Posts by GROCO
Accounting Joke Videos
Accounting Joke Videos Insanity So, you’re saying it’s ok. Insanity, is a side-effect of tax law. Accounting Classes I tried taking a course on ethics for my CPE credits, but everything contradicted what I learned in my accounting classes. Feelings So, you’re saying that I should own my feelings… but my accountant said that it…
Read MoreTransferring the Family Home to Your Children
Transferring the Family Home to Your Children An estate and tax planning specialist mentioned to us recently that one of the most common arguments among siblings is over the fate of the family home after the death of a parent. For both sentimental as well as financial reasons, the transfer of a residence can be…
Read More70% 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…
Read MoreWealthy 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.…
Read MoreWhat 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…
Read MoreMilitary 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…
Read MoreVoluntary 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…
Read MoreAre 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…
Read MoreHow 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…
Read MoreDevelop 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,…
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