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.

How to Choose a Tax Preparer January 14, 2008

Taxpayers who pay someone to do their taxes should choose a preparer wisely.  If you choose to use a paid tax preparer, it is important that you find a qualified tax professional. Taxpayers are ultimately responsible for everything on their return even when it’s prepared by someone else. Do you really understand that? That means once your signature is on it, you better know what’s on there.
 
The most reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions, and other items.  By doing so, they have your best interest in mind and are trying to help you avoid penalties, interest, or additional taxes that could result from later IRS letters and friendly ”remember me” cards.
 
While most tax return preparers are professional and honest, taxpayers can use the following tips to choose a preparer who will offer the best service for their tax preparation needs.

• Ask about service fees.  Avoid preparers who claim they can obtain larger refunds than other preparers, or those who guarantee  a refund or base fee on a percentage of the amount of the refund. That is ludicrous. There rests some shade  and not the good kind.

• Plan Ahead. Choose a preparer you will be able to contact after the return is filed and one who will be responsive to your needs.Get an email address as well as numbers. Ask for cards. 

• Get References. Ask questions and get references from clients who have used the tax professional before.  Were they satisfied with the service received? Be careful though because some people could hate on a firm because they feel they should have gotten more money back and it really isnt the firm’s fault.  So, ask for a good reason and if it’s not reasonable keep asking. 

• Research. Check to see if the preparer has any questionable history with the Better Business Bureau, the state’s board of accountancy for CPAs or the state’s bar association for attorneys. Find out if the preparer belongs to a professional organization that requires its members to pursue continuing education and also holds them accountable to a code of ethics.

  We like these guys here at Capital Concepts. Give them a call and set up your tax appt now.