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Best Accounting Jokes
Best Accounting Jokes One-Liners Ever wonder why they call it a Form 1040? For every $50 you earn, you get $10, they get $40. What is the definition of an accountant? Someone who solves a problem you did not know you had in a way you don’t understand. How many accountants does it take to…
70% Qualify for Free 1040 Software
70% Qualify for Free 1040 Software People with an income up to almost $50,000 will get free access to tax return preparation software, the Internal Revenue Service said Tuesday. That means 70 percent of taxpayers can prepare their taxes for free using software available through the IRS Web site — www.irs.gov Still, that is fewer…
Wealthy Should Prepare for Audits by Keeping Organized Records
Wealthy Should Prepare for Audits by Keeping Organized Records Expensive art collections, investment hobbies and offshore bank accounts may raise red flags when it comes to IRS audits. In 2011, the Internal Revenue Service audited 29.93% of taxpayers who reported more than $10 million of annual income [1]. This percentage increased by 18.38% from 2010.…
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…