Archive for April, 2008
Federal Tax Forms 2011 Estimated
April 2nd, 2008
|
|
TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH… |
|
|
TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper…. |
Top stories of 2009
The weather was dry, the grapes were good, the economy was bad, the budget was balanced and swine flu arrived in the Valley. Last year was a year of tragedy and not-so-minor triumphs, including the long-awaited completion of the first phase of Highway 12 improvements in the Springs.
Posted in 
California Tax Accountant
April 2nd, 2008
Real estate fraud has become a common occurrence in our distressed economy. Last April, the FBI uncovered the largest mortgage fraud case ever prosecuted in Southern California. It involved an elaborate con which defrauded over 70 lenders for millions of dollars. Recently, we’ve seen the “foreclosure rescue” scams, “short sale facilitation” scams, and “loan modification” scams.
By far one of the coldest, most calculating deceptions, extending over 20 years and $67 billion was the Ponzi scheme orchestrated by Bernard Madoff. He showed no discrimination when selecting targets; his victims ranged from celebrities, wealthy financiers, to retirees and small investors. There was no sense of remorse on Madoff’s part, as he stripped many of their life savings, leaving a trail of betrayal and shattered lives.
Many of these victims sat in court, anxiously awaiting the outcome of his much publicized trial. Everyone was shocked when the judge pronounced the maximum sentence of 150 years. The judge may have considered a lesser ruling, but no one came forward with letters of reference in support of Madoff’s character or any good deeds he had done.
Now the victims have closure, and it appears the judge was setting an example to others by imposing such a harsh ruling. This case, however, is far from over. There are a number of unanswered questions that may spark investigations for years to come, as well as the moral questions raised by this crime.
Bernard’s fraud was based on a Ponzi or pyramid scheme where investors are promised larger than average payouts. The money is never invested, but payouts are made from the the deposits from new members. Layers of investors provide profits for the lower level members. This worked nicely attracting all levels of investors until the bottom started falling out of the market and large investment firms were going bankrupt. Nervous investors began withdrawing their funds at alarming rates. Madoff, realizing his scheme would be uncovered, confessed to his family that the business was all a sham, and turned himself into the authorities.
Apparently, no one knew of his deceit, and Madoff accepted total responsibility for 20 years of fraudulent investing practices.
Question Number One. How could anyone pull off this type of complex crime for so long, with no one’s help? Apparently, there was an accountant that has been charged, and an investment firm was also implicated, but other than those, Bernard Madoff, swears he was the lone gunman. In the next few months, watch for the name “Frank DiPascali” to appear in the news. he was Madoff’s Chief Deputy whose actual job description in the company was somewhat of a mystery. Rumor has it, he is under investigation and is willing to “sing like a canary” with regard to the entire operation, in exchange for reduced sentencing.
Question Number Two: Just how innocent are some of these victims anyway? For years, Madoff’s operation operated in a profit margin, securing double digit investment returns even during the recession when other companies were folding. Were the recipients of these positive returns concerned about where the money was coming from? Apparently, during questioning, DiPascali claimed that he modified investment statements for some clients to reflect losses to reduced their tax blow.
Question Number Three: So, now that it’s all said and done, where is the money? Bernard’s wife and kids are still living luxurious lifestyles, is it such as stretch to assume they are reaping the spoils?
Finally, Question Number Four: What’s up with the SEC? The Securities and Exchange Commission investigated Madoff’s business dealings on a few occasions, but always came up empty handed. Apparently he was a clever man, who covered his tracks well, but to completely outwit an SEC investigation – what’s up with that? We also understand that Bernard’s niece Shana Madoff, who was active on the Executive Committee of SIFMA’s Compliance & Legal Division, married an SEC compliance official not long after the investigation was concluded. Might as well keep it all in the family.
|
|
Starting and Building Your Own Accounting Business $14.23 Let expert advisor and author Jack Fox show you how to do it-how he did it-with a minimum amount of anxiety and cost Part blueprint, rule book, and game plan, Starting and Building Your Own Accounting Business offers hands-on, no-nonsense guidance from a leading expert on the actual day-to-day specifics of creating and marketing your own accounting business–while building a foundation for ongoing… |
|
|
Wiley CPA Examination Review Fast Track Study Guide $17.81 The absolute essentials to passing the CPA exam-for the 120,000 candidates who take the test each yearThis tightly focused study guide–now thoroughly updated to reflect the new computerized CPA exam–cuts away all the excess information to simply give readers what they need to know. Presenting the absolute key points and the precise steps to take in preparing for the CPA exam, the Wiley CPA Exami… |
|
|
Spell it out: clearly defined expectations key to strong engagement letter.(bestpractices): An article from: California CPA $9.95 This digital document is an article from California CPA, published by California Society of Certified Public Accountants on June 1, 2010. The length of the article is 764 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Spell it out… |
Former CPA For Crisp & Cole Real Estate, Wife, Plead Guilty
United States Benjamin B. Wagner announced today that Kevin Patrick Sluga, 60, and his wife, Leslie Sluga, 57, of Bakersfield, pleaded guilty Friday before U.S. District Judge Oliver W. Wanger, in Fresno, to four counts of wire fraud and two counts of wire fraud, respectively.
Tax Preparation, Tax Services and Tax Accountant in Burbank
Tags: California Tax License
April 2nd, 2008
|
|
Property Management for Dummies $21.99 You’ll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor – and your sanity â… |
|
|
California Real Estate Exam Guide $26.74 … |
Roadshow: Drivers irked by motorists with expired registration tags
State is clamping down, and it collects millions in fees each year from these scofflaws.
Daily Driver 3 19 09
Free Income Tax Knowledge
April 2nd, 2008
Question: For rental properties, Is principal taxable income?
I am in Canada and I have some rental properties.
I want to ask if principal in mortgage payment should be counted as net-income or taxable income?
I always think the principal part of mortgage payment is tax free income. I should only pay tax if I have positive cash flow.
But my accountant told me that even my property break even with 0 cash-flow after mortgage payment. I still have principal as income, because only Interest is expense. So my principal become net-income and it is taxable. I can only claim depreciation to defer the tax.
Is it true? It is against my knowledge that equity & principal is tax free income. Please clarify. Thanks
Answer: Your accountant is correct.
The principal payments on the mortgage is what is referred to as “on account of capital” in the income tax act. As such, those payments are not tax deductible. Only depreciation of the underlying asset is allowed.
The interest paid on the mortgage is a deductible expense.
The thing is, if you buy a house for $100K, pay off the mortgage then sell the house for $100K, you won’t have a tax bill. You will sell the equity tax free.
Now, if you’ve depreciated the building over time then you will likely get a tax bill when you sell the house. Using the above example, if you have claimed $20K of depreciation on the house and you sell it for $100K, you then have to include in income the $20K that you previously expensed.
However, in short, your accountant is right. Which is good. That’s why you pay him / her!
|
|
QuickBooks Pro 2012 $119.99 For the business that is upand runningProductInformation QuickBooks Pro 2012 lets you organize your business finances all in oneplace so you can quickly find the information that you need. Easily create invoices and track your sales and expenses -and get reliable records at tax time. QuickBooks Pro 2012 canbe set up in minutes and is easy to learn and use. Save timeand get or… |
|
|
QuickBooks Pro 2012 [Download] $119.99 New to QuickBooks? Find out why QuickBooks is the #1 best selling small business accounting software¹. Set up in minutes, easy to learn and use No accounting knowledge necessary Quickly import your data from a spreadsheet² Step-by-step tutorials and coaching tips show you how to create invoices, record expenses and more Special offer: Get up to 60 minutes with a QuickBooks expert free for 30 … |
|
|
QuickBooks for Mac 2012 $129.50 Easily manage your businessProductInformationQuickBooks for Mac 2012 is small business accounting that lets youorganize your finances all in once place so you can quickly find whatyou need. Easily create invoices and track your businesssales and expenses – and get reliable records for tax time. QuickBooks for Mac 2012 is set up in minutes and is easy tolearn and use along with looking a… |
Ric Brown: Money man to 2 Va. governors
For nearly 40 years as a state government numbers wizard, Ric Brown advised 10 governors on budgets and money issues, and he figured that was plenty.
Free MLM Stay At Home Business Aisle 19
Professional Tax Slabs In Ap
April 1st, 2008
Question: May i know AP professional tax slab for 2008-09?
Answer: He is asking for professional tax, not income tax.
Following is the structure of Porf tax in the AP state:
1) Salary/wage upto Rs.1499 No Tax
2) salary from 1500 to 1999 Rs.16/
3) ” 2000 to 2999 Rs.25/
4) ” 3000 to 3999 Rs.35
5) ” 4000 to 4999 Rs.45
6) ” 5000 to 5999 Rs.60
7) ” 6000 to 9999 Rs.80
” 10000 to 14999 Rs.100
9) ” 15000 to 19999 Rs.150
10) ” 20000 & above Rs.200This has to be remitted in Form V in a monthly Challan at Treasury within 30 days.
Hope this clarifies your doubt.
Xstrata PLC – Annual Financial Report
Xstrata PLC – Annual Financial Report