Articles & Videos
What Separates Ultra Rich From Everyone Else?
What Separates Ultra Rich From Everyone Else? By Alan Olsen There’s an old cliché in the sporting world that many coaches have used in an effort to help lift their teams when they face what appear to be insurmountable odds. The saying goes: “They put their pants on one leg at time,” or something very…
“Madoff” or “Ponzi-Type” Tax Losses
“Madoff” or “Ponzi-Type” Tax Losses Update: 12/9/09 Wall Street Journal Article: http://online.wsj.com/article/SB124623441944466541.html In addition to other good information about the type and amount of refunds people are obtaining it says in the last paragraph: “On Monday, Sen. Charles Schumer (D., N.Y.) proposed a bill that seeks to further expand the carry-back period up to six…
Military Family Tax Relief Act of 2003
Military Family Tax Relief Act of 2003 On Nov. 11, 2003, President Bush signed into law the Military Family Tax Relief Act of 2003. Among its provisions are these tax breaks related to military personnel: Death benefits The death gratuity paid to survivors of deceased Armed Forces members rises to $12,000 and is not taxable…
Voluntary Compliance Program for Withholding Agents
Voluntary Compliance Program for Withholding Agents In a memo dated February 25, 2005, the IRS Large & Mid-size Business Division, announced that based on recently received Chief Counsel Advice, withholding agents participating in the Section 1441 Voluntary Compliance Program (VCP) would not be subject to interest charges under certain circumstances. Section 1441 requires withholding agents…
Are Casualty and Theft Losses Tax Deductible?
Are Casualty and Theft Losses Tax Deductible? If your property is destroyed, damaged, or stolen due to casualty or theft, you may be entitled to a tax deduction. A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, and unusual. A sudden event is one that…
How to Defend Yourself When Your QuickBooks Files Are Part of an Audit
How to Defend Yourself When Your QuickBooks Files Are Part of an Audit The world of technology has changed just about every aspect of our lives. The tax and accounting world is no different. Thanks to online tax programs and software packages designed for accounting purposes, keeping a solid record of your important financial information…
Develop a Sound Investment Plan
Develop a Sound Investment Plan When the stock market heads south, is your first instinct to sell stocks and get into something safer? With a well-planned portfolio, that’s probably the last thing that you should be doing. After all, a plan tailors a mix of stocks, bonds and cash equivalents to your particular financial goals,…
Bad Attitudes in the Workplace
Bad Attitudes in the Workplace Studies show that employee morale has taken a hit lately. Worker morale slumped last year, according to the results of a new survey from Randstad, one of the world’s largest professional employment services providers. The review was compiled from 3,233 online interviews, conducted this spring for Randstad by Harris Interactive.…
The Language of Wills
The Language of Wills Many professions and disciplines have their own vocabulary. As an example, think about the terminology used in medicine and law. Often this vocabulary defines complex ideas, yet just as often “terms of art” can be defined with relative ease to a layperson. Such is the case with much of the language…
3 Strategies to Convert Perfectionist Paralysis Into Productivity
3 Strategies to Convert Perfectionist Paralysis Into Productivity By Paula Eder Time management tips help you break time habits that hinder your progress. For example, think of habitual perfectionism as the ultimate time goblin. The more of your time you feed it, the larger and more tyrannical it becomes. Fortunately, perfectionism is a learned behavior…
Venture Capital: Investing In The European Marketplace
Venture Capital: Investing In The European Marketplace By Stephen McLaughlin As anyone who has ever tried it knows, As anyone who has ever tried it knows, venture capital investing is not a game for the weak of heart. While it is certainly true that some venture capitalists have accumulated massive investing is not a game…
The Language of Trusts
The Language of Trusts Many professions and disciplines have their own vocabulary. As an example, think about the terminology used in medicine and law. Often this vocabulary defines complex ideas, yet just as often “terms of art” can be defined with relative ease to a layperson. Such is the case with much of the language…
Approaches to Valuing Cost Sharing Buy-Ins
Approaches to Valuing Cost Sharing Buy-Ins Buy-Ins: Introduction Buy-in payments are often associated with a cost sharing arrangement (CSA) transaction. See § 1.482-7 for regulations regarding cost sharing arrangements between related parties. Participants should receive arm’s length compensation (a “buy-in”) for “pre-existing” intangibles that are contributed to a CSA. The buy-in should be treated as…
Millionaire Financial Calculator
Millionaire Financial Calculator What might it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and view graphically your financial results for each year until you retire! A complete report tells you when you could hit your Cool Million – and what you can do…
Why Are California Lawmakers Battling Over How to Spend Free Money?
Why Are California Lawmakers Battling Over How to Spend Free Money? When it comes to money, free is a very nice price. Who doesn’t like a free handout? Ask around and almost anyone would say they love to get something for nothing, which is why people spends millions in gambling and other games of chance.…
Top Reasons Why People Procrastinate
Top Reasons Why People Procrastinate When it comes to money, free is a very nice price. Who doesn’t like a free handout? Ask around and almost anyone would say they love to get something for nothing, which is why people spends millions in gambling and other games of chance. In fact, that famous, crazy strip…
What is Your Investment Risk Tolerance?
What is Your Investment Risk Tolerance? Mention the word “risk” in the context of a discussion about investing, and what springs to most people’s minds? A huge loss when the stock market takes a dive? Or when the price of bonds tumbles? Most likely. Such possibilities lead some people to cling to the “safety” of…
Congress with the Latest Bill and Help for Homeowners
Congress with the Latest Bill and Help for Homeowners By Carole Rodoni Yes, it’s done. Congress passed and the President signed a bill to help homeowners. As a consumer who might benefit from this bill, it is important to know exactly what each part of the bill entails. From the $300 billion program, to a first…
Managing Your Frequent-Flyer Miles
Managing Your Frequent-Flyer Miles According to some reports, 100 million members of frequent-flyer programs are holding at least 3.5 trillion in unused miles. Frequent travelers track their memberships and miles carefully, first to determine what plan (or plans) seems most advantageous for them to join and then to schedule their travel in ways to take…
Hall Of Laughter
Hall Of Laughter In memory of Steve Gardner 1958-2010 Thanks for the accounting humor and endless hours of laughter. We love you! Three Blind Mice Audit The IRS Agent uses a math joke in his audit of the three blind mice. Accounting Puppets 2 Puppets tell Accounting and Audit Jokes. Accounting Puppets Puppets tell Accounting…