- Name: Milt Baker CPA
- 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 -email@example.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes
Thursday, January 31, 2008
Wednesday, January 30, 2008
Having enough money to retire and pay for major life needs, such as healthcare and education, are top concerns of Americans facing financial pressures, according to CPA financial planners surveyed by the American Association of CPAs (AICPA)........
View the Survey Results>>
Those folks needn't pay the penalty first and then seek a refund, IRS says.
In the past, folks who failed to take a required minimum payout had to pay the 50% penalty up front, even if they had reasonable cause
Waiver of tax. The IRS can waive part or all of this tax if you can show that any shortfall in the amount of the distribution was due to reasonable error and you are taking appropriate steps to remedy the shortfall.
If you believe you qualify for this relief, attach a statement of explanation and file Form 5329 as follows:
*1. Complete lines 50 and 51 as instructed
*2. Enter "RC" and the amount you want waived in parentheses on the dotted line next to line 52 Subtract this amount from the total shortfall you figured without regard to the waiver, and enter the result on line 52
*3. Complete line 53 as instructed. You must pay the tax that is reported on line 53.
The IRS will review the information you provide and decide whether to grant your request for a waiver. If request is denied, IRS will send you a bill.
So what can you do to stem the flow of any more money out of your 401(k), 403(b) or 457 plan?................
Saturday, January 26, 2008
Wednesday, January 23, 2008
Additional Link: http://tinyurl.com/2og33l
Monday, January 21, 2008
Michigan Secretary Land promotes border, document security.
First-time applicants for a Michigan driver's license or identification card must prove that they have established a permanent legal presence in the United States, under a requirement taking effect Tuesday, Jan. 22, Secretary of State Terri Lynn Land announced today.
Michigan Secretary of State
Wednesday, January 16, 2008
Monday, January 14, 2008
For a $75.00 fee, the trade association group MIB Solutions ( http://tinyurl.com/yuohml ) will search its policyholder database, which has more than 140 million records. But in order to get this information you must provide proof that you've been appointed executor or administrator of the estate ,and you must have an original death certificate with an official seal.
Sunday, January 13, 2008
Individuals who are age 62 or older and still working are eligible to receive pension benefits from current or former employers.
The Pension Protection Act of 2006 allows, but does not require, companies to pay pension benefits to such employees.
Individuals should check with their human resources department to see what their plan allows. Most employers probably won't allow it until the IRS issues final regs, which could take months or years. Some employers might never allow it.
Details: Don't Overlook Savings Credit
Saturday, January 12, 2008
The Retirement Dictionary
Friday, January 11, 2008
Thursday, January 10, 2008
WASHINGTON — Jan. 9, 2008 - National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, focusing particular attention on the consequences of changes to the tax code enacted late in the year and the need for a coordinated IRS approach to combat the cash economy portion of the tax gap. Olson also urged Congress to enact a Taxpayer Bill of Rights and to authorize symbolic “apology payments” in egregious cases where taxpayers suffer significant harm as a result of IRS errors. The report contains a second volume that describes the results of six research studies, including one that shows that low income taxpayers fare much better in IRS Earned Income Tax Credit audits when they are represented by practitioners.............
Tuesday, January 08, 2008
Monday, January 07, 2008
WASHINGTON — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today.............
In some situations, the client, or taxpayer, may not have knowledge of the false expenses, deductions, exemptions and/or credits shown on his or her tax return..........
Internal Revenue Service
Saturday, January 05, 2008
This estimator provides an unofficial estimate and has no legal bearing on any future tax liability. The estimator is a secure, encrypted site and does not track the user’s identity and none of the data is retained............
Thursday, January 03, 2008
With millions of tax packages beginning to arrive in mailboxes this week, the Internal Revenue Service reminded taxpayers to watch for commonly overlooked tax credits and late tax law changes that could affect their tax returns.
Packages do not include credit forms
Highlights Of 2007 Tax Changes, Law Raises AMT Exemption, Filers of 5 Forms Must Wait Until Feb. 11