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A Ticket to Preview Transport Earnings - Barron's - February 19, 2010
Maxim Group muses over five firms set to report next week.

Can the Market Bulls Put On Some Muscle? - Barron's - February 19, 2010
Michael KahnThe stock market is back at a key resistance level after rising on vapors. But does it have the strength to break through to the upside?

A Debt Deferred - CFO - February 19, 2010
Revitalized capital markets and forgiving lenders helped overleveraged companies fend off bankruptcy in 2009. Is this the year the bill comes due?

Best Buys in Offshore Manufacturing - CFO - February 19, 2010
A new study ranks the lowest-cost offshore locations for manufacturing – and finds the top spot is right next door.

The Accounting Hall of Fame . . . Have you got the EI to qualify? - Accounting Web - February 19, 2010
By Edi Osborne, CEO Mentor Plus read more

Pennsylvania CPAs bring humor to accounting profession with YouTube videos - Accounting Web - February 19, 2010
Humor can be a great way to get a conversation started. Just ask the Pennsylvania Institute of CPAs (PICPA) who recently launched several amusing promotional videos aimed to tweak the image of accountants and the profession. read more

10 new tax savings on 2009 Form 1040 - Accounting Web - February 19, 2010
"The payoff for grasping new tax breaks can be substantial on the 2009 version of Form 1040," said Bob D. Scharin, senior tax analyst for the Tax & Accounting business of Thomson Reuters. "Yet, you will miss out on the tax savings if you rely on last year's return as a template for this year's filing." read more

The Scams of 2009 - Kiplinger Personal Finance - February 19, 2010
The recession and housing crisis inspired many schemes over the past year.

5 Sites That Help You Save Money - Kiplinger Personal Finance - February 19, 2010
Lower your insurance rates, get service providers to compete for your business, find free stuff and more.

New Credit, New Paperwork - Kiplinger Personal Finance - February 19, 2010
If you don’t claim the Making Work Pay Credit on your tax return, you lose it.

New Security Rules for Ocean and Air Cargo - Kiplinger Personal Finance - February 19, 2010
Here’s what to keep in mind as government inspectors step up vigilance.

Investing Insights From a Top Fund Manager - Kiplinger Personal Finance - February 19, 2010
Morningstar's 2009 manager of the year, Bruce Berkowitz, says that his best investments have been those shunned by the crowd.

Emerging Markets Picks - Kiplinger Personal Finance - February 19, 2010
Cash in by investing in companies that benefit from rising demand in their own domestic markets.

What You Need to Know About Social Security - Kiplinger Personal Finance - February 19, 2010
Five ways to make sure you get the biggest possible check.

How to Collect from Customers - About.com. - February 19, 2010
Monitoring receivables, billing, and collections and setting up processes is a key to keeping your business profitable. Here is the way to set up this system

Sweet Surrender - CFO - February 12, 2010
New GM CFO Chris Liddell gets paid coming and going.

Middle-Market Deals: All Systems Go - CFO - February 12, 2010
It could be a boom year for midsized M&A, with conditions significantly improved since last fall.

12 traps of Roth IRA conversions - MSN Finance - February 12, 2010
Should you rethink that switch to a Roth? At least you should understand the potential pitfalls, because a hasty move could wind up costing you a lot of dough.

Check up on your mortgage broker - MSN Finance - February 12, 2010
A new, free Web site lets potential homebuyers look up a loan originator to learn whether any actions have been taken against him or her in the past decade.

The Wide World of Dividend Stocks - Barron's - February 12, 2010
For income-starved investors, foreign companies with solid cash payouts are a good bet.

Small Banks' Big Problem: Trust-Preferreds - WSJ - February 12, 2010
Many smaller lenders depended on trust preferred securities to augment capital, but now they're proving a hindrance to shoring up banks teetering on the brink of failure.

Georgia Loosens Bank Lending Limits - WSJ - February 12, 2010
The No. 1 state in bank failures is making it easier for survivors to deepen their exposure to a single borrower, a move intended to stabilize financial institutions but which critics say could lead to further failures.

Politics Dents Sallie Mae's Value - WSJ - February 12, 2010
Politics on Capitol Hill has dented Sallie Mae's image despite an improving balance sheet at the big U.S. student-loan company.

Americans Line Up for a Piece of Buffett - WSJ - February 12, 2010
Warren Buffett's Berkshire Hathaway is set to be added to the S&P 500-stock index. The change will mean millions of Americans will for the first time own a piece of the country's most famous investor.

Accountants give their clients Chinese fortune cookies - Accounting Web - February 12, 2010
Tax time is here. So is Chinese New Year! Is it fate? You decide! The Year of the Tiger begins on February 14. Steven West, a writer from Farmington Hills, MI, offers these ten witty fortune cookie sayings from the mouths of accountants:1. Don't be upset, but you are in deep debt.2. Your favorite uncle is planning to visit you this year. (Yep, it's your Uncle Sam.)3. Taking a deduction for the care and maintenance of your fish tank is not likely to succeed.read more

The answer to your company’s recession is in a cubicle down the hall - Accounting Web - February 12, 2010
By Todd Wilms read more

Taxes and Home-Sale Losses - Kiplinger Personal Finance - February 12, 2010
If you sell a house that was converted to rental property at a loss, you might qualify for a tax deduction.

Investing Classes Worth the Money - Kiplinger Personal Finance - February 12, 2010
Don't waste your time in free seminars. You'll learn more at these conferences.

How to Finance a Roth Conversion - Kiplinger Personal Finance - February 12, 2010
Making the switch to a Roth makes sense for some, and there are plenty of ways to pay the tax bill.

4 dividend plays in emerging markets - MSN Money - February 12, 2010
Just the idea of emerging-market dividend stocks might seem strange to you. But they can indeed be found in the growing markets of China, the Philippines, Indonesia and elsewhere.

How to Read a Business Contract - About.com - February 12, 2010
A former student told me a story of how he was taken advantage of by a doctor for whom he was working as an independent contractor.  The problem was how his contractor income was determined, and it related to "overhead"and when it was calculated.  His problem made me realize that how you read a business contract can mean the difference betweenI have read many contracts, both for myself over my long business life, and for students and clients.  I always tell people I am not reading them as an attorney, but as a lay person who wants to have as complete an understanding of the contract as possible.  Over the years, I have developed some guidelines for reading business contracts, to protect both parties and to avoid the difficulties that come with poorly worded contracts.First, Agree on DefinitionsIn the case above, a lot of the difficulty came from an unclear definition of "overhead."  What does it include? How is it calculated?  If the parties had agreed on this definition from the start, they could have made some changes to make the payments more equitable, or given my friend a better picture of how his income would be calculated.Don't Assume - Ask for ClarificationAssumptions are really the most difficult part of any contract.  You read a contract that includes a section on how the value of property is determined.  Even if you think you know what has been written, ask for an example, or ask a question like, "Just to clarify, I think this means X.  What do you think it means?"  Don't worry about appearing dumb or difficult; better to clarify now than find out later you and the other party were thinking of two different meanings.Ask "What is Missing?"This part is tricky; it is difficult to know what should be in a contract but isn't.  In employment contracts, I usually see a section about how the employer can terminate the contract and what notice must be given.  But sometimes there is no language about how the employee can terminate the contract and what notice must be given.  In one case, I was told, 'the employee can't terminate the contract."  Really?!?I have also seen some contracts that had no effective date or which did not completely identify the parties.  Take a look at my Employment Contract Termsarticle for an example of the sections in a typical contract.  If you don't see something that should be in the contract, make sure it gets in.Read "Boilerplate"Carefully and Don't Be Afraid to Change ItBoilerplate is standard language that is usually prepared by an attorney to protect a client and which is usually difficult to read.  I have been told many times, "This is our standard language.  It cannot be changed."  Not true.  In a contract, everything is negotiable, even "standard"language, whatever that means.  Read those long boilerplate sections, even if your eyes cross and you start to nod off.  Ask that the section be simplified or that it be shortened, if you feel it is possible.  Don't hesitate to make changes that clarify or to your advantage.  I have known some business owners to completely re-write boilerplate sections; it makes the lawyers crazy, but it clarifies, and that is more important.Finally, Get a Second OpinionIf you are reading a contract prepared by the other party, don't rely on yourself or other non-attorneys to read the contract.  Take it to an attorney who knows the law in your state.  Don't let the attorney re-write it (they love to do that!), just to give you an opinion on what needs to be changed.  Then take the list of changes back to the table and negotiate; let the other party pay for the changes.Reading contracts carefully is one of those things you may do a lot or seldom, but if you get into the habit of reading with these tips in mind, it may save you costly legal battles and sleepless nights.For More InformationWhat Makes a Contract Valid (Enforceable by a Court)?How to Read a Business Contractoriginally appeared on About.com Business Law / Taxes: U.S.on Friday, February 12th, 2010 at 05:57:23.Permalink| Comment| Email this

Why You MUST Keep Good Records for Your LLC - About.com - February 12, 2010
One of the reasons many people start a limited liability company (LLC) is to avoid the paperwork required of a corporation - annual meetings, amendments, board records, etc.  But being an LLC is not a free ride, as far as records go.  Many states require limited liability companies to keep specific records, and failure to do so can cause you to put your limited liability status at risk.Piercing the (Corporate) LLC VeilThere is a concept in corporate law called "piercing the corporate veil,"which refers to the ability of a court to personally charge corporate executives with liability for their actions on behalf of the corporation, including liability for corporate debts.  Within the last few years courts have also held LLC members liable for the debts of the LLC.  Starting with a case in Utah in 1997, (Ditty v. CheckRite), courts have found that piercing the corporate veil is appropriate in the context of LLCs, citing factors such as "failure to respect corporate formalities."* Tricia Davis of the Bernstein Law Firm (Pittsburgh, PA)  warns,  "...courts all over the country have begun to apply the traditional corporate veil piercing to LLCs to create personal liability on the members for debts of the LLC."And they are using poor record keeping to apply this rule.  So keeping good records for your LLC isn't just good, it is absolutely necessary.What LLC Records Must Be Kept?I looked through record keeping requirements of many states, and created a list of the most common:Names and addresses of all members and of all managers.A copy of the Articles or Organization and all amendments (Certificate of Organization in some states)Federal, state, and local tax returns, for up to 6 years (this was the longest time)A copy of the LLC Operating Agreement and all amendmentsCopies of LLC financial statements for up to 6 yearsCopies of all LLC books and records for up to 4 yearsA record of all Member capital contributions, agreements to contribute capital, and dissolution eventsRecords of all proceedings of Members for the past 3 yearsA copy of all agreements and contracts of the LLCReports to Members for the last 3 yearsThese records should be kept in the office of the Registered Agent.  Much of this list you are probably already doing, but if not, get busy and put them together.  Many LLCs get their Articles of Organization filed and forget to have an Operating Agreement signed.  Even a single-member LLC needs an operating agreement, which should include a clause stipulating who will manage the LLC if the Member is unable to do so.*Source: Tricia Davis, Bernstein Law Firm(PDF)For More InformationAll About LLC'sLLC Formation Documents (Articles of Organization, Operating Agreement)Why You MUST Keep Good Records for Your LLCoriginally appeared on About.com Business Law / Taxes: U.S.on Thursday, February 11th, 2010 at 06:44:09.Permalink| Comment| Email this

CFOs Head to the IASB - CFO - February 8, 2010
Finance chiefs from Hannover Re and FirstRand Banking are joining the standard-setting board.

More States Seeking "Amazon Tax" Sales Tax Laws - About.com - February 8, 2010
With the recession continuing and state revenues dropping, more and more states are looking for ways to increase income.  Many are getting on the "Amazon tax"bandwagon, reports SalesTaxBuzz. Vermont, Mississippi, Virginia, New Hampshire, New  Mexico, and Colorado are considering joining New York, North Carolina, and Rhode Island to impose sales taxes on Internet transactions generated through associates.What is the "Amazon Tax?"As I reported in June 2009, New York was the first state to attempt to impose sales taxes on remote sales (over the Internet).  Sales taxes are imposed on businesses which have a presence (called a "nexus") in a state.  For example, if you have a retail store in Iowa and a warehouse in Illinois, you must charge sales tax in both states because you have a nexus in each state.  But in the past, online sales have not been taxed because there has been no way to find a nexus.Now, the states have become more creative, stating that if a company has an agreement with an affiliate or associate who is  resident of a state for "commissions or other considerations"to "indirectly or directly"refer potential customers to the company, this constitutes a nexus. It's called the "Amazon tax"because it has been used against the Amazon Associates program, in which Amazon allows individuals and other businesses to sell through its site.  So, if a bookstore in New York is an Amazon Associate, New York wants to impose sales tax on all of that bookstore's online sales to New York residents through Amazon. Other retailers, like Blue Nile and Overstock, have also been affected by these new laws.How Does This Affect Your Online Business?If you have a small online company, these sales tax laws probably won't affect you; some states have imposed thresholds of $10,000 before they start looking at online sales. If you are an associate or affiliate of a larger company, you may already have been affected.  Amazon, for example, has threatened to pull its New York Associates out and Overstockis looking at doing the same for states like Colorado, which might enact a law soon. If you sell through one of these companies, you have likely heard about this already.What is the Status of State "Amazon Tax"Laws?Many of these states are in process, so it is difficult to tell where these laws might be now, or whether they will continue through the legislative process.  Here is what I have as of today (with bill numbers so you can track them in your state)  from SalesTaxBuzz:The Vermont bill, H. 661, would be effective July. It has a $10,000 threshold.The Mississippi bill, S.B. 2927, has no threshold; it didn't make it out of committee.The Virginia bill, S.B. 660, has a $10,000 threshold.The New Mexico bill, H.B. 50, has been tabled.The Colorado bill, H.B. 1193, with a $10,000 threshold, passed the House on Feb. 3. I will keep you posted, or you can check on the progress of the law in your state for updates.More States Seeking "Amazon Tax" Sales Tax Lawsoriginally appeared on About.com Business Law / Taxes: U.S.on Monday, February 8th, 2010 at 06:45:11.Permalink| Comment| Email this

The Case for Insiders - CFO - January 29, 2010
Good news for ambitious CFOs: companies that promote insiders to CEO produce better returns than those that recruit outsiders.

Debit cards get more rewarding - MSN Finance - January 29, 2010
As more consumers switch from credit to debit, debit card issuers and retailers are offering new and better incentives for card users.

Has a New Price War Broken Out in Online Trading? - Barron's - January 29, 2010
Analysts argue that firms like Schwab are lowering commissions to remain competitive while building up assets.

Stocks Leveraged to Apple's IPad - Barron's - January 29, 2010
Credit Suisse says Broadcom, Cypress Semi and others could benefit.

The Art World's Gordon Gekko - WSJ - January 29, 2010
Asher Edelman, a former corporate raider, is shaking up the art market with brash tactics and big plans.

What the iPad Means for Your Wallet - WSJ - January 29, 2010
Apple's new handheld computer is the talk of the moment. But if we can hack our way through the hype, what are the financial implications of this latest techno marvel—for consumers and for investors?

Swiss government bows to court ruling: Will review UBS tax agreement - Accounting Web - January 29, 2010
 The Swiss government announced this week that it will respect a Swiss court decision last week that declared parts of a deal reached in August with the United States illegal under Swiss law and would reopen talks with the United States. The agreement, which was designed to end proceedings by the U.S. Justice Department against the Swiss bank UBS, required the Swiss government to hand over data to the Internal Revenue Service (IRS) on 4,450 UBS clients suspected of hiding bank accounts.read more

Texas CPAs help Haiti victims while fostering client loyalty - Accounting Web - January 29, 2010
A Texas accounting firm and its clients are discovering that a wall calendar with beautiful photographs, designed to market the firm's name and promote client loyalty, can change the lives of earthquake victims in Haiti.read more

Cashing in on tragedy: How not be scammed when donating to Haitian relief efforts - Accounting Web - January 29, 2010
Less than 24 hours after an earthquake devastated Haiti, scammers were trying to profit from the tragedy with everything from emails and web sites asking for donations to phone call solicitations. read more

IRS announces qualified disaster treatment for Haiti earthquake - Accounting Web - January 29, 2010
The Internal Revenue Service has issued guidancethat designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes. The guidance allows recipients of qualified disaster relief payments to exclude those payments from income on their tax returns. Also, the guidance allows employer-sponsored private foundations to assist victims in areas affected by the January 2010 earthquake in Haiti without affecting their tax-exempt status.read more

Supreme Court opens floodgates for political spending - Accounting Web - January 29, 2010
 On January 21, the U. S. Supreme Court held that sections of federal law barring corporations, unions, and other groups from spending money to espouse their views about public issues and candidates for office were unconstitutional restrictions on First Amendment protected free speech, stating that: "If the First Amendment has any force, it prohibits Congress from fining or jailing citizens, or associations of citizens, for simply engaging in political speech."read more

FAQs on the Death of the Estate Tax - Kiplinger Personal Finance - January 29, 2010
Before you dance on the grave of the “death tax,” remember the immortal words of Mark Twain: . We expect the federal estate tax to be resurrected retroactively. But in the meantime, confusion will surely reign.

How to Drive Home a Bargain - Kiplinger Personal Finance - January 29, 2010
Follow these tips to get the best deal on a 2010 car.

Taking Retirement Contributions To the Max - Kiplinger Personal Finance - January 29, 2010
Kiplinger editorial director Kevin McCormally and fellow tax experts Peter Blank and Mary Beth Franklin tackle your most pressing tax challenges

Smart Strategies to Pick Mutual Funds - Kiplinger Personal Finance - January 29, 2010
Using past performance alone often leads to a weak portfolio. Here are better ways to choose winners.

The Fed: Lying Low on Interest Rates - Kiplinger Personal Finance - January 29, 2010
In the face of rising congressional criticism, the Federal Reserve will happily take a pass on the opportunity to raise interest rates.

Tax-Free Money for Big Medical Expenses - Kiplinger Personal Finance - January 29, 2010
Some people may be able to combine 2009 flexible-spending account money with 2010 money to cover expensive procedures.

What if consumer demand is dead? - MSN Money - January 29, 2010
It's not a popular idea right now as pundits predict a full economic recovery. But history and current trends suggest a different possibility that investors should prepare for.

Get ready for the go-nowhere market - MSN Money - January 29, 2010
Data suggest that for the next year or so, the market may shuffle sideways or slowly down a few percentage points. Yet some sectors are likely to continue to prosper.

Simple Small Business - Simple Taxes - About.com - January 29, 2010
Most small business owners are "solo-preneurs"- working alone, many at home, most with no employees or only a few contract workers (like a bookkeeper).  If this sounds like you, maybe the thought of preparing taxes for your business is scary.  But it doesn't have to be.  A simple business means a simple tax return.  Today I will give you the basics of preparing a tax return for your simple small business:What Type of Business Am I?If you don't know, that probably means you have not set up a specific business structure, so you are a sole proprietor.  The "sole prop"is the simplest business form, both to start and to operate.  And to pay taxes.How Do I Pay Business Taxes?As a sole proprietor, you pay business taxes by completing a Schedule C, including your business income and expenses.  If you have done a 1040 before, you know you have Schedule A - Deductions, and Schedule B - Interest and Dividends.  Schedule C is just another schedule.  The total profit from your Schedule C is included with your other income, exemptions, and deductions on your personal income tax (1040) form.An Example:Let's say your business has a loss of $1,300 for 2009, because your business income was less than your business expenses.  (Of course, you must be able to document all those expenses and show that they were business -related.)  This loss goes on Line 12 of your 1040, and it can reduce your adjusted gross income and, hence, your taxes. If that $1,300 were a business profit, you would have to pay tax on the profit, along with other income.What Business Expenses Can I Deduct?You can reduce your profit by deducting legitimate business expenses, like office supplies, phone, rent, legal and professional, and other common business expenses. If you work from home, you can claim a deduction on your home office space expenses, as long as the office  is used "regularly and exclusively"for business purposes.What Else?That's about it - you just need to keep track of your business income and expenses and record them on Schedule C.What About Self-Employment Taxes?Yes, you must pay self-employment tax (for Social Security and Medicare) on the profit from your business.  This tax is calculated on Schedule SC as part of your personal tax return, and the amount of the tax is added to your income tax amount and must be paid at the same time.Do I Need a Tax Preparer? It depends on your comfort level and the complexity of your business.  For a simple business, you might be able to use one of the top tax software programs.  I am using one of the free versions to prepare my sister's Schedule C, and I am finding it pretty easy to use and complete.Or you may not want to do it yourself, and turn it over to a tax preparer.  It's up to you.  Either way, be sure to get competent legal and tax advicebefore you file your return, to make sure you are not missing something important.For More InformationBusiness Taxes Made Simple for the Self-EmployedSimple Small Business - Simple Taxesoriginally appeared on About.com Business Law / Taxes: U.S.on Friday, January 29th, 2010 at 05:14:21.Permalink| Comment| Email this

Not All Index Funds Hit Mark - WSJ - January 25, 2010
True believers in index funds are eyeing a problem churned up during the market's turbulent passage over the past two years—tracking error.

W-2s and 1099s - Did You Distribute Them Yet? - About.com - January 25, 2010
Only a few days left!  Just a reminder that February 1 is the deadline for distributing 2009 Annual Wage and Tax forms - W-2s to employees and 1099-MISC to independent contractors.  If you haven't already prepared these forms, now is the time to get going on them.Here are some articles to help you prepare these documents:How to Prepare W-2 Wage and Tax Reports for EmployeesPreparing Form 1099-MISC for Independent ContractorsShould I Use a W-2 or a 1099-MISC? Filing with Social Security in FebruaryAlso remember that these forms, along with transmission forms (W-3 and 1096) must be filed with the Social Security Administration by the end of February. The IRS reminds you that if you have 250 or more forms to file, you must file electronically. Filing electronically is a good idea, even if you don't have that many employees or contractors.For More InformationHow to Use IRS E-File for TaxesPenalties for Late FilingFinally, just in case you need an incentive to get these done, here is some information on late filing penaltiesand penalties for incorrect or incomplete forms, for these wage and tax statements.The penalty for a failure to furnish a W-2 is $50 per statement, no matter when the correct statement is furnished.You may be liable for penalties if you fail to file Form W-3with the SSA (along with W-2s for all employees) by the end of February for the preceding year (March 1 in 2010, for 2008). In addition, you may be penalized if the forms are incorrect, with errors or omissions.For W-3 and 1096 transmittal forms, the amount of penalty is based on when you file. The lowest amount is $15 for returns correctly filed within 30 days of the due date. If your failire to file is intentional, the penalty is at least $100 per form, with no maximum.Another Important Reminder: Using a payroll service provider does not relieve you of the responsibility to ensure that these wage and tax forms are filed correctly and on time. W-2s and 1099s - Did You Distribute Them Yet?originally appeared on About.com Business Law / Taxes: U.S.on Monday, January 25th, 2010 at 06:16:16.Permalink| Comment| Email this

Home-Sale Profit Rules for Widows And Widowers - Kiplinger Personal Finance - January 25, 2010
A sale by year-end could double the amount of profit that is tax-free.

Giving to Haiti? There's a Tax Benefit, Too - Kiplinger Personal Finance - January 25, 2010
Itemizers don’t have to wait until they file their 2010 returns, but some might want to.

The Future Of Economic Forecasting - Forbes - January 19, 2010
How to model irrational behavior in the markets? That's what regulators are trying to sort out.

Doing Business With The Big Boys - Forbes - January 19, 2010
Big companies can put small fry on the map. They can also take them for a ride. Protect yourself.

Obama On Small Business: A Year Later - Forbes - January 19, 2010
Dire predictions ring true. Too bad.

A Precious Capital Source For Small Biz - Forbes - January 19, 2010
Under the U.S. government's EB-5 program, foreign investors are writing checks in exchange for visas.

Health Insurance That Won't Make You Sick - Forbes - January 19, 2010
Getting non-employer-sponsored coverage at a (relatively) fair price is tough. Follow these tips.

Lesser-known QuickBooks shortcuts - Accounting Web - January 19, 2010
By Esther Friedberg Karp, Certified QuickBooks ProAdvisorread more

The biggest IRS headaches that plagued taxpayers in 2009 - Accounting Web - January 19, 2010
Every year the National Taxpayer Advocate  -– Nina E. Olson -- submits a report  to Congress which takes a critical look at the IRS.  It’s her job to identify at least the 20 most serious issues taxpayers face in dealing with the tax agency, and to recommend solutions.read more

Internal Revenue Service: The new health care police - Accounting Web - January 19, 2010
If Congress has its way, once their new health bill is signed, sealed, and delivered, most Americans will be required to have health insurance, and that will bring with it a whole new level of administrative duties. Someone will have to serve as the health care police. So far, it appears those tasks will fall to the IRS.read more

Congress introduces legislation making Haiti contributions deductible for 2009 - Accounting Web - January 19, 2010
House Majority Whip James E. Clyburn and House Republican Whip Eric Cantor along with Ways and Means Committee Chairman Charles B.read more

January Business Tax Calendar - About.com. - January 19, 2010
Business taxes which must be reported and paid in January.

More January Tax Reports, Payments Due - About.com - January 19, 2010
January is a busy month for businesses.  You are trying to get the new year started well, and at the same time you are closing last year and getting ready for tax time.  But don't forget these January payments and reports.  Note that since January 31 is a Sunday, anything due on that date is due on Monday, February 1.Deposits and PaymentsMonthly payroll tax deposit is due on January 15. Federal unemployment (FUTA) deposit is due January 31, if you owe $500 or lessReports DueQuarterly Payroll Tax Report is due January 31 for the 4th Quarter of 2009Annual FUTA Tax Report is also due January 31And Don't ForgetYou must provide annual wage statements to employees (W-2) and independent contractors (1099-MISC) by January 31Quarterly Estimated Tax Payments are also due on January 15Take a look at my January Tax Deposits and Reportsarticle, just to make sure you don't miss anything. The article has links to other articles to help you prepare and pay these taxes.More January Tax Reports, Payments Dueoriginally appeared on About.com Business Law / Taxes: U.S.on Saturday, January 9th, 2010 at 11:00:35.Permalink| Comment| Email this

How to Get a Government Contract with a Local Agency - About.com - January 19, 2010
When you think of "government contracting,"you may think of large federal government entities, but you might want to think closer to home: local agencies.  I found an excellent article from SCORE (the SBA partner that mentors small businesses) which provides information on how to go about finding a client, figuring out their needs, and getting the bid for the work.  The article is titled How to Get Started as a Government Contractor.For More InformationThe SBA has a new online course which provides information on how you can win federal government contracts.The course is automated so you can review specific sections that interest you.Also be sure to read my article on How to Register as a Government Contractor.  While this registration process applies to federal government contracts, you can use it as a guide to see what a local agency might ask.How to Get a Government Contract with a Local Agencyoriginally appeared on About.com Business Law / Taxes: U.S.on Sunday, January 10th, 2010 at 10:47:26.Permalink| Comment| Email this

Are Non-Compete Agreements Dead? - About.com - January 19, 2010
As I have discussed before, there is much bad publicity and just plain wrong mythology surrounding non-compete agreementsin employment contracts and business purchase agreements. Some people say they are illegal; they aren't really, but they are difficult to enforce. In recent years, it has become more difficult to enforce these agreements, and a recent California Supreme Court decision just made it even more difficult. What is true in California may not be true in the rest of the nation, but this decision may have repercussions in other states, so it is worth talking about.The California Supreme Court DecisionIn the case of Edwards v. Arthur Andersen, the California Supreme Court struck down a non-compete clause in an employment agreement, charging that the clause violated section 1660 of California's Business and Professional Code: Section 16600 provides "Except as provided in this chapter, every contract by which anyone is restrained from engaging in a lawful profession, trade or business of any kind is to that extent void."What About Other States Are DoingSome states - Alabama, Colorado, Louisiana, Montana, North Dakota, Oklahoma, Oregon, South Dakota and Texas - limit the use of non-compete agreements saying they constitute restraint of trade. For example, Alabama restricts non-compete agreementsusing similar language as California in its Code:"Every contract by which anyone is restrained from exercising a lawful profession, trade or business of any kind otherwise than is provided by this section is to that extent void."In Colorado, non compete agreements are unenforceableunless they fall into one of four specified exceptions:Any contract for the purchase and sale of a business or the assets of a businessAny contract for the protection of trade secrets. Any contractual provision for recovery of education and training expenses of an employee for a period of less than two years. Executive and management personnel and officers and employees who constitute professional staff to executive and management personnel. t should afford a reasonable protection for and not impose an unreasonable burden upon the employer, the employee or the public.More State Non-Compete LegislationFrom my research, I found legislation in  22 states and Guam restricting non-competes.  This list of states which restrict non-compete agreementswas updated in October 2009, but subsequent legislation may affect the way your state regards non-competes.  If you are considering a contract with a non-compete agreement in it, please be sure to talk to your attorney about the specifics of your state.Disclaimer:This information is presented as a general reference to give you something to discuss with your legal advisor. I am not an attorney nor do I know the details of laws in each state.  Each situation is different and must be considered on its own within the context of state laws and other legal principles.  Please consult an attorney before you sign or prepare any business contract.For More InformationNon-compete Agreements, Non-Solicitation Agreements, and Non-Disclosure AgreementsTypical Employment Agreement TermsImage: Getty ImagesAre Non-Compete Agreements Dead?originally appeared on About.com Business Law / Taxes: U.S.on Monday, January 11th, 2010 at 06:02:38.Permalink| Comment| Email this

Protect Yourself Against Bad Tax Preparers - About.com - January 19, 2010
First, a reminder:No matter what your tax preparer says or does, you (the business owner) are ultimately responsible for the accuracy and timeliness of your tax returns.The IRS will hold you, and only you, accountable.  You cannot say, "my tax preparer gave me bad advice,"and expect the IRS to to forgive you, or to waive fines and penalties.  So, choose your tax preparer carefully.The IRS is concerned about fraudulent tax preparers.  In fact, the IRS Taxpayer Advocate has proposed that tax preparers be licensed and take special classes.  Sounds like a great idea.Specifically, the IRS has proposedRequiring all paid tax return preparers who must sign a federal tax return to register with the IRS and obtain a preparer tax identification number (PTIN). Requiring competency tests for all paid tax return preparers except attorneys, certified public accountants (CPAs) and enrolled agents who are active and in good standing with their respective licensing agencies.Requiring ongoing continuing professional education for all paid tax return preparers except attorneys, CPAs, enrolled agents and others who are already subject to continuing education requirements.Extending the ethical rules found in Treasury Department Circular 230 -- which currently only apply to attorneys, CPAs and enrolled agents who practice before the IRS -- to all paid preparers. The IRS also has some tips to help you in your search for a tax preparer:Be cautious of tax preparers who claim they can obtain larger refunds than other preparers.Avoid preparers who base their fee on a percentage of the refund. Use a reputable tax professional who signs the tax return and provides a copy.Consider whether the individual or firm will be around to answer questions about the preparation of the tax return months, or even years, after the return has been filed.Check the person's credentials. Only attorneys, certified public accountants (CPAs) and enrolled agentscan represent taxpayers before the IRS in all matters, including audits, collection and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.Find out if the preparer is affiliated with a professional organization that provides its members with continuing education and resources and holds them to a code of ethics.Before you decide on a tax preparer:Check credentials.Check with the professional organization (the American Association of CPA's  or the American Bar Association, for example) and see if the person holds an active license and if there have been any sanctions against this individual.Check the IRS website.Search to see if this tax preparer has been disciplined by the IRS.Check references of previous clients.  To avoid getting only friends of the preparer, ask for a list of 20 people so you can select a few at random.Check the Better Business Bureau, to see if there have been complaints filed against this preparer.For More InformationHow to Find a Good Tax Advisor/PreparerHow to Select and Work with Business AdvisorsProtect Yourself Against Bad Tax Preparersoriginally appeared on About.com Business Law / Taxes: U.S.on Tuesday, January 12th, 2010 at 05:49:25.Permalink| Comment| Email this

50 hot stocks to buy in January - MSN Money - January 19, 2010
StockScouter, MSN Money's stock-picking tool, highlights companies with momentum that can be sustained as the economy recovers.

Wall Street, politicians still don't get it - MSN Money - January 19, 2010
The gamblers and the clueless are leading this nation into the abyss. If only we could throw out all of them.

A new world: Where to put your money now - MSN Money - January 19, 2010
Credit-rating downgrades for developed countries and upgrades for emerging markets aren't exactly turning the world upside down, but it's a trend investors shouldn't ignore.

America's vulnerable half-speed recovery - MSN Money - January 19, 2010
Many economists say the US economy will grow by a paltry 2% a year for the next decade. Here's why the road looks so rough.

Senate health care bill: 11 goals - MSN Finance - January 19, 2010
The Senate's version of health care reform is similar to the House's, with key differences involving a public option and -- no kidding -- a hefty tax on indoor tanning services.

3 tax mistakes made every day - MSN Finance - January 19, 2010
You probably don't mean to violate the law or invite hassles with the IRS, but ignoring simple, common-sense guidelines could get you into trouble.

Personal bankruptcy filings rise fast - MSN Finance - January 19, 2010
More people with high income and high education levels are among the 1.4 million Americans who filed for bankruptcy protection last year.

Yes, you will live to be 80 - MSN Finance - January 19, 2010
When you're young, retirement seems an eternity away. But if you don't start saving now, you'll miss out on the money magic that will make a huge difference later.

Health bill may impose 'marriage penalty' - MSN Finance - January 19, 2010
Both the House and Senate plans have higher premium caps for a married couple than an unmarried pair making the same money.

Who's peeking at your paycheck? - MSN Finance - January 19, 2010
Financial companies are no longer content to take your word for how much you make. Income estimates from credit bureaus will soon influence your access to credit.  

What mortgage? Many pay plastic first - MSN Finance - January 19, 2010
A study on bill-paying practices shows struggling Americans are breaking taboos and changing tactics to stay afloat. Some credit quirks are uniquely regional.

Renting to own: Don't get burned - MSN Finance - January 19, 2010
Lease options can help buyers with bad credit get into homes they're not qualified to purchase otherwise. The pitfalls are many, but there are smart ways to avoid them.

Medicare Costs More---for Some - WSJ - January 19, 2010
Some Medicare beneficiaries are finding their 2010 premiums—which they thought would be frozen at 2009 levels—are actually jumping 15%.

Why Investors Keep Fooling Themselves - WSJ - January 19, 2010
In order to earn 6% for clients after inflation, fees and taxes, financial planners need to pick investments that generate 11% or 13% a year before costs. Where will they find such gains?

A Year-End Gift for Home Buyers - Kiplinger Personal Finance - January 18, 2010
No need to wait until tax-filing season to cash in on the home-buyer credit.

4 Critical Money Questions to Ask Before You Get Married - Kiplinger Personal Finance - January 18, 2010
Start your relationship with these questions to make sure you and your partner are financially compatible.

Watch out for Haitian Earthquake Relief Fraud - Kiplinger Personal Finance - January 18, 2010
Follow these tips to ensure that your donations go to a legitimate charity.

Ready to File Your Taxes? The Government Awaits - Kiplinger Personal Finance - January 18, 2010
The IRS begins accepting e-filed tax returns for 2009 today. If you've got a refund due, hop to it.

7 Ways to Check Out a Charity - Kiplinger Personal Finance - January 18, 2010
Make sure you’re donating to a first-rate organization.

Giving Up on Federal Help, E*Trade Turns to Self-Help - CFO - January 18, 2010
CFO Bruce Nolop discusses how the online brokerage firm recapitalized itself without aid from the Troubled Asset Relief Program.

Do Wellness Programs Make Cents? - CFO - January 18, 2010
Employers are investing in ways to contain health-care costs, but few know what they're getting back.

Power Hitters, Industry Switchers - CFO - January 18, 2010
What does it take for CFOs to cross industry lines these days?

Roth IRA Retirement Planning for the Wealthy & Rich - Site Headlines - January 18, 2010
Ever wonder if there is a Roth IRA retirement plan for the wealthy & rich? What is the most important fact that you need to know about a Roth IRA if you are making an Adjusted Gross Income (AGI) of over $101,000 a year (if single or $169,000/year filing jointly)? You do not even qualify for a Roth IRA! "Why is that?" you say. Well, the answer to that is debatable. My take is that the government has created a truly powerful wealth creation tool in the Roth IRA, but don't really want to share it with the well-to-do. They figure, if you make under $100,000 per year there is a good chance you will be a burden, financial drain, on the government in your twilight years. So to help avoid this future financial burden they allow for a small amount of your wages (Roth IRA contribution limits are $5,000 per year or 6,000 if you are over 50) to be invested tax deferred and income tax free.

Have a Small Business? Access Up to $35,000 Interest-Free from SBA - Site Headlines - January 18, 2010
Since September, the Small Business Administration has been offering the America's Recovery Capital loan program, or ARC, as part of its economic recovery efforts. ARC loans provide an immediate infusion of capital to small businesses to assist with making payments of principal and interest on existing debt. These loans allow borrowers to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and retain jobs. For example, making loan payments on existing loans with proceeds from an ARC loan can allow a business to focus more funds on core operations, such as buying inventory or making payroll. Loans for up to $35,000 are available.

Two Offshore Drillers With Earnings Upside - Barron's - January 8, 2010
Sterne Agee likes the prospects for Ensco International and Rowan.

Retail Revival Is Real - Barron's - January 8, 2010
Retailers ended the year on a high note, with many reporting better-than-expected results. See which names top our shopping list.

Dragons and Other Fairy Tales - Barron's - January 8, 2010
Randall W. ForsythThe St. Louis Fed warns about inflation even as the FOMC frets both about rising prices and renewed weakness.

Regulators to Banks: Time to Stop Carrying On - Barron's - January 8, 2010
Randall W. ForsythThe Fed and other regulators warn banks about the risk of rising rates. What's up?

Hedge Fund Goes 'Mom &Pop' - WSJ - January 8, 2010
AQR is set to launch its seventh mutual fund, a managed-futures portfolio that seeks to take advantage of trends in commodities, bonds and other markets.

'Carried-Interest' Tax Gains Traction - WSJ - January 8, 2010
The "carried-interest'' tax debate has re-emerged in Congress, auguring higher taxes for private-equity and hedge-fund managers.

The Best Investments for the New Decade - WSJ - January 8, 2010
Those stocks, markets and asset classes that are most out of favor with investors often contain the best bargains. So what are the least-popular investments now?

Dow 36,000? So much for predictions - MSN Money - December 29, 2009
A decade ago, some stock market soothsayers forecast that the 2000s would bring staggering gains. Even more staggering now is how wrong they were.

Community Express Loans - About.com. - December 29, 2009
This article describes the Small Business Administration's Community Express loan program.

New Recovery Act Loan Approvals Start Today - About.com - December 29, 2009
There is some holiday cheer for you if you are considering a business loan, and I have talked with several small business owners who have been trying to get loans and who are pleased that the ARRA Recovery Act loan will be continued.Just in time to give small businesses a holiday "present,"President Obama signed the Department of Defense appropriations bill, which included a continuation of Recovery Act funds for the Small Business Administration.  This means that the reduced fees and higher guarantees (up to 90 percent) will continue, at least through February, or until funding is exhausted.Funds from the re-invigorated program are expected to begin today, December 28. New approvals of loans with the higher guarantee and reduced fees made possible by ARRA are expected to begintoday.  Loan applications from borrowers who chose to be placed in the SBA's Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.AnSBA announcement said the DOD Appropriations bill includes "$125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA's two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business lending."SBA Director Karen Mills said, "The increased guarantee and reduced fees on SBA loans helped put more than $16.5 billion in the hands of small business owners and brought more than 1,200 lenders back to SBA loan programs. The extension of these programs through February is important to continuing our path toward recovery and will mean thousands more small business owners have access to the credit they need."The two lending programs referred to are the flagship 7(a) programand the 504 loan programfor fixed asset purchases.For more information:Learn about all available SBA loan programsAll about SBA Recovery Act Loans (from the SBA website)New Recovery Act Loan Approvals Start Todayoriginally appeared on About.com Business Law / Taxes: U.S.on Tuesday, December 29th, 2009 at 05:58:46.Permalink| Comment| Email this

Final End-of-Year Tax Checkup - You Still Have Time - About.com - December 29, 2009
Now that the long holiday weekend is over, it's back to business for all of us.  This is your final reminder to review your business for potential tax savings; you only have until the end of business on Thursday to make these decisions.  For example:Should you write off some of those bad debtsto decrease your income?Should you stock up on inventory?How about paying expensesor deferring incomefor the same reason?If you have been thinking about buying equipment or a car/truck for your business, can you make that purchase and accept delivery before Thursday? If so, you may be able to take advantage of special bonus depreciation or Section 179 depreciation deductions.  These might not be available next year.For a complete list to review, read my article onyear-end tax savingsand get going!A reminder:My purpose is to give you general information, not tax or legal advice.  And I don't know your specific business situation. Before you take any of these steps, check with your tax adviser to see if they would help you save on your business taxes.Final End-of-Year Tax Checkup - You Still Have Timeoriginally appeared on About.com Business Law / Taxes: U.S.on Monday, December 28th, 2009 at 08:30:01.Permalink| Comment| Email this

Rea &Associates collects 12 tons of food for the hungry - Accounting Web - December 29, 2009
Ohio families will have more food for the holidays thanks to the efforts of employees at Rea & Associates. Employees of the CPA firm's 11 Ohio offices raised more than 24,000 pounds of food during the annual holiday food drive.read more

They'll Shop if You Chop - CFO - December 29, 2009
See how much you know about consumers' holiday spending habits.

A Question of Balance - CFO - December 29, 2009
The much-maligned 401(k) plan is being beefed up. So are the penalties for failing to manage it well.

Best of 2009: Careers - CFO - December 29, 2009
Finance chiefs had to confront a bevy of new challenges in 2009.

CIT Moves to Protect Its NOLs - CFO - December 29, 2009
As it emerges from bankruptcy, commercial lender CIT uses the tax code to shield its net operating losses from a technical "change of ownership."

This Year, the Rewards Were in the Risks - Barron's - December 29, 2009
Treasury yields rose. Prices plummeted. You call these "securities?"

A Cancer Patient Works the System - WSJ - December 29, 2009
James Mannett's ordeal can provide lessons for all of us about how to defend our own financial interests, even when we're at our most vulnerable.

6 ways to avoid an audit - MSN Finance - December 21, 2009
It may not be due to something you did wrong. It may even be triggered by an IRS error. But there are ways to reduce the chances of getting that dreaded letter.

7 ways your money will never be the same - MSN Money - December 8, 2009
A lot has changed since the recession began, including the roles stocks and bonds play in investors' portfolios. For starters, get used to more cash, catastrophes and regulation.

3 stocks for the coming oil shortage - MSN Money - December 8, 2009
There's oil aplenty in the short term, but the savvy investor will look at the energy crisis that appears to be lurking in the future -- and act accordingly.

End of Year Tax Planning - Write Off Bad Debts - About.com - December 8, 2009
This week, I want to focus on some more tax planning steps you can take before the end of the year to cut your business tax bill.  Today, look at the potential tax savings to be found by eliminating bad debts from your accounts receivable listing.How Bad Debt Write-off Cuts TaxesIn December, Henry sits down with his CPA and reviews his accounts receivable aging report. He finds that several customers are no longer ordering from him and these same customers have had an outstanding balance since April.  The total from these non-paying customers is $12,500.  If Henry does nothing, that $12,500 will show up as income, meaning he will probably have to pay taxes on this income, even though he hasn't received it yet. (Henry's company uses accrual accounting.) If he "writes off"this amout as uncollectible, he does not have to include it in his income for the year.What If Payment is Made Later?If one or more of his non-paying customers decides to pay its bill before the end of the year or during the next year, Henry's accountant will have to reverset the non-payment. But this is a small price to pay to get what could be significant tax reduction.For More InformationHow to Interpret an Accounts Receivable Aging ReportHow to Set up a Collection SystemCash Accounting vs. Accrual AccountingEnd of Year Tax Planning - Write Off Bad Debtsoriginally appeared on About.com Business Law / Taxes: U.S.on Monday, December 7th, 2009 at 16:35:46.Permalink| Comment| Email this

Banks Jack Up Treasury Fees - CFO - December 8, 2009
List prices for corporate account and transaction services rose 3.6% on average in 2009, despite the plunge in inflation in 2008.

E*Trade's Debt Swap Triggers Ownership Change - CFO - December 8, 2009
The online trading hub triggers a technical change of ownership by swapping out its debt. But it should be able to hang on to its long-term tax benefits.

Communications Components M&A to Continue - Barron's - December 8, 2009
Morgan Keegan expects smaller, strategic "tuck-in" acquisitions.

Sprint Surges Ahead - Barron's - December 8, 2009
Shares of the wireless provider jumped in the wake of a bullish story from Barron's.

Mall Traffic Looks Flat Ahead of Xmas - Barron's - December 8, 2009
December has gotten off to a slow start for retailers, says Lazard Capital Markets.

Can Credit Card Cos. Charge Higher? - Barron's - December 8, 2009
American Express, Capital One and Discover Financial all were upgraded today. Should they have been?

Bernanke's FAQs: Forget Any Quick [Rate Hike]s - Barron's - December 8, 2009
Randall W. ForsythFed head says fed funds to stay low for an extended period. Skepticism about jobs numbers justifies no near-term moves.

What Are You Paying For? - WSJ - December 8, 2009
"Closet index funds" have higher fees than true index funds but don't differ enough to warrant the higher costs.

House to Raise Taxes on Fund Managers - WSJ - December 8, 2009
The House is set to extend tax breaks, but elements of the plan, including higher taxes on fund managers, are likely to be opposed in the Senate.

Sole Proprietorship Pro/Con - About.com. - November 30, 2009
Discusses the advantages and disadvantages of sole proprietorships, including control, liability, taxes, and start-up.

Reminder - December Tax Due Dates - About.com - November 30, 2009
Although December doesn't start until tomorrow, I wanted to give you an extra day to prepare the tax reports and payments for the month.December 15: Corporate Income Tax Estimated Payments/ReportsIf you are running a corporation, you must make estimated payments on federal income taxes and file your estimated tax report by this date.December 15: November Payroll Tax Deposit DueFor payroll taxes (Social Security/Medicare and withholding) from November wages, you must deposit by December 15.December 31: Pay Tax and Report on Large Vehicle Purchase in NovemberIf your business purchased a heavy truck (taxable vehicle weight of 55,000 pounds or more) in November, you must file Form 2290 and pay an annual vehicle tax by the end of December.For a complete listing of federal taxes and reports due each month, go to my Business Tax Calendarsection.Reminder - December Tax Due Datesoriginally appeared on About.com Business Law / Taxes: U.S.on Monday, November 30th, 2009 at 06:27:19.Permalink| Comment| Email this

Holiday tipping in a lean year. Who? How much? And… do you have to? - Accounting Web - November 30, 2009
Leaner budget this year?  This is the time of year when you normally tip certain people in your life that you might not tip the rest of the year. But do you know what is customary?  If you habitually over-tip to keep from under-tipping, this might be the year to find out how much is enough. read more

3-step strategy for a twitchy market - MSN Money - November 20, 2009
Many investors are deeply suspicious of the 60% run-up in stocks this year and are itching to sell, but then what? Here's how to take some profits now while setting up a profitable 2010.

Fiduciary Liabilities: Are You Covered? - CFO - November 20, 2009
With lawsuits piling up against pension plan sponsors, individual fiduciary would do well to protect themselves against financial risks, experts say.

It's Quiet …Too Quiet - Barron's - November 20, 2009
How to profit from a likely pickup in volatility

Treasury Yield Plunge Sends Warning - Barron's - November 20, 2009
Collapse in note yields suggests economic distress will keep Fed on hold well into 2010.

Seven Health-Care Picks - Barron's - November 20, 2009
Jefferies suggests building positions in managed care and other names.

Diamonds: An Investor's Best Friend? - WSJ - November 20, 2009
The growing demand for tangible assets has led to the launch of a number of diamond investment funds this year, which believe they can achieve double-digit returns for investors.

Who's in Charge? At Mutual Funds, It Matters - WSJ - November 20, 2009
Change in managers often goes unnoticed, but it shouldn't. The industry is all about records and reputations

How to Escape the Rat Race - WSJ - November 20, 2009
Brett Arends considers how much money you'll need before telling the boss to take this job and...you know.

Regifting: Obama, The Nobel Prize And The IRS - Forbes - November 20, 2009
If you want to donate a prize to charity, be sure to plan ahead.

Has Apple blown its big chance? - MSN Money - November 13, 2009
While competitors have been losing market share, the company has failed to capitalize on an opportunity to achieve utter dominance -- leaving the door open for its rivals.

Don't Mess with the IRS - Cases in Point - About.com - November 13, 2009
In honor of Friday the 13th, I am acknowledging some unlucky taxpayers who figured they could get away with cheating the IRS.  Silly fools!I have reported before on how business owners think they can get away with tax evasion, for many years in some cases, hoping the IRS won't find out or won't prosecute.  They are wrong.  If the IRS suspects a business owner is trying to commit tax evasion, they can and will find out and they will prosecute. Tax evasion is a federal crime, and, conviction means years in prison, in addition to paying back the money with fines and penalties.Examples of Businesses Convicted of Tax EvasionI went through an IRS article listing results of general tax fraud examinations for the last IRS fiscal year (ending  September 30, 2009).  Most of these cases involve under-reporting income/filing false tax reports; I'm giving you these examples so you can know what notto do:A roofing company owner failed to report cash deposits as taxable income.A restaurant/supper club owner kept track of cash paid as "door income"for his supper club (sounds like a cover charge), but then didn't report this income on his business tax return.An independent contractor tried to hide income by having his compensation paid to a limited liability company which he owned. (I guess he didn't file a tax return for the LLC.)An underground sprinkling business owner cashed checks to avoid the $10,000 cash payment reporting requirement. He then used the money to pay undocumented illegal workers.  Two strikes against him.A home improvement contractor ran his business in cash, cashing customer checks at a restaurant, then using the cash to pay employees and bills and to buy materials.A software business owner deducted personal expenses as business expenses, under-reporting his income.A truck driver training school owner instructed his employees to take cash for deposits and then didn't report the cash.A medical doctor failed to file tax returns for two years.You get the idea.  If you want to avoid IRS scrutiny, remember:Cash is still income. Doing business in cash doesn't mean you can get away with not reporting the transactions. Keep business and personal separate. Don't try to deduct personal expenses as business expenses to lower your business tax bill.File your tax returns.If you stop filing for a year, the IRS will notice the lapse and start asking questions.For More Information:Tax Evasion vs. Tax Avoidance - What's the Difference?6 Ways to Minimize Your Risk of Tax AuditDon't Mess with the IRS - Cases in Pointoriginally appeared on About.com Business Law / Taxes: U.S.on Friday, November 13th, 2009 at 06:33:40.Permalink| Comment| Email this

Getting the most from live CPE training - Accounting Web - November 13, 2009
Smart CPAs are doing more than just fulfilling their state board requirements, they are trying to squeeze the most value out of their continuing education.Though accounting has often been called "recession-proof," no job is completely safe. That's why career advisers urge accountants to develop skills that will make them difficult to replace by carefully choosing the best training options.read more

A CFO's Strategy: Verticals Within Verticals - CFO - November 13, 2009
Lawson Software's Rob Schriesheim keeps the focus on six customer markets, allocating capital where growth prospects are strongest, and slashing costs with aggressive offshoring.

When CFOs Take the Top Spot - CFO - November 13, 2009
It doesn't happen often, but when CFOs become CEOs, companies often outperform, at least on stock prices.

Good and Bad News in China's Currency Shift - Barron's - November 13, 2009
Allowing the remnimbi to rise may cut global imbalances but also tighten tap of liquidity.

Two Picks in Life and Health Insurers - Barron's - November 13, 2009
FBR Capital Markets likes StanCorp Financial and Prudential Financial.

An Options Antidote for Falling Dividends - Barron's - November 13, 2009
Selling calls against stocks in a portfolio can help investors make up for the lost income.

Strong Steel Outlook to Boost Coal Prices - Barron's - November 13, 2009
Credit Suisse lifted estimates in the metallurgical-coal sector.

The Lowdown on Home-Buyer Tax Credits - WSJ - November 13, 2009
A law President Obama signed last week extends through next spring a temporary tax credit of up to $8,000 for first-time home buyers. What's new is a tax credit of up to $6,500 for certain repeat home buyers. Here are answers to some common questions about the new rules.

Fed Slaps Curbs on Overdraft Fees - WSJ - November 13, 2009
The Fed imposed rules making it harder for banks to hit customers with fees for overdrawing their accounts.

Last Hurrah for Rich Credit Card Rewards? - WSJ - November 13, 2009
As card issuers prepare to raise costs and trim benefits of rewards programs, now might be your last, best chance to snag a good deal, writes Brett Arends.

Builders Downsize the Dream Home - WSJ - November 13, 2009
As they draw up blueprints for the house of the post-recession future, builders are struggling to distinguish among what home buyers need, what they want and what they can live without.

A better gauge of a company's health - MSN Money - November 6, 2009
Two companies with very different tales to tell -- Ford and Australian mining startup Lynas -- show why investors shouldn't rely solely on easy-to-manipulate earnings reports.

Cruising Has Its Limits - For Tax Deductions, That Is - About.com - November 6, 2009
Back in the good old days, (pre-recession, that is), many business people figured they should get all the good things in life from owning a business.  Many owners and board members would plan luxurious vacations and call them "board meetings"and deduct the costs as a business expense.  No more.  In addition to cracking down on entertainment expenses, the IRS also looks unfavorably on conferences, seminars, and board meetings on cruise ships.  You can still take these trips, but there are limits.Cruise Ship Expense LimitYou can deduct up to $2,000 a year for expenses of meetings, conventions, or trade shows held on cruise ships (the IRS considered any ship to be a cruise ship), but only if all the following conditions are met:The event must be directly related to your trade or businessThe cruise ship is registered in the U.S. (I found this requirement strange, since most of these cruise ships have non-U.S. registrations)All ports of call are in the U.S. or U.S. possessionsIn addition,  you must provide:A written statement detailing the total days of the trip (not including days of transportation to and from the cruise ship port), the number of hours each day devoted to business activities, and the program of scheduled business activitiesA statement by an officer of the organization or group sponsoring the meeting that includes a schedule of each day's business activities, and the number of hours you attended the scheduled business activities.Conventions Held Outside the North American AreaYou cannot deduct expenses for attending a convention, seminar, or similar meeting held outside the North American area unless:The meeting is directly related to your trade or business, andIt is as reasonable to hold the meeting outside the North American area as in it.The North American area includes the Caribbean and U.S. possessions in the Pacific.  SeeIRS Publication 463for a complete list.Bottom Line: If you are planning on attending a convention on a cruise ship or taking your board of directors on a cruise for your annual meeting, check with your tax adviser to make sure you will be able to deduct at least some of the cost of this very expensive vacation.  Oh, and forget about getting family member costs paid; the IRS specifically disallows this.Image: Angelo Cavalli/Getty ImagesCruising Has Its Limits - For Tax Deductions, That Isoriginally appeared on About.com Business Law / Taxes: U.S.on Friday, November 6th, 2009 at 05:01:34.Permalink| Comment| Email this

Deducting Car Expenses for a Home Business - About.com - November 6, 2009
After reading yesterday's blog post about car expenses, a reader asked, "How do I know what car expenses I can deduct from my home business? What travel from home to other locations is deductible?"Can I Deduct Car Expenses Going Back and Forth from my Home Office?You can deduct business-related car expenses for travel back and forth under these circumstances:You work at home or from home and your home is your principal place of business(the place where you earn most of your income or where you do your administrative or management tasks)You don't commute back and forth from your home to an office.You can prove that the car expenses were business related, not personal.Two ExamplesSunny works from home as a freelance writer. She has online clients, but she also has local clients. She can deduct any car travel to drop off or pick up work from local clients, and to travel to the office supply store for supplies.  She should be careful not to combine business trips with personal ones, like personal banking or a stop at the grocery store.Karl works out of his home as a manufacturer's representative,and he travels around the state to meet clients and discuss purchases.  He does his administrative work at home, so it is his primary place of business. He keeps a log in his car and records mileage for all car travel, from his home to client locations, hotels, and back.In both of these cases, the small business owners can deduct all business travel to and from their home.How Do I Prove Car Expenses are Business Related?The IRS looks very carefully at car expenses for small businesses.  They want to see detailed records that:Were prepared at the time of the expense (not weeks later) and That detail the date, reason for the trip, and include any other information to show that the trip was business-relatedWhat Car Expenses Can I Deduct?You can deduct all ordinary and necessary expenses related to business travel, but no personal travel. You can deduct these expenses for car travel to and from business locations.  For example:the home of a clientthe office store where you buy office suppliestemporary job sites where you work for clientsplaces where you meet with clients, customers, or business advisersyour warehouse or the place where you keep your business inventorya convention center where you participated in a business seminarHow do I determine these car expenses?You can use the standard mileage deduction rate set by the IRS (55 cents a mile for 2009), orYou can keep track of actual costs for all car-related expenses.Using the standard mileage rate is less trouble, because all you have to do is set out the miles traveled for business purposes, but the actual cost method sometimes results in higher deduction amounts.First-year Rule for Standard MileageIf you don't use the standard mileage rate the first year of your business, you can never use it again.  If you do use standard mileage the first year, you can then select the rate which will give you the highest possible tax deduction.Remember, although business travel to and from your home based business is deductible, it must be documented and recorded at the time of the trip.  Don't get caught shorthanded without these documents in the event of an IRS audit of your business.For More Information:More about Taxes for Home Based BusinessesStandard Mileage vs. Actual Expenses - Which is Better?Deducting Car Expenses for a Home Businessoriginally appeared on About.com Business Law / Taxes: U.S.on Thursday, November 5th, 2009 at 17:26:58.Permalink| Comment| Email this

Ohio CPAs teach local students 'Smart Money Management' skills - Accounting Web - November 6, 2009
On November 12, fifth-grade students at Brecksville-Broadview Heights Central School in Brecksville, OH will play the stock market and learn the risks and rewards of real-life investing from CPAs with Howard, Wershbale & Co. (HWCO) in Cleveland. read more

When NOT to file a claim - MSN Finance - November 6, 2009
Some insurers are dumping consumers who file too many or the wrong type of claims. Here are four scenarios when you should pay out of pocket.

How to file an insurance claim -- and win - MSN Finance - November 6, 2009
Submitting a claim doesn't have to be painful, drawn-out experience. Follow these tips to get a quicker response from your insurer.

Better places to stash your cash - MSN Finance - November 6, 2009
Money market mutual funds are paying a pittance. Look to local banks, laddered CDs and short-term bond funds to achieve higher yields.

Hedging Against Big Ben &Co. - Barron's - November 6, 2009
Here's an options play for rising Treasury yields.

Shaky Foundation for Home Builders - Barron's - November 6, 2009
Investors are best advised to avoid the group through year end, says Fox-Pitt Kelton.

Cisco Results to Boost Wi-Fi, Security Markets - Barron's - November 6, 2009
Cisco's fiscal first-quarter results bode well for vendors in these two sectors.

Cheescake Factory Gets IRS Indigestion - Forbes - November 6, 2009
Restaurant chain fights tax bill linked to stock option backdating.

Why is Toyota selling a $400,000 car? - MSN Money - October 30, 2009
The Lexus LFA is designed to compete with the hottest hot rods. It's a breathtaking display of ego -- and the last thing Toyota needs to restore its tarnished brand.

7 financial stocks poised to profit - MSN Money - October 30, 2009
As banks move away from traditional banking to goose their profits and shore up their capital ratios, a handful of global players are getting into position to fill the void.

Sticking-Plasters of the Universe - CFO - October 30, 2009
The buy-out barons say the worst is over. They would.

Space Case - CFO - October 30, 2009
Underutilizing office space is frustrating and costly, but there are ways to minimize the impact.

CFOs on the Move: Week Ending October 30 - CFO - October 30, 2009
Motorola, Nissan Motor, The Andersons, Aviva, Nokia, United Rentals.

Pro-American Mood Clouds Convergence - CFO - October 30, 2009
Only the biggest U.S. companies should bother adopting the international financial reporting standards written by International Accounting Standards Board, the former chair of the SEC's advisory committee on financial reporting says.

Buffer Warren - CFO - October 30, 2009
Why are banks so averse to raising equity?

Safer Semiconductor Stocks - Barron's - October 30, 2009
J.P. Morgan likes Linear Tech, Xilinx and Altera for defensive positions.

Expanded Tax Credit A Good Deal? - WSJ - October 30, 2009
An expanded tax credit could make buying a house a better deal -- but only if there are low prices and slumping mortgage rates, writes Brett Arends.

Amid College Search, Time for a Financial Check-Up - WSJ - October 30, 2009
As high-school seniors' college search kicks into high gear, many parents are fretting about how to pay. While an ideal college savings plan would have started years ago, it's not too late to catch up.

How To Arrange A Loan Between Family Members - Forbes - October 30, 2009
Parents can help their children with a down payment without running afoul of the IRS.

How Owning A Home Reduces Your Taxes - Forbes - October 30, 2009
Home-buyer tax credit only one of ways to save.

Equal Protection For The Rich? - Forbes - October 30, 2009
California tech exec fights state's 1% surcharge on millionaires.

Beneficiaries of Broadband Stimulus - Barron's - October 29, 2009
Jefferies &Co. likes ADC Telecom, Occam and Adtran.

Why Homeowners Are Raising the Roof - WSJ - October 29, 2009
Some homeowners are paying as much as 20% less for remodeling projects than they would have a few years ago, depending on the region and the job.

Is chip makers' strength an illusion? - MSN Money - October 19, 2009
As expected, Intel and other companies in the sector are beating their numbers this earnings season. Here's why that success might be just a façade.

Secret cash advances worry wife - MSN Finance - October 19, 2009
If spouses have separate credit card accounts, should they be accountable to each other? Also: How card issuers view cash advances.

Are you giving beyond your means? - MSN Finance - October 19, 2009
Don't wreck your own finances trying to save somebody else's. Whether it's giving to church or children, be sure you can afford your generosity.

Study: Health-Care Rates to Rise - WSJ - October 19, 2009
No matter what happens with health-care reform this fall, employees should expect to pay more for health insurance in 2010, a consulting firm says.

Clunker Cash: No Boost for Consumers - Barron's - September 29, 2009
Dealers pocketed the biggest chunk of Uncle Sam's largesse. Any help for the economy from handouts is fading.

The real post-meltdown winners - MSN Money - September 21, 2009
Since triggering an epic financial meltdown, Wall Street's biggest franchises have seen startling increases in their market values. What are investors thinking?     

The trouble with techs right now - MSN Money - September 21, 2009
This important bellwether sector is generally too pricey for me and too risky to play -- long or short. Still, there is one name I like.

5 health care stocks for the reform era - MSN Money - September 21, 2009
Stocks in the sector have generally been beaten down as the debate rages on, but some should do well no matter what reform eventually looks like. These 5 are worth a look.

LLC Startup Questions - About.com. - September 21, 2009
Here are some frequently asked questions about forming a limited liability company.

A Bull Market That Never Happened - WSJ - September 21, 2009
Beyond a sorry contemplation of the past 10 years, what have investors learned from the last decade? And where do we go from here?

IPO Market Regains Momentum - WSJ - September 21, 2009
Five IPOs are set to launch this week, which would be the most activity since late 2007.

As Confidence Rises, So Do Inflows - WSJ - September 21, 2009
Mutual-fund investors' confidence in the markets appears to be rising, with several fund categories seeing their biggest inflows of the year in the latest week.

IRS Extends Amnesty Deadline - WSJ - September 21, 2009
The IRS extended until Oct. 15 its amnesty program for taxpayers with undeclared offshore income.

Tide Turning in Favor of Procter &Gamble - Barron's - September 11, 2009
Price reductions are pressuring Church &Dwight's Arm &Hammer brand.

Full Speed Ahead For Chips - Barron's - September 11, 2009
Chip makers are scrambling to meet demand, raising the likelihood for further gains in the sector.

Alternatives May Top Asset Managers - Barron's - September 11, 2009
Barclays cited market skepticism of further gains for its preference.

A Shift in Market Leadership - Barron's - September 11, 2009
The charts suggest that the torch is being passed to stocks in the transportation, networking and defense sectors.

Chrysler Prepares to Resume Leases - WSJ - September 11, 2009
Chrysler is preparing to resume auto leases, according to a dealer briefed on the plans.

Restaurant Loses Appetite for Cash - WSJ - September 11, 2009
In the latest encroachment of credit and debit cards onto the greenback's turf, a high-end New York City restaurant said it will only accept plastic as payment for diners' checks.

How to Make Employers Want You - WSJ - September 8, 2009
Contrary to what many believe, most firms in most industries are hiring. Strong candidates need to research and network in order to select the best opportunity from multiple job offers.

Some Funds Stop Grading on Curve - WSJ - September 8, 2009
Wall Street is concocting new ways to protect investors from steep losses amid increasing recognition that conventional assumptions about market behavior are off the mark, substantially underestimating risk.

Value Manager Not Betting on Hope - WSJ - September 8, 2009
Bill Clinton famously said in 1992 that he still believes in a place called "hope," but when it comes to picking stocks, Paradigm Value Fund's portfolio manager thinks hope is overrated.

White House Initiatives to Help Workers Save - WSJ - September 8, 2009
The White House announced a series of administrative moves aimed at making it easier for workers to build up their savings.

Why this rally might head into fall - MSN Money - August 31, 2009
As weak stocks rally and speculators take control, there are reasons to believe the market could be in for a pullback. But I'm not betting on it -- at least not yet.

Can colleges keep promises of aid? - MSN Finance - August 31, 2009
Many universities replaced loans with grants and otherwise worked to make college more affordable. But that was before once-hefty endowment funds started shrinking.

For Intel, the Future Is Now - CFO - August 26, 2009
Capital spending in a lousy economy can drive outsized returns, the company's CFO says.

SEC Names Kroeker Chief Accountant - CFO - August 26, 2009
The former Deloitte partner has been filling in as acting chief accountant since January.

Gold Is Power - Barron's - August 26, 2009
Aurum est potestas in any language may come down to option trades on SPDR Gold.

S&P 500 Could Reach 1,200 by Year-End - Barron's - August 26, 2009
Prudential expects continued gains in equities in the second half.

Two Picks in a Clouded Solar Sector - Barron's - August 26, 2009
Credit Suisse likes Trina Solar and ReneSola.

Parents Scramble Amid After-School Cuts - WSJ - August 26, 2009
Closings and cutbacks at thousands of after-school programs nationwide have parents scrambling to make alternative arrangements.

How I Got Burned by Beanie Babies - WSJ - August 26, 2009
If we learn to recognize the patterns of investment bubbles, we might be more astute in reacting and adjusting our own behavior, writes Karen Blumenthal.

Fight Brews as Proxy-Access Nears - WSJ - August 26, 2009
Companies are racing to derail or, more likely, weaken the SEC's "proxy access" rule that could upend board votes and add to business costs.

Get Next Year's Refund Now - Kiplinger Personal Finance - April 10, 2009
Looking for extra cash? You can boost your paycheck by adjusting your withholding.

5 Last-Minute Ways to Boost Your Retirement Savings - Kiplinger Personal Finance - April 10, 2009
You still have time to contribute to an IRA and a few other retirement accounts for 2008.

Making Payroll Tax Deposits - About.com. - April 10, 2009
Discusses when to make payroll tax deposits

Morrison, Brown, Argiz & Farra opens new Boca Raton office - Accounting Web - April 10, 2009
Morrison, Brown, Argiz & Farra, LLP (MBAF), Florida's largest independent accounting firm, continues its growth strategy with the opening of its Boca Raton office. The office, led by Partner Marjorie A. Horwin, will house the firm's Private Wealth Services Group offering individual tax planning, estate planning, and charitable planning strategies. Read More >>

Ernst & Young develops unique business course for FAU - Accounting Web - April 10, 2009
Ernst & Young LLP's Insurance and Actuarial Advisory Services group recently assisted Florida Atlantic University in the development of a three-credit insurance accounting course for students of FAU's Barry Kaye College of Business. Read More >>

AICPA comments on SEC proposed IFRS roadmap - Accounting Web - April 10, 2009
The American Institute of Certified Public Accountants has submitted its comments to the Securities and Exchange Commission's proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Reporting Standards by U.S. Issuers. Read More >>

Earliest Tax Freedom Day in 42 years! - Accounting Web - April 10, 2009
Taxes are due as usual, on April 15th. But for the first time in decades, Tax Freedom Day – the day that Americans will have earned enough money to pay their federal, state, and local tax bill for the year – falls before the tax due date. This year, it's on April 13th. The last time Tax Freedom Day occurred earlier in the year, on April 12th to be exact, Lyndon Johnson was president, and the year was 1967. Read More >>

Not-for-profit board members beware: The IRS may have you in its scope - Accounting Web - April 10, 2009
It's a growing trend for socially responsible companies to encourage employees to serve on not-for-profit boards. At the same time, the IRS is stepping up its scrutiny of private charitable corporations and in some cases, holding board members personally accountable when something goes wrong. Read More >>

SEC: Moving Deck Chairs on the Titanic? - CFO - April 10, 2009
The regulator's inspector-general slams the agency for moving about 1,750 employees' desks around without studying whether it was worth $4 million.

"What We Do Is Life or Death." - CFO - April 10, 2009
No company has more demanding customers than the Defense Logistics Agency. An interview with CFO J. Anthony Poleo.

Memo from HR: We Do Too Create Value - CFO - April 10, 2009
A professor's criticism of the profession stirs up a frenzied debate.

Will the Wells Fargo Rally Go Far? - Barron's - April 10, 2009
Banks are rallying but traders remain cautious on the rest of financials.

A Back to the Future Value Strategy - Barron's - April 10, 2009
Adhering to Ben Graham's 75-year-old approach to value investing can protect a portfolio better than latter-day value approaches.

Gaining From Your Losses - Forbes - April 10, 2009
Loss harvesting can save you big bucks.

New LLC Laws in Iowa and Idaho - Coming Soon to Your State? - About.com - February 4, 2009
Since the limited liability company business form was adopted in the 1970s, and the IRS started recognizing LLC's in 1980, nearly all U.S. states have established LLC laws. Now,...