Some taxpayers approaching the deadline for filing a claim may wish to do so.

A/N Group Inc.

Tax Ruling May Trigger Refund Claims

A federal court decision could pave the way for a surge in tax-refund claims by holders of insurance policies who sold shares in insurance companies that went public.

The ruling also could benefit people who still hold shares.

The issue stems from the wave of mutually owned insurance companies that have converted to publicly traded companies, many in the last decade. They include giants such as MetLife Inc. and Prudential Financial Inc., which made the switch in 2000 and 2001, respectively. As part of that process, the companies go from being owned by their policyholders to being owned by stockholders. People who hold policies at the time also can receive shares in the newly public company........

Insurance Headlines - Wall Street Journal

STATE OF MICHIGAN SAYS NO AUTHORITY TO STOP R.M.G.N., BUT COX ALSO SAYS PROPOSAL NOT VALID

Processing an initiative petition to amend the Constitution is essentially a ministerial duty that does not include having the state review a proposed amendment to see if it is constitutional, the state said in its reply to the lawsuit attempting to stop placement of the Reform Michigan Government Now (RMGN)! proposal on the November ballot.

But in a separate amicus brief, Attorney General Mike Cox said he did not think the proposal met constitutional form defining an amendment.

Gongwer News Service

RMGN Web Site: http://tinyurl.com/6qxjw7

PGA Championship, Hole By Hole

BLOOMFIELD TOWNSHIP, Mich. (AP) August 2 — A hole-by-hole look at the South Course at Oakland Hills, Michigan - site of the 90th PGA Championship to be played Aug. 7-10........

MiLive

SBA Low-Interest Business Loans Offered To Veterans

The Small Business Administration (SBA) is offering veterans and their spouses low-interest small-business loans. The new Patriot Express loan is available through SBAs network of participating lenders nationwide.

Eligible veterans can obtain loans up to $500,000 and use them for most business purposes, according to SBA. Interest rates are generally 2.25% to 4.75% over prime, depending on the size and maturity of the loan. Local SBA district offices have listings of Patriot Express lenders in their areas........

VFW Magazine

Reform Michigan Government Now (RMGN)

RMGN PETITIONS LOOKING GOOD

A well-placed source says the roughly 60,000 petitions the Reform Michigan Government Now (RMGN) group handed in to the Secretary of State with more than 490,000 signatures looks "comparatively clean".

Opponents of the Reform Michigan Government Now (RMGN) petition drive have argued the Constitutional amendment will never get to the ballot because condensing the nine-page document into a 100-word description for the ballot, as required by state law, will be virtually impossible.

MIRS