How are you cutting back in our Economy? October 28, 2008

Which way are you going

So, its a few days before the election. Our economy has tanked. Paychecks have tanked. Pensions have tanked. Confidence has tanked.

In our society where the paychecks are no longer guaranteed and pink slips are the new “in” thing, How are you making changes in your spending? We want to hear from you below. What tips are you using in your family to conserve your income?

Worried about your money and what will happen when you die? This is a must read. October 28, 2008

 

Our friend, Jim Keys, attorney in West Chester, Ohio has written a must-read if you are concerned about what will happen to your assets when you die. This will open your eyes to some strong possibilities.  Read below.

Click here to read it.

 

 

 

 

 

 

 

Time to File Extensions Changing Again. October 7, 2008

The Internal Revenue Service has a proposed regulation that will change the extension time for Partnerships, Corporations and Fudiciary Returns from Six Months to Five Months. It makes sense though. Think about it. If you corporate return is on extension till September 15 yet August 15 is the individual extension deadline then what?

This will be in effect for returns due January 1, 2009.

If you like leisure reading of IRS regulations, here is this one.

Fed to fund short term loans? Chime in Your Thoughts October 7, 2008

So in a major move, the feds decided to buy the debt in a move to help stimulate the credit crunch.You have to read the press release of the plan here but here below is the article in UsaToday. Here is an excerpt below..

The Federal Reserve announced Tuesday a radical plan to buy short-term debt in an effort to break through the credit clog that threatens the economy.

The Federal Reserve, invoking Depression-era power under “unusual and exigent circumstances,” will buy commercial paper, a short-term I.O.U. that companies issue to finance day-to-day operations, such as purchasing supplies or making payrolls.

The $99.4 billion daily market for this crucial short-term financing has virtually dried up. Most investors have become too jittery to buy commercial paper for longer than a couple days.

QuickBooks Training October 7, 2008

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Is this Crisis Really New? October 7, 2008

We wouldn’t be doing our job if we couldn’t report some articles that are meant to give you a balanced view of what we are going through. The sky is falling right? Well read this article.

Dennis Walsh, President and CEO of Money Concepts, wrote this.

Let’s look at a timeline of a crisis:

·         In 1938, the Federal National Mortgage Association (Fannie Mae) was formed as a government agency designed to fill some gaps in mortgage lending left by the wave of bank defaults in the Great Depression.  Fannie Mae could now purchase and sell mortgages to financial institutions that wished to diversify their regional mortgage portfolios.

·         In 1968, the Congress, in an effort to get Fannie Mae’s liabilities off the government balance sheet, sold them off to private investors.  Fannie Mae, a private company could now also raise money through bond issues (guaranteed by the government) and distribute profits to executives and shareholders.  This structure allowed for private profits and public losses.

·         In 1970, to deal with regulatory problems in getting mortgage money to California, the Federal Home Loan Mortgage Corporation (Freddie Mac) was formed as a government agency.

·         In 1977, the Community Reinvestment Act became law.  This law was intended to make credit services available to low income individuals and individuals in urban areas.

·         In 1989, Freddie Mac was sold to private shareholders.

Capital Concepts Sponsoring Cincinnati BlackBerry Owners Association Training session on October 2, 2008 September 4, 2008

Do you wish you knew your BlackBerry better? Prepare to meet your BlackBerry on a more personal level. Sign up for this unique training class.

Learn secret tips and tricks to make your BlackBerry usage easier, more productive and,  most importantly, work for YOU.

Then see how to make your BlackBerry an extension of yourself. You rely on your BlackBerry day in and day out…so why have it setup to factory specs? It should be setup to YOUR specs. From wallpapers to themes, ringtones and more, you are guaranteed to have a completely unique device fitted perfectly for yourself.

Please pre-register now as seats will fill fast.

CLICK HERE TO PRE-REGISTER

Event:
“Meet Your BlackBerry”
Date:
October 2nd, 2008
Time:
6:00pm-8:00pm EDT
Location:
University Of Phoenix;
9050 Center Point Drive
Ste 101
West Chester OH 45069
Price: 49.00

LOOK AT THE NEW HOUSING BILL! July 31, 2008

The eagerly anticipated housing-rescue bill, also know as the Housing Assistance Act of 2008, is intended to calm the mortgage market, the real estate market, homeowners on the verge of bankruptcy and foreclosure, victims of bank failures and others whose lives are topsy-turvy this year.

You know what? This will cause alot of problems not calm them.

First Marketwatch Wrote the Article so I give them full credit.

1. Tax credit for new homeowners

First, we have a $7,500 credit for new homeowners that’s not really a credit. It’s a loan. Those who qualify to receive this credit will receive 10% of the purchase price of their home — up to $7,500, in the first year. Then they will repay the loan over a 15-year period, starting in the second year after the taxable year in which the house is purchased.

Video: Impact of New Housing Bill

Paul Bishop, economist for the National Association of Realtors, speaks with WSJ’s Sudeep Reddy about the implications behind a major housing bill signed into law on Wednesday. (July 30)

In other words, if you bought a home in August 2008, you start paying back 6.667% of the original credit on your 2010 tax return. This credit applies to purchases of new homes on or after April 9, 2008 and before July 1, 2009.

The good news:

• This is a refundable credit. That means, even if your total tax liability is zero, you can file to get this money directly from IRS.
• Although this is a loan, it’s a zero-percent loan.
• Bonus: If you buy the home in 2009, before July 1, 2009, you can make an election to report the purchase on your 2008 tax return and get the refund a year early.

The bad news:

• Mark Luscombe, principal tax analyst for CCH, a Wolters Kluwer business, points out that people who normally don’t have to file tax returns will need to start filing tax returns just to pay the credit back. That will affect seniors living on modest fixed incomes and Social Security.
• If you forget to pay it back? Well, the bill doesn’t include any specific penalties. But all of IRS’s usual non-filing and non-payment penalties will apply. Expect IRS computers to track this and to issue notices for unfilled returns.
• If you sell the house in less than 15 years, you will have to repay the rest of the credit immediately. This requirement is waived if the owner dies. There are special provisions when the house is sold due to divorces or other emergencies.
• This is a temporary credit and may not be renewed once it expires on June 30, 2009.
• The credit phases out for married folks, filing jointly, with modified adjusted gross income (MAGI) between $150,000- $170,000. For singles, the phase-out is at MAGI between $75,000-$95,000.

Who qualifies? Folks who haven’t owned a principal residence for three years before buying the new home. If you’ve owned a vacation home or timeshare, you will still qualify.

In long-distance marriages each spouse may buy his/her own home (principal residence). They will have to split the credit between them.

To read the full article and its a good read click here

Did you not get your form 941? Here may be why? June 20, 2008

The IRS has stopped mailing the Form 941 tax package to taxpayers if they did not use the IRS tax form when they submitted their returns. It turns out that many taxpayers who generate the Form 941 on their computers still want to use the envelope in the tax package so they can be sure of the mailing address. If a taxpayer would like to start receiving the tax package again, they can attach a note to that effect when they file their next return and they will be added back to the mailing list.

as submitted by NATP Taxpro

Some Taxpayers Received Duplicate Stimulus Payments June 20, 2008

This report was in  the NATTAX pro Blog. This probably sickens you too!

“The IRS has received reports of some taxpayers receiving duplicate economic stimulus payments. The duplicate payments are either in the form of a paper check or an additional direct deposit. Individuals who receive duplicate economic stimulus payments should immediately return the erroneous payment to the IRS.

If the erroneous payment was received as a paper check, the check should be marked “VOID” in the endorsement section on the back of the check and the recipient should attach a note indicating that he or she is returning an “Erroneous Stimulus Payment Check.”

Individuals who receive duplicate direct deposits of economic stimulus payments should advise their bank or financial institution of the mistake. The bank or financial institution will know the proper procedures for returning the money to the IRS.”

All I have to say is HAHAHAHA. Sure they will get those back.

5 MILLION UNCLAIMED STIMULUS CHECKS! June 19, 2008

So this article was in the USATODAY today and I had to comment. FIrst of all, 5 million folks qualify for a stimulus check and have not filed. Ok. There are quite  a few extensions out there but I am sure out of those 5 million, some probably haven’t filed in years and think they can beat the system. I doubt it guys. But for the vast majority it’s probably because of simple anxieties of life that have clouded their thinking, forgetfulness of others, and the “I don’t care” attitude of many more. Anyway, read this article. And comment if you choose.

USATODAY ARTICLE STARTS HERE (FULL ARTICLE CLICK HERE)

The Internal Revenue Service has issued 76.5 million payments worth $63.8 billion as part of the economic stimulus package that Congress passed and President Bush signed into law last February.

IRS Commissioner Doug Shulman, in a statement prepared for a House hearing Thursday, said one of its remaining tasks this summer will be tracking down some 5 million Social Security recipients and veterans who qualify for checks but haven’t filed to receive them.

 

Shulman, testifying before the House Ways and Means subcommittee on oversight and Social Security, said the agency planned a new “It’s not too late to file” program to reach retirees and veterans who normally don’t file tax returns because their benefits are not taxable. People must file to receive a stimulus check.

Eligible individuals can receive up to $600, and married couples $1,200, plus $300 for eligible children younger than 17. For people such as retirees who have no tax liability or filing requirement, there is a minimum payment of $300, or $600 for married couples.

OBAMA TAX IDEAS June 19, 2008

Obama’s ideas diverse widely from McCain but being that he is the Democrats’ presumptive pick we might as well look at his tax ideas.

1. Seniors with incomes below $50,000 pay no income tax.
2. College Aid overhaul. Fully refundable tax credit of $4,000 a year per student
3. AMT no longer for the middle class.
4. The 15% top capital gains rate would rise to 20% or more and dividends taxed as ordinary income
5. 0% tax rate for start up businesses. Also, a 20% credit for investments of up to $50,000 made in smaller owner-operated businesses.
6. First time farmers get a tax credit for purchasing farmland.
7. Credits for lcally owned biofuel refineries.
8. Tax relief for automakers who build more fuel efficient cars.
9. Non Itemizers would get a 10% mortgage interest credit.

More to come!

More to follow

IRS SCREENING QUESTIONABLE W-2’s. June 5, 2008

The IRS examines thousands of personal income tax returns on that are prepared on what appears to be fraudulent W-2 forms.  If the refund shown is questionable expect more investigation. 

Interesting point though. Code 7602 (c) (1) requires the IRS to provide reasonable advance notice to the taxpayer before contacting third parties to determine tax liability. Chief Counsel Advice 200814008 now mandates that  the taxpayer is given 10 days notice prior to contacting an employer if the notice is sent by mail. If it’s delivered by hand then the IRS can contact them immediately.

 

Economic Stimulus Update — Problems and Solutions May 22, 2008

NATP has reported a few issues that have arisen with the economic stimulus package. See below.

Last week we alerted you to some issues taxpayers were experiencing with their stimulus rebate checks. One of the issues involved some stimulus checks not including the additional $300 for each qualifying child. This problem occurred when the taxpayers were ineligible for the child tax credit on their 2007 return because their AGI was too high or because taxpayers did not check the proper box to trigger the $300 child payment. To fix the problem, the IRS is taking extra steps to identify the affected taxpayers and send them separate checks to cover their qualifying children. The IRS emphasized that the corrected checks will be mailed automatically, and taxpayers don’t need to call or take any additional steps. The additional payments involving qualifying children will be made starting in early July. These payments will be made by paper check, even if people received their regular tax refund or initial stimulus payment by direct deposit.

 Post reported by NATP.

 

 

 

 

Register for a Free Blackberry May 19, 2008

Yeah, sounds like a gimmick huh but we found this site that is giving away a free Blackberry 8110 pearl.  I checked these guys out, and  I see they gave five curves away last week.  After talking to one of the cofounders, these guys have some big giveaways planned.  Check them out here! and I would keep checking back on the site. They do have an RSS feed button. That may be worth a subscription. 

 

WES 2008: What we learned May 18, 2008

 

I learned that the BlackBerry device is far superior than ever imagined.  I mean absolutely amazing. The companies that were sponsoring the event beyond research in motion had a great plan. Showcase their technology to all those who would listen. And  I was one interested in listening.  I want to showcase a few of these applications and websites.

I got a chance to hang out with the owner of Pinstack.com. Pinstack is one of the better Blackberry blogs. He is an honest blog that reports the news from the BlackBerry community without all the kicks and giggles. He reports it but does not necessarily comment or give a sign of approval on the sites and applications.  He lets the users do so. There is nothing wrong with either approach but everyone has thier preferred choice.

Also in attendance at WES was Crackberry.com. This site is a full fledged site for those who have Blackberries looking for good information and even buying applications and ringtones.  Definitely a good daily read.

A brand new site was launched named Blackberryhomepage.com and guys its a great site. Now, it’s still new so bare with them. But these guys gave away 5 Blackberry curves. Count them. 1, 2, 3 , 4, 5.  They posted a thread in Pinstack and it had over 11,000 replies and views in 5 days. Its a simple site that helps your beginner blackberry user learn what he is doing.  I talked to these guys at length and did dinner several times during the week. Rumor has it they have alot more giveaways in store.  I will be getting lots of insider information from these guys so stay tuned. If you want a Blackberry device or other things you may deem necessary, I would check this site daily.  They are going to be a site to reckon with.

Coming up in the next few weeks you will see posts on software that you must have for your BlackBerry and other smartphones.

 

Live From WES 2008 in Orlando May 14, 2008

  How is this for a Tax REBATE present?

I am down at the BlackBerry international conference in Orlando, Florida. One thing I have noticed from here is that alot of these attendees were accountants, financial planners or sales people. Then your CEO, CIO, and CFO’s were in full bloom as well. You can truly smell the money that was running around here.

I have to say Research in Motion really laid out the red carpet.  These guys must have paid a fortune for some of the festivities and catering that was done.  The conference offically started Tuesday but the Monday night welcoming party had some of the best food I have ever tasted. I took some shots from the party and you can see them posted later. 

The biggest announcement was the new BlackBerry that is going to be launched in June. It’s called the Blackberry Bold and here it is above.  I can go into details about it but suffice it to say it’s awesome. 

For you novice Blackberry Beginners here are some sites that you need to keep in your handy arsenal. (I met the owners of all the sites)

www.pinstack.com

www.blackberrycool.com

www.blackberryhomepage.com (Great resource for a new beginner and even advanced users)

www.crackberry.com

Now, for you accountants and sales peoples there is a new program called Forms2mobile that you ought to know about.  Imagine taking one of your customized forms and being able to have it on your Blackberry and be able to send information wirelessly through it?  Thats what forms2mobile.com has done. 

The next solution I loved is www.chargeanywhere.com. This turns your Blackberry into a credit card machine. I demonstrated it yesterday and it was phenomenal.  Take your clients money anywhere you go!!!

Today I am meeting with Unify about turning my BlackBerry into a remote control for my home television. Yeah that’s what I said.  

More updates coming. 

Tell us what you are doing with your Rebate checks? May 10, 2008

Is it truly spending cash or are you paying down debt? You hear so much talk about what you should do with your money and what not to.  The government wants you to use it to stir the economy. Common sense says pay some credit cards down. Others say it’s for a vacation.

So we want to hear from you. Comment and tell us what you are doing with your money now that checks are arriving. 

 

Payment Schedule for Economic Stimulus package is here!!! April 29, 2008

Well I am sure you are dying to know when you are getting your money for this rebate.  Look no further.

Stimulus Payment Schedule for Tax Returns Processed by April 15

Economic stimulus payments will be issued according to the last two-digits of the main filer’s Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return.  People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by the date listed below: DIRECT DEPOSIT    Last two SSN digits:  Payments will be transmitted no later than:  00 through 20  May 2  21 through 75  May 9  76 through 99  May 16         Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting May 9 and will continue through May 16. A similar process will be repeated in the following weeks. PAPER CHECK    Last two SSN digits:  Payments will be mailed no later than:  00 through 09  May 16  10 through 18  May 23  19 through 25  May 30  26 through 38  June 6  39 through 51  June 13  52 through 63  June 20  64 through 75  June 27  76 through 87  July 4  88 through 99  July 11               People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year. See the online calculator for an estimate of the amount you will receive.  A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15

Do you like the show “24″? Check this out! April 26, 2008

I know you were probably devastated like I was to hear that “24″ would not be on TV this year because of that writers strike. (grrr) I do not feel that was the only reason that the show was postponed.  There were plot issues and characters in jail for too much alcohol.   But what I am about show you will make you smile.  I have the new “24″ poster for next year.  Click here for the poster