The Tax Preparation Blog

Posts Tagged ‘bond’

Japan nuclear fears roil markets

NEW YORK (Reuters) – An escalating nuclear crisis in Japan spread fear across financial markets on Tuesday that wiped out about $625 billion in value in stocks and drove investors to the safety of government …

Making the Grade | The Rochester Way | OppenheimerFunds

Question: Why would Matt Murphy, the guy with Barry Bonds 756 home run ball want to sell. Keep it until Bonds retires?

If he sells it, he will be taxed on the money he receives. Think he better talk to a CPA, tax preparer or attorney before he sells it. He’s better off waiting, put it in a safe deposit box, then when Barry retires, sell it then. Having to give at least 40% to the government is ridiculous. Safe deposit box is cheaper and Barry is still playing ball.

Answer: He’s going to be taxed on the value of the ball, whether he sells it or not.

So he can’t afford to keep it.
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Better-than-expected jobs data boost markets

NEW YORK – The stock market had its first winning week in a month thanks to better news on the economy.

ERISA BOND SALES TAX BOND DMV DEALER BOND COURT BOND TAX PREPARER BOND

If your construction firm regularly bids on government projects, then you need to pay particular attention to payment bond. That is because all federal and state projects require that a contractor should post surety payment bond. This type of bond is also being required by some private companies to contractors. On the other hand, if you only have infrequent bond requirements, then you have to consider getting express bonds from surety companies such as the Baldwin-Cox Agency.

A payment bond was institutionalized through federal and state statutes primarily to protect and to benefit materials suppliers, labor, and subcontractors. As a contractor of a project, you have the obligation to pay these entities based on the provisions laid out in the project contract. It serves as a guarantee that the subcontractors and suppliers will have adequate protection from delinquent contractors or if the principal contractor of the project becomes insolvent and cannot continue the business. You have to take note though that a payment bond is not an insurance policy. So there are limitations to the claims that can be made by the subcontractors, suppliers, and labor.

So how does a payment bond work? Well, there are three parties to this kind of surety bond. The Principal of the bond is the contractor while the Surety is the bond provider or the company backing up the contactor. The Obligee is the project owner and the one requiring the posting of bond before a project is awarded. An obligee can be a government agency or entity with existing projects or a private entity engaged in construction projects. If the principal fails to pay the subcontractors and suppliers as stipulated in the project contract, then these entities can claim from the surety bond. The surety will recover its losses by taking out the bond posted by the principal.

You will surely need this type of surety bond if you want your company to participate in government bidding procedures. You cannot obtain contracts from government agencies or from private companies if you cannot offer payment guarantees for your subcontractors and suppliers. However, a surety bond is usually an overhead expense that you have to absorb. If you need an affordable and quick solution for your payment surety needs, then express bonds could be your best option. Express bonds are being offered by Baldwin-Cox Agency. Normally, application for express bonds can be approved within 24 hours as long as you have good credit rating. So this option provided by Baldwin-Cox Agency can help you to quickly bid for projects with payment bonds requirements.

Surety bonds ensure that your company will have a greater chance of securing a contract for a project. Besides, you cannot possibly get a government contract if you cannot post a bond. This is a requirement and mandated by existing statutes. If you need a quick bonding solution, just take advantage of the express bond package offered by Baldwin-Cox Agency. This is a good alternative compared to comprehensive surety bonds especially if your company only has infrequent bonding requirements.

Federal Officials Arrest Former Inspector For Waterbury State’s Attorney

John ‘Pudgie’ Maia Resigned Feb. 1 HARTFORD —John “Pudgie” Maia, until recently a longtime inspector for the state’s attorney’s office in Waterbury, was arrested Friday on income-tax charges.

Signing of Last Will & Testament and post signing activity

Question: Tax Errors – How To Get Money Back?

If a tax preparer makes a mistake (calculating errors) and I pay too much tax, how does it work? Will the US Tax Department give me my money back, or does the tax preparer’s liability insurance company have to pay for my financial lost?

Answer: First of all, make your preparer aware of this. Major tax prep firms deal with this (unfortunately) regularly, either due to our error or because of missing info from the taxpayer. If you’ve paid too much, you can choose to either get a refund now, or have it applied to next year’s tax liability.
The great thing is that if you had this done by a reputable firm, they will walk you through it, and ensure that the proper forms are filed if necessary. Give them an opportunity to fix their error and make things right. IF THEY DON’T, run don’t walk out of there and get thee to someone who does. I work in the field, and it is one of my biggest pet peeves when preparers don’t back their work. everyone, even those with tons of education, makes mistakes. The problems arise when we don’t hold ourselves accountable and fix them – and apologise profusely.
If you need help, let me know. I AM NOT soliciting business, but I have resources to find someone good in your area who could help you at little or no charge, assuming the original preparer doesn’t.

The Right Way to Hire Financial Help: A Complete Guide to Choosing and Managing Brokers, Financial Planners, Insurance Agents, Lawyers, Tax Preparers, Bankers, and Real Estate Agents $8.16 Hiring financial help is a task that many otherwise savvy people approach the wrong way, opting to go on recommendations from family and friends, chance encounters, or advertisements rather than on sound research. In engaging, accessible prose, nationally syndicated columnist Charles A. Jaffe takes the reader through the basics of…

IRS Loosens Rules on Preparer Use of Taxpayer Info

The Internal Revenue Service has issued a set of proposed rules that would make it easier for tax preparers to contact clients about tax law developments, send out newsletters and deal with liability insurance claims.

Tax Preparation is not Tax Planning

Release on a bail bond requires a person to comply with conditions set by the Court. Under certain circumstances, the failure to comply with the conditions of bond may result in additional criminal charges. As examples, a person may face additional criminal charges for failing to surrender oneself within a certain period of time following a bond forfeiture, or for possessing a firearm, or for violating a condition of bond in a pending domestic violence case. Sometimes the violation of bail bond is a more serious offense than the underlying offense for which the person is released on bail. A person charged with violation of bail bond should immediately seek the advice of an experienced criminal defense attorney.

Chapter 725 ILCS 5/102-6 says that:

“Bail” means the amount of money set by the court which is required to be obligated and secured as provided by law for the release of a person in custody in order that he will appear before the court in which his appearance may be required and that he will comply with such conditions as set forth in the bail bond.

Chapter 725 ILCS 5/102-7 says that:

“Bail bond” means an undertaking secured by bail entered into by a person in custody by which he binds himself to comply with such conditions as are set forth therein.

When speaking of bonds, be aware that typically only 10% of the face value of the bond must be posted to secure the release of a defendant. For example, if the bond is for $1000.00, then only $100.00 needs to be posted to free the defendant. This is not always the case, but is generally correct. Make sure when speaking of a bond amount that you clearly determine exactly what cash amount needs to be posted.

IRS opens registration for paid tax preparers

The Internal Revenue Service, beefing up standards in the tax-preparation industry, is opening registration for paid tax preparers to obtain a Preparer Tax Identification Number.

Insurance and Tax Services Inglewood Los Angeles CA Odell Walker’s Insurance & Income Tax Service