Property Tax Bills To Fuel Appeals Across Metro Detroit

Officials across region extend hearing schedules, expecting a wave of challenges to assessments.

Communities across Metro Detroit are bracing for a flood of property tax appeals from homeowners, and some residents haven't even received this year's assessments........

Detroit News.

After A Layoff. Carefully Pick What To Cash Out First

Unless you got fired for driving your boss's car into a lake, there's nothing funny about losing your job. And unfortunately, 3.6 million people — more than the population of Chicago — have lost their jobs since the recession began in December 2007.

If you're suddenly unemployed, you have a number of unpleasant choices to make. Can you keep your car? Your house? If so, for how long?........

John Waggoner USA

Support Greg Baker in his Pursuit of a Seat on President Obama’s Stimulus Review Board!

The $787 billion stimulus package has been signed into law. Now President Obama must choose who will monitor how this money is spent. Many people are frustrated with the lack of accountability which was demonstrated by the government regarding the first “bailout package”.

Now Obama has disclosed his vision of a “stimulus review board” which will include professionals from the private sector.

Logicalis is proud to support CFO, Greg Baker, for a seat on this very important committee.The combination of Mr. Baker’s skills and experience with Logicalis’ innovative cost-cutting solutions make him an excellent choice.

How Can You Show Your Support for Greg Baker?By filling out the petition at www.us.logicalis.com/obama, you can voice your support for Mr. Baker’s pursuit of a seat on the Stimulus Review Board.

All petitions will be sent directly to President Obama’s economic advising team.Thank You for the Support!

Follow us on Twitter: logicalisJoin the Logicalis Facebook page

Note: Greg Baker Is the nephew of Milt Baker CPA Editor of CPASense

Client Perceptions

One unfortunate misperception among a certain group of taxpayers is that the return preparer who "gets them" a big refund must be smart, and those who tell them that tax is owed or a smaller refund are below par.

An essential part of the strategy requires client communication. The tax preparer should educate clients about the benefits of lowering withholding and estimated tax by showing them how they overpaid in 2008 and then have them proactively make the choice between a big refund later ( a government free loan) and more cash over the course of this year's economic uncertainty.

American Recovery & Reinvestment Act Of 2009 - Spending Recap

Appropriations Provisions: That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2009, and for other purposes, namely:..........

CaseyResearch.com

Michigan Tax Scofflaws May Be Exposed

LANSING , MI.-- The state is considering a new weapon against tax deadbeats: a public list intended to humiliate -- and motivate -- companies and individuals who are at least $100,000 behind in state taxes.

The "cybershaming" of the worst tax scofflaws by prominently listing their names, addresses and tax debts on a state Web site could embarrass them into paying their debt, advocates believe. The list, if published today, would have 350 names............

The Detroit News

IRS New Withholding Tables Now Available

WASHINGTON ―Feb. 21, 2009 -- The Internal Revenue Service today released new withholding tables that will result in more take-home pay this spring for millions of American workers.

The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier this week.

“For most taxpayers, the additional credit will automatically start showing up in their paychecks this spring,” said IRS Commissioner Doug Shulman. “Since employers and payroll companies will handle this change, people typically won’t need to take any additional action. The IRS will continue working to implement this and other provisions of the new law as quickly as possible........

Internal Revenue Service

Borrowing From A Qualified Plan

In times of economic contraction, retirement plan participants often look to their plan as a source of loans to help them through cash flow difficulties. This is especially so for the many taxpayers that have a large part of their savings tied up in retirement plans. If done properly, such loans can be made without adverse tax consequences, so long as they are repaid in a timely manner. Such loans will not be treated as a taxable distribution from the plan.......

Rubin On Tax

Reasons For Audits

If you are among the thousands of Americans audited every year by the IRS, you might wonder what the specific reasons are for the audit and what alerted the IRS to audit you.

The IRS computer system determines most of the audits. It compares the details on the tax return that you file with the details it already has from the W-2 and 1099 form. These numbers need to match. If not, you will probably receive an IRS notice for audit. This commences the correspondence audit.

Factors including low or no business profit, low gross profit margin, high travel and entertainment deductions, high use of cars in the business, and high car expenses are also looked into by the computer system. The elements might mark you for an audit.

You might be subject to additional investigation based on: ...........

IRS Problem Solver