Editor's Note
What the heck is going on? Congress just voted to enact
emergency legislation called stimulus, and not one single member
who voted for the bill confirmed that he or she had read the
entire bill. Of course who could have read the bill? The bill is
more than 1,000 pages and it was thrown together in its final
form within hours of its signing.
One thing is certain, any legislation stapled together in this
fashion will be fraught with loopholes and mistakes, and that
will provide accountants with opportunities to communicate with
the clients, explain provisions of the bill, and have additional
client interaction when correction legislation is passed.
So once again, as is so often the case, we accountants can give
thanks to our elected officials for keeping our profession alive
and well.
As always, if you have any thoughts, comments, experiences to
share on this (or any) topic, please click the "Post Comments"
button on the bottom of any of our stories and let us know
what's on your mind.
Best regards,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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Who gets what in the Stimulus Bill?
A lot of people get a little bit. Some, like certain home buyers
or car buyers get more than a little. Some projects that do seem
related to stimulating the economy get billions, and they may
hold the power to create or protect jobs. And some programs that
are not related to economic stimulus but do represent Democrat
wish lists items are promoted and enhanced.
more >>
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What will a $575 billion spending spree buy?
The details will continue to roll out as analysts actually get a
chance to read the 1,071 page bill was which voted on before
anyone had a chance to read the whole thing. The bill, which was
passed with a warning of urgency, was signed in Denver by
Barack Obama on February 17th.
more >>
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NEW! PPC’s Tax e-Practice Aids™
Get PPC’s industry-leading practice aids (including engagement
letters, worksheets, checklists, elections, tax organizers and more)
delivered in convenient Microsoft Word and Excel templates that
work the way you do!
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Did golf pro Jim Thorpe slice the IRS?
Three years of unpaid taxes, from 2002, 2003, and 2004... that's
the bunker Jim Thorpe finds himself stuck in. Charges were filed
in an Orlando, Florida federal court accusing Thorpe of failing
to pay federal taxes - amounting to $1.6 million - on income of
more than $5.2 million earned during that three year period.
more >>
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Stay Informed with CCH Audio Seminars
Earn CPE Credit
Invite colleagues, customers, prospects and business referral sources to join you for a CCH Audio Seminar. Each seminar includes supporting CCH research materials forwarded to you after the seminar.
SALES AND USE TAX AUDITS: Best Practices to Successfully Meet the Audit Challenge - February 24
This tax-saving and time-saving two-hour audio seminar on Tuesday, February 24th, will give you and your staff a practical walk-through of issues that need to be addressed prior to sales and use tax audit, during the audit, and after the audit.
Learn more.
Advising Your Closely-Held C Corp Clients This Tax Season: Key Issues and Updates for 1120 Filers - February 26
Closely-held C corporations are full of tax traps for their owners. Tax return time is a good opportunity to review critical issues with your C corporation owner clients.
Learn more.
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Many taxpayers don't condone cheating
TThe IRS Oversight Board has released its 2008 Taxpayer Attitude
Survey. The survey has been conducted annually by the Board
since 2002 to gain an understanding of taxpayers' attitudes on
tax issues.
more >>
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Free Demonstration: Streamlining Corporate Workflow Processes
Find out today why successful businesses rely on CCH as their strategic partner for time-saving income tax compliance software and workflow management tools. In less than an hour, you’ll learn how to streamline your workflow and improve your compliance processes by using the integrated CorpSystem suite.
Learn more…
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U.S. retirement funds experience worst decline in 30 years
According to "Pensions & Investments," the international
newspaper of money management, U.S. retirement funds lost almost
$1 trillion of their value in the year ended September 30, 2008,
the worst decline in the 30 years "Pensions & Investments" has
tracked the largest 1,000 plans.
more >>
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Tax Mama Blog: Why Offers in Compromise Get Rejected
This is a real, unedited conversation with a real person. I have
added some editorial commentary in between the questions and
answers. (The name has been changed to protect the "innocent".)
Read this, and tell us what you would advise Joan from Lima, Ohio.
more >>
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