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From the category archives:

Tax

First-Time Homebuyer Program Rife With Fraud, Four-Year-Olds File For Credit

October 25, 2009

I have been asked numerous times whether congress will vote to extend the home buyers credit. It is situations like this that help to make the point that the more people try to game the system, the more difficult the IRS is to deal with.
Government investigators revealed today that fraud is rampant in the First-Time [...]

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Why doesn’t this happen to our clients?

September 2, 2009

A Denver-area house cleaner could hardly believe her eyes when she opened up the mail. She was expecting to pay the Internal Revenue Service, but instead she received a refund check for more than $100,000.
Laura Schultz readily admits she’s not a wealthy woman. Her job with Sunshine Maids does not put her in the category [...]

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Politicians don’t seem to understand this….

August 30, 2009

Taxes are meant to raise revenue, not micromanage a complex economy. Tax policy should not add unnecessary and discriminatory market distortions. In general, political efforts to manipulate the economy make markets less efficient by influencing consumers, retailers, and manufacturers to consume, sell, and produce more or less of a product than they otherwise would. While [...]

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I don’t think this will affect any of our clients

August 28, 2009

The Swiss banking giant UBS has agreed to turn over the names of 4,450 American clients suspected of tax evasion in the US. Switzerland has always had strong bank secrecy laws and has therefore been an attractive option for individuals seeking to hide income. According to the IRS the 4,450 accounts held over $18 billion [...]

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I thought we were trying to stimulate the economy?

August 28, 2009

Low inflation has made food and gas more affordable during the recession, but there’s a downside: Social Security beneficiaries probably won’t get a raise next year, and the IRS may reduce the amount workers can contribute to their 401(k) plans.
Click Here to see the article in it’s natural habitat

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So…what exactly are “Qualified pet expenses”

August 23, 2009

Rep. Thaddeus McCotter (R-MI) has introduced H.R. 3501, the “Humanity and Pets Partnered Through the Years” (HAPPY) Act, which would allow taxpayers to deduct up to $3,500 per year in pet expenses from their federal taxes.
Ruh ro! As an organization that put a sad-looking puppy on its newsletter recently, we can’t very well criticize policy [...]

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Watch Obama’s inauguration here….

January 19, 2009

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“You don’t even know what a ‘write-off’ is”

December 6, 2008

Many people are upset that the mileage rate (from the IRS) has decreased. The mileage rate decreased because fuel costs have decreased.
(All of you conspiracy theorists might want to note that the same thing happened last year at this time too. Hmmm, just in time for us to drive around and do Christmas [...]

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IRS Announces 2009 Standard Mileage Rates

November 29, 2008

IRS Announces 2009 Standard Mileage Rates
IR-2008-131, Nov. 24, 2008
WASHINGTON — The Internal Revenue Service today issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, [...]

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Bartering — is it worth the trouble

October 20, 2008

Recently Beth posted the following question on the FAQ’s page:

Hi Jim,
I have belonged to a bartering organization for some time. The fees are being raised, and since my business is growing, I am rethinking my need for a bartering group. Jim, can you tell me the pros and cons on taxes for bartering? I always [...]

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“Accounting Today” thinks Padgett is very influencial

October 16, 2008

This is from a Padgett press release:
Accounting Today has named Padgett President Roger Harris to
its “2008 Top 100 Most Influential People in Accounting”
list.

This year’s list, entitled “New Frontiers”,
focuses on the abounding changes in the accounting industry and
details how the individuals featured in the Top 100 are impacting and
advancing the field. The list includes [...]

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Independent Contractor vs. Employee

September 25, 2008

Great article from the IRS site on “Independent Contractor vs. Employee”. This is always a difficult issue for Business Owners and many times the determination is skewed by an emotional Business Owner who desperately wants to avoid payroll taxes.
The IRS doesn’t have a clear set of yes/no questions for this. No flow chart [...]

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No Comment

August 17, 2008

A trucking and earthwork business operator has been accused of allegedly threatening to shoot two Internal Revenue Service officers.
Click Here to see the article in it’s natural habitat

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What Happens When You Tax the Rich? Evidence from Executive Compensation

August 11, 2008

Huh?
This paper reexamines the responsiveness of taxable income to changes in in marginal tax rates using detailed compensation data on several thousand corporate executives from 1991 to 1995. The data confirm that the higher marginal rates of 1993 led to a significant decline in taxable income. This small group of executives can account for as [...]

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Who’s the “weenie” here?

August 11, 2008

This article says it all. But, I think it is funny (and Embarrassing for Congress) that Congress is blaming the IRS. The IRS has no choice but to enforce the laws that Congress passes. I don’t think that there is a person in the IRS that actually thinks the antiquated regulations regarding [...]

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