tag:blogger.com,1999:blog-90769571488525951432012-02-09T15:29:45.835-08:00Income tax developments. This page provides generalized information and may not apply to you and should not be acted upon without specific professional advice. You should consult your tax adviser if you have any questions.Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comBlogger4231100tag:blogger.com,1999:blog-9076957148852595143.post-85827252493459555812012-02-09T15:26:00.000-08:002012-02-09T15:29:45.857-08:00

From the California State Controller's Office, a paycheck calculation spreadsheet:http://www.sco.ca.gov/ppsd_se_paycheck_calc.htmlIf you have Microsoft Excel (Macintosh or PC) or a spreadsheet software application that can read an XLS file, you can download a spreadsheet that will do paycheck calculations. This may be useful to you if you are considering changing your Federal or State tax

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-13556515505547509352012-01-24T09:41:00.000-08:002012-01-25T16:56:05.128-08:00

Now that both leading GOP candidates have released their 2010 income tax returns, here are links to them. Romney has released many more tax returns than Gingrich. Gingrich should have released his Gingrich Holdings S corporation tax return as well since most of his transactions are taking place there. He also did not release his Form 2210 for the underpayment penalty calculation.While Gingrich

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-21167925894023836292012-01-17T16:54:00.000-08:002012-01-17T17:17:41.482-08:00

Congress is considering expanding the IRS' ability to disclose income tax return information to third parties. A copy of the GAO report can be found at http://www.gao.gov/assets/590/586955.pdfHere is part of a transmittal letter of the report from the GAO to Senators Max Baucus, Orrin Hatch and Charles Grassley:The Internal Revenue Service (IRS) receives a great deal of personal information

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-62481314611815211022012-01-11T08:07:00.000-08:002012-01-11T08:23:32.865-08:00

New questions this year, though sending 1099MISC is not new.Schedule E for rentals:http://www.irs.gov/pub/irs-pdf/f1040se.pdfSchedule C for self-employed businesses:http://www.irs.gov/pub/irs-pdf/f1040sc.pdfPlease click on the link above to see a sample copy of the 2011 Schedule E for rental properties. As you can see, the very first two questions on the form ask, "Did you make any payments in

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-48420970733197506592012-01-09T06:21:00.000-08:002012-01-09T06:23:45.024-08:00

http://finance.yahoo.com/news/what-you-need-to-know-for-your-2011-tax-filing-and-what%E2%80%99s-new-for-2012.htmlBy Bonnie Lee | Fox BusinessTax season is here again! While the filing deadline might be a couple of months away, this month you will receive all required third-party reporting documents: W2s, 1099s for interest and dividends, 1099s for nonemployee compensation if you are an

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-63165571280925157112012-01-06T15:21:00.000-08:002012-01-06T15:23:49.262-08:00

http://www.journalofaccountancy.com/Web/20114952.htmOn Friday, the IRS issued long-awaited temporary and identical proposed regulations (T.D. 9564; REG-168745-03) regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-19619874458349567042012-01-04T09:28:00.000-08:002012-01-04T09:57:29.369-08:00

http://www.journalofaccountancy.com/Issues/2012/Jan/20114539.htmReturn preparers face new regulations; information reporting expands.By Paul BonnerAs CPAs gear up for tax season, they’ll find the Form 1040 series for 2011 looking much the same as that of the previous year, but only because of Congress’ 11th-hour compromise late in 2010 to keep it so. Nonetheless, a number of new features

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-77281941029311495502012-01-03T12:40:00.001-08:002012-01-03T12:51:18.232-08:00

This is a really easy way to estimate your Social Security benefits when you retire. Click on http://www.ssa.gov/estimator/ to start.If you are in good health, have enough money and your parents and other relatives have good longevity, you may want to consider delaying collecting your Social Security benefits as each year you delay collecting your benefits, you will get 8% higher in benefit

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-1247750943515555602012-01-03T07:52:00.000-08:002012-01-04T08:22:51.759-08:00

http:http://www.blogger.com/img/blank.gif//www.journalofaccountancy.com/Web/20114954.htmBy Alistair M. NeviusWith the ringing in of the new year, several new tax provisions took effect. http://www.blogger.com/img/blank.gifhttp://www.blogger.com/img/blank.gifWhile the list of new items does not compare with the number of tax provisions that expired at the end of 2011 (see “Many Tax Provisions Set

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-69410423817093737972012-01-02T11:52:00.000-08:002012-01-02T11:57:31.387-08:00

http://yourlife.usatoday.com/health/healthcare/story/2012-01-02/2012-Medicare-debate-is-all-about-the-baby-boomers/52334578/1WASHINGTON – Baby boomers take note: Medicare as your parents have known it is headed for big changes no matter who wins the White House in 2012. You may not like it, but you might have to accept it.Dial down the partisan rhetoric and surprising similarities emerge from

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-82730094488849124122011-12-27T11:40:00.000-08:002011-12-30T09:29:07.432-08:00

The article below is almost verbatim of an IRS press release. In plain English, the 2% reduction is good for one-sixth of the 2012 FICA wage base (i.e., one-sixth of $110,100 or $18,350). Employers will withhold at the 4.2% rate through February on all wages paid to an employee, even if they are in excess of $18,350. The employee will “recapture” the excess tax break on his or her personal 2012

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-25986732595066398162011-12-23T10:28:00.000-08:002011-12-23T10:41:00.210-08:00

http://online.wsj.com/article/SB10001424052970204464404577116360775425238.htmlBy SIOBHAN HUGHESWASHINGTON—The House and Senate on Friday approved a two-month extension of the payroll-tax cut, averting an increase that would have left workers with less take-home pay next year.Passage came after a nearly weeklong impasse that ended when House Speaker John Boehner (R, Ohio) bowed to increasing

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-66894744901260282332011-12-20T16:47:00.000-08:002011-12-20T17:09:40.066-08:00

http://www.smartmoney.com/retirement/planning/10-things-medicare-wont-tell-you-1324333528533/Here are the 10 items. Click on the link above to read the entire article.We fork over millions for unproven procedures.Think Social Security is broke? Just look at Medicare.We pay for dead people.Don't expect a five-star plan.We're not popular with many doctors.We get ripped off a lot.We don't cover a

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-23501971472705633372011-11-07T08:34:00.000-08:002011-12-09T17:39:04.990-08:00

http://www.accountingtoday.com/news/IRS-Opens-Phone-Line-FBAR-Title-31-Help-60710-1.htmlThe Internal Revenue Service has opened a new telephone help line for questions about foreign bank account reports.The IRS FBAR and Title 31 Helpline will connect practitioners and filers, both in the U.S. and abroad, with a team of specially trained technicians, examiners and specialists to answer technical

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-81795064930839065532011-10-31T10:47:00.000-07:002011-10-31T11:19:58.292-07:00

http://www.washingtonpost.com/business/economy/the-debt-fallout-how-social-security-went-cash-negative-earlier-than-expected/2011/10/27/gIQACm1QTM_story.htmlBy Lori Montgomery, Published: October 29Last year, as a debate over the runaway national debt gathered steam in Washington, Social Security passed a treacherous milestone. It went “cash negative.”For most of its 75-year history, the program

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-14836435432641411192011-10-19T07:19:00.000-07:002011-10-19T07:23:24.411-07:00

http://www.ssa.gov/pressoffice/pr/2012cola-pr.htmlCost-of-Living Adjustment is First Since 2009Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012, the Social Security Administration announced today.The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-60301518917447820472011-10-18T13:40:00.000-07:002011-10-18T13:46:33.416-07:00

http://news.yahoo.com/social-security-hand-first-raises-since-09-164904352.htmlWASHINGTON (AP) — Social Security recipients will get a raise in January — their first increase in benefits since 2009. It's expected to be about 3.5 percent.Some 55 million beneficiaries will find out for sure Wednesday when a government inflation measure that determines the annual cost-of-living adjustment is

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-79840819476258106732011-09-21T14:40:00.000-07:002012-02-05T09:51:31.583-08:00

I am happy Canada speaks up. This one size fits all approach making criminals out of the anyone with assets overseas is ridiculous. FATCA is adding another unnecessary layer of paperwork, i.e. Form 8938, for those who live and work overseas. See http://www.irs.gov/businesses/corporations/article/0,,id=236664,00.html__________December 7, 2011 addendum: The IRS backed off after Canada

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-40537568602877424782011-09-20T07:24:00.000-07:002011-09-20T09:58:23.240-07:00

http://money.cnn.com/2011/09/20/smallbusiness/stimulus_plan_hiring/index.htmBy Catherine CliffordNEW YORK (CNNMoney) -- The $447 billion stimulus plan that President Obama unveiled earlier this month won't change hiring plans for many small businesses, according to a survey released Tuesday.Almost 70% of small businesses polled said that the plan, should it pass, would not spur them to add jobs,

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-73672049993673758992011-09-20T07:04:00.000-07:002011-09-20T07:07:10.581-07:00

http://news.yahoo.com/fact-check-rich-taxed-less-secretaries-070642868.htmlBy STEPHEN OHLEMACHER - Associated PressWASHINGTON (AP) — President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries."Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-27816554449180796052011-09-16T07:39:00.000-07:002011-09-16T07:41:44.781-07:00

http://www.accountingtoday.com/news/IRS-Disclosures-Offshore-Bank-Accounts-60005-1.htmlBy Michael Cohn, Accounting TodayThe Internal Revenue Service has gotten 12,000 new applications under its 2011 voluntary disclosure program of offshore bank accounts, pushing the total number of disclosures to 30,000 since 2009, when the IRS began offering a way for U.S. taxpayers to voluntarily disclose their

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-87955095368157070972011-09-12T15:58:00.000-07:002011-09-12T16:12:45.819-07:00

http://money.cnn.com/2011/09/12/news/economy/stimulus_package/index.htmBy Jeanne Sahadi @CNNMoneyNEW YORK (CNNMoney) -- President Obama proposed Monday to pay for his $447 billion stimulus package largely by taxing the rich more.Obama's largest proposed pay-for -- which the White House estimates would raise roughly $400 billion over 10 years -- would limit itemized deductions and certain other

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-73328296481621826562011-09-09T09:03:00.000-07:002011-09-09T09:24:02.904-07:00

MSNBC Money by the Numbers: Vera Gibbons illustrates limits on borrowing and savings toward retirement, aired on September 8, 2011:http://money.msn.com/money-video/default.aspx?vid=82b71386-47df-4b91-b567-337da45297d30% of take home pay on credit card debts, definitely no more than 5%15% or more of gross set aside for retirement savings25% of take home pay is maximum for housing costs, including

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-72767592857041985952011-08-25T16:01:00.000-07:002011-08-25T16:05:41.196-07:00

http://www.sacbee.com/2011/08/24/3860066/brown-to-propose-new-corporate.html Gov. Jerry Brown will ask lawmakers Thursday to tighten a corporate tax formula in exchange for giving manufacturers a sales tax exemption and offering enhanced jobs tax credits, according to legislative sources. To enact the plan, the Democratic governor must win votes from at least two Republicans in each house,

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-86944120319772192492011-08-25T15:49:00.000-07:002011-08-25T15:52:13.629-07:00

From Spidell Publishing Inc.® The California Franchise Tax Board is planning to add a line to Schedule CA of Form 540 asking taxpayers who deducted property tax to list the address and parcel number of the property. There will apparently be language cautioning taxpayers that certain payments, such as Mello Roos, are not deductible property tax payments. Interestingly, Schedule CA is used to

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-57168472946025200332011-08-25T15:47:00.000-07:002011-08-25T15:48:39.152-07:00

http://www.forbes.com/sites/ashleaebeling/2011/08/17/more-irs-cops-more-audits-says-treasury-report/

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-77260598585232219242011-08-21T09:28:00.000-07:002011-08-21T09:31:18.246-07:00

http://news.yahoo.com/social-security-disability-verge-insolvency-090119318.html By STEPHEN OHLEMACHER - Associated Press WASHINGTON (AP) — Laid-off workers and aging baby boomers are flooding Social Security's disability program with benefit claims, pushing the financially strapped system toward the brink of insolvency. Applications are up nearly 50 percent over a decade ago as people with

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-46222204334418635842011-08-19T12:31:00.000-07:002011-08-19T12:34:20.915-07:00

http://www.accountingtoday.com/news/IRS-Lowers-Interest-Rates-Fourth-Quarter-59598-1.html Washington, D.C. (August 18, 2011) By Michael Cohn, Accounting Today The Internal Revenue Service said Thursday that interest rates will decrease in the fourth quarter for tax underpayments and overpayments by a full percentage point. For the calendar quarter beginning Oct. 1, 2011, the IRS is lowering the

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-3476114245299009612011-08-17T10:58:00.000-07:002011-08-21T09:51:27.760-07:00

http://finance.yahoo.com/retirement/article/113342/social-security-mistakenly-reports-deaths-cnnmoney by Blake Ellis More Americans are being erroneously killed off by the Social Security Administration every day. Of the approximately 2.8 million death reports the Social Security Administration receives per year, about 14,000 -- or one in every 200 deaths -- are incorrectly entered into its

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-14446441623661933952011-07-26T16:26:00.000-07:002011-07-26T16:33:30.872-07:00

The California State Board of Equalization voted today to approve the use tax table to be used for 2011 tax returns. Senate Bill 86 (Ch. 11-14) allows taxpayers to report use tax for single nonbusiness purchases of $1,000 or less each on their FTB return using either: The actual amount of tax due; or The amount shown on a lookup table, which would indicate an estimated amount of use tax

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-67420503706932185242011-07-17T07:22:00.000-07:002011-07-17T07:31:12.780-07:00

I am surprised bank charges don't make the list. Bank of America started charging a $3 per month fee for sending check images with the bank statement. Mind you, it's not the actual cancelled checks, just the front side of the check image. I would not have minded if BofA lists the details of the checks such as payee names with each cleared check on the statement. That would have satisfied IRS.

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-71342785175516723842011-07-08T13:48:00.000-07:002011-07-08T13:55:32.447-07:00

http://www.accountingtoday.com/news/IRS-Says-Summer-Day-Camps-Qualify-Tax-Credit-59100-1.htmlBY MICHAEL COHN, ACCOUNTING TODAYThe Internal Revenue Service said Wednesday that parents may be able to qualify for a tax credit to help defray the added expenses of summer day camp for their children.Many parents who work or are looking for work must arrange for care of their children under 13 years of

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-31387091863732485702011-07-01T15:17:00.000-07:002011-07-01T15:26:08.909-07:00

http://www.accountingtoday.com/news/Temporary-FUTA-Surtax-Expires-35-Years-59061-1.htmlWASHINGTON, D.C. (JUNE 30, 2011) BY MICHAEL COHN, ACCOUNTING TODAYThe Federal Unemployment Tax Act surtax is set to expire Thursday after House Republicans refused to extend the 35-year-old “temporary” unemployment surtax.The surtax has been extended eight times since it was originally enacted in 1976. House

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-20698253191167278002011-06-28T14:00:00.000-07:002011-06-28T14:05:23.192-07:00

http://www.accountingtoday.com/news/IRS-Issues-Warning-FBAR-Filing-Deadline-58973-1.htmlWASHINGTON, D.C. (JUNE 28, 2011) BY MICHAEL COHN, ACCOUNTING TODAYThe Internal Revenue Service is reminding anyone who has a bank account or other financial account in a foreign country, or who has signature authority over such an account, that they may be required to report the account to the U.S. Department

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-43678154754988006462011-06-27T07:16:00.000-07:002011-06-27T07:22:02.763-07:00

http://finance.yahoo.com/focus-retirement/article/112987/tax-unfriendly-states-retireesby Mary Beth Franklin, KiplingerSome states offer attractive tax benefits for retirees. Then there are these ten tax hells, which have earned a place on our "do not live here for your second act" list either because of higher-than-average taxes across the board or because of policies that don't exempt much

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-21107993543414767552011-06-21T16:49:00.000-07:002011-06-21T17:00:14.617-07:00

This is what happens when the law was written after lawmakers had passed it and the President has signed it.http://news.yahoo.com/s/ap/20110621/ap_on_go_ca_st_pe/us_health_overhaul_glitchBy RICARDO ALONSO-ZALDIVAR, Associated PressWASHINGTON – President Barack Obama's health care law would let several million middle-class people get nearly free insurance meant for the poor, a twist government

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-14725944571486853122011-06-20T08:19:00.000-07:002011-06-20T08:26:36.880-07:00

http://financiallyfit.yahoo.com/finance/article-112945-10011-1-5-most-common-fake-check-scams-to-watch-out-forKathy KristofFake check scams are the most pervasive fraud in America, hitting virtually every demographic group with some permutation of the same clever con, according to the National Consumer's League."Fake check scams are an equal opportunity fraud," says John Breyault, director of the

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-18696411983795370412011-06-17T17:07:00.000-07:002011-06-17T17:10:39.840-07:00

About time for AARP to recognize something must be done about Social Security. What took them so long?http://www.cbsnews.com/stories/2011/06/17/eveningnews/main20072092.shtmlBy Nancy Cordes(CBS News) Washington woke up to a new political reality.The nation's most powerful senior's group telling the Wall Street Journal it was ready to deal on cutting Social Security benefits. The AARP's policy

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-21530614502911603352011-05-31T22:23:00.000-07:002011-05-31T22:32:28.550-07:00

http://www.accountingtoday.com/ato_issues/25_5/1099-repeal-eases-some-requirements-but-leaves-new-ones-for-2011-58111-1.html05/01/2011By George G. Jones and Mark A. LuscombeThe Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, which passed Congress on April 5, 2011, eliminates two recently enacted 1099 reporting requirements that were to take

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-80523606067563091102011-05-13T10:15:00.000-07:002011-05-13T10:17:29.041-07:00

http://www.marketwatch.com/story/medicare-social-security-finance-outlook-worsens-2011-05-13-1223390By Ruth Mantell, MarketWatchWASHINGTON (MarketWatch) — The outlook for Medicare’s finances have worsened on a slow economic recovery and higher costs, while the outlook for Social Security has also declined, trustees for the programs said Friday.Medicare’s Hospital Insurance Trust Fund is now

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-59400090722154846402011-04-25T18:27:00.000-07:002011-04-25T18:33:30.864-07:00

By DANIEL P. KESSLERThe subsidies to buyers of 'qualifying' insurance policies will induce sharp reductions in the supply of labor.Supporters of ObamaCare acknowledge it will have some unintended consequences. Yet surprisingly little attention has been focused on the law's most problematic provision: government subsidies to help individuals and families purchase health insurance.This new

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-20932216512051723242011-04-16T09:45:00.000-07:002011-04-16T09:49:10.246-07:00

http://news.yahoo.com/s/yblog_exclusive/20110415/pl_yblog_exclusive/a-taxpayer-receipt-calculate-exactly-where-your-tax-dollars-goBy Jane Sasseen – Fri Apr 15, 11:09 am ETJust how much do you spend to foot the bill for U.S. troops in Iraq and Afghanistan? What's your share of the tab for interest on the national debt? How about to fund Medicare and Social Security, or to support foreign aid or

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-28671210810752799732011-04-15T07:51:00.000-07:002011-04-15T07:56:05.292-07:00

http://www.journalofaccountancy.com/Web/20114071.htmOn Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-44877123727541728582011-04-08T09:46:00.000-07:002011-04-08T09:48:53.718-07:00

http://www.cbsnews.com/stories/2011/04/08/national/main20052126.shtml(AP) WASHINGTON - Those yearly statements that Social Security mails out — here's what you'd get if you retired at 62, at 66, at 70 — will soon stop arriving in workers' mailboxes. It's an effort to save money and steer more people to the agency's website.The government is working to provide the statements online by the end of

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-77626409269976479502011-04-03T07:40:00.000-07:002011-04-03T07:49:47.477-07:00

Be careful opening any email from your banks or credit card issuers. Do not provide any private information over email unless you are absolutely sure you know the sender.http://www.marketwatch.com/story/e-mail-services-firm-reports-data-breach-2011-04-03Major financial-services, retail, hotel and other firms are affectedBy Robert Daniel, MarketWatchTEL AVIV (MarketWatch) – A data breach at the

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-15683771693298981372011-03-27T08:58:00.000-07:002011-03-27T09:03:47.057-07:00

http://news.yahoo.com/s/ap/20110327/ap_on_go_ot/us_social_security_colaBy STEPHEN OHLEMACHER, Associated PressWASHINGTON – Millions of retired and disabled people in the United States had better brace for another year with no increase in Social Security payments.The government is projecting a slight cost-of-living adjustment for Social Security benefits next year, the first increase since 2009.

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-6087913741936223142011-02-11T09:42:00.000-08:002011-02-11T09:43:18.290-08:00

http://www.irs.gov/pub/irs-pdf/p2043.pdf

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-21314010024154006802011-02-08T11:31:00.000-08:002011-02-08T11:34:54.724-08:00

http://online.wsj.com/article/SB10001424052748703507804576130890724243616.htmBy JONATHAN WEISMAN And DAMIAN PALETTAWASHINGTON—President Barack Obama's budget proposal is expected to give states a way to collect more payroll taxes from businesses, in an effort to replenish the unemployment-insurance program. The plan could cause controversy at a time when the administration is seeking to mend

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-42423805184732103882011-02-04T14:44:00.000-08:002011-02-04T14:47:10.880-08:00

http://www.accountingtoday.com/news/Stock-Sale-Tax-Rules-Force-Make-or-Break-Choices-57187-1.htmlBY ROGER RUSSELL, SENIOR EDITOR, ACCOUNTING TODAYThe new cost basis reporting rules won’t affect this year’s returns, but they are already in effect.Beginning on Jan. 1, 2011, it became mandatory for brokers and other financial intermediaries to report cost basis information on Form 1099-B to

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-43415830450277721562011-02-03T15:19:00.000-08:002011-02-03T15:21:05.528-08:00

The Senate approved an amendment Wednesday to repeal the expanded 1099 information reporting requirements in the health care reform law. For more information, read http://www.accountingtoday.com/news/Senate-Passes-1099-Repeal-Amendment-57177-1.html

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-44953950154157019872011-01-25T09:51:00.000-08:002011-01-25T09:56:08.321-08:00

U.S. income tax rate from 1913 to present:http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=543Social Security wage ceiling and rate from 1937 to present:http://www.socialsecurity.gov/OACT/COLA/cbb.html

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-37655372068228563122011-01-24T11:57:00.000-08:002011-01-24T12:02:38.148-08:00

http://www.irs.gov/newsroom/article/0,,id=234882,00.htmlVideo: IRS2Go: EnglishIR-2011-8, Jan. 24, 2011WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information."This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-24100076418855800522011-01-24T10:44:00.000-08:002011-01-24T10:57:17.843-08:00

http://finance.yahoo.com/taxes/article/111872/whats-new-on-1040-in-2010by Bill BischoffMonday, January 24, 2011By now, some of you may already have your 2010 W-2 and 1099s in hand. If not, it won't be long. So it's not too soon to think about starting your 2010 Form 1040. Before you begin, there are some key changes to note. Here's what you need to know.Due Date is April 18Even though April 15

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-21296799280994396102011-01-20T15:30:00.000-08:002011-01-20T15:36:04.460-08:00

The IRS has announced that February 14 will be the start date for taxpayers who file returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917, or the educator expenses deduction. (IR-2011-7) The IRS had earlier announced that due to changes made by the 2010 Tax Relief Act, those taxpayers would not be able to file until “mid- to late

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-11260342924507854692011-01-03T18:04:00.000-08:002011-01-03T18:11:54.763-08:00

01.03.2011Sacramento - The Franchise Tax Board (FTB) today announced it is now accepting 2010 state tax returns. Also, FTB provides the following updates on law changes and filing services."FTB's website offers free tax filing services, help with account matters, and information about the federal Earned Income Tax Credit that can put thousands of dollars in families' wallets," said State

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-1530956225421945632010-12-22T09:29:00.000-08:002010-12-22T09:37:02.939-08:00

http://money.cnn.com/2010/12/22/news/economy/economist_survey_tax_reform/index.htmBy Chris Isidore, senior writer December 22, 2010: 11:28 AM ETNEW YORK (CNNMoney.com) -- April 15 could be a lot easier for most American taxpayers if economists get their way.Nearly half of economists surveyed by CNNMoney.com think overhauling the current system would be the best tax policy going forward. Reform

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-31411517356286996512010-12-17T07:33:00.000-08:002010-12-23T09:39:08.767-08:00

Late on Thursday, after some procedural delays, the House of Representatives agreed to the Senate's version of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, HR 4853, and by a vote of 277 to 148 sent it to President Barack Obama for his signature. The bill is the result of a deal negotiated by the White House and members of Congress, and the president is

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-75264331551799477612010-12-15T13:53:00.000-08:002010-12-15T14:09:09.799-08:00

http://news.yahoo.com/s/ap/20101215/ap_on_bi_ge/us_tax_cutsWASHINGTON – In a reach across party lines, the Senate overwhelmingly passed sweeping legislation Wednesday to prevent a Jan. 1 income tax increase for millions and to renew jobless benefits for the long-term unemployed.A House vote is expected by Thursday.Within moments of the 81-19 Senate vote, President Barack Obama urged the House to

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-41339637204458110092010-12-13T16:04:00.000-08:002010-12-14T12:53:44.235-08:00

http://thecaucus.blogs.nytimes.com/2010/12/13/senate-advances-tax-cut-package/Shortly after 4:30 p.m., the vote tally was 69 to 10, with eight Democrats, one Republican, Senator John Ensign of Nevada, and one independent, Senator Bernard Sanders, of Vermont, in opposition.The final tally was 83 to 15. Forty-five Democrats and 37 Republicans supported moving the measure ahead; opposing votes came

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-72085680783936423982010-12-13T08:07:00.000-08:002010-12-13T08:34:40.170-08:00

Congress appears poised to approve tax-cut extensionHR 4853 has been introduced in the Senate and could be voted on as early as today. The bill encompasses the tax-cut deal negotiated by members of Congress and the White House last week. Among its many provisions, HR 4853 would continue the estate tax in its 2009 form, maintain tax rates at their current levels and extend a large number of

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-35152766255406186252010-12-12T22:34:00.000-08:002010-12-12T22:40:49.414-08:00

http://online.wsj.com/article/SB10001424052748703518604576013942450422736.htmlEdited by CRISTINA LOUROSA-RICARDOPresident Obama called the bipartisan tax agreement announced last week a "framework." There's still no comprehensive outline of the proposals. And its passage by Congress isn't assured.But the deal does address a range of tax issues that have been in question for months or years.

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-91866779029942062752010-12-10T20:58:00.000-08:002010-12-10T21:00:35.135-08:00

http://news.yahoo.com/s/ap/20101211/ap_on_bi_ge/us_tax_cutsBy FREDERIC J. FROMMER and MARY CLARE JALONICK, Associated PressWASHINGTON – In the spirit of the holiday season, President Barack Obama's tax-cut deal with Republicans is becoming a Christmas tree tinseled with gifts for lobbyists and lawmakers. But that hardly stopped the squabbling on Friday, with Bill Clinton even back at the White

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-91158198769867840882010-12-10T09:21:00.000-08:002010-12-10T09:33:06.006-08:00

All of a sudden, there is a push for tax reform. It would really be nice if some of the proposals made by the Deficit Commission could be made into law, streamlining the tax code, lowering tax rates and limiting deductions. I just hope this is not just another piece of social engineering legislation.Here is what President Obama said on December 9, 2010, "I think we're going to have to have a

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-54983433555190130242010-12-08T19:59:00.000-08:002010-12-08T20:10:50.688-08:00

It's probably premature to say the Obama-GOP tax deal is a done deal as there are a lot of grumblings from Democratic lawmakers. But with President Obama apparently putting his foot down, it does appear the final outcome will most likely be something quite close to the deal.http://finance.yahoo.com/taxes/article/111520/obama-tax-cuts-what-they-meanby Carla FriedTuesday, December 7, 2010We

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-35761231254757428672010-12-06T18:43:00.000-08:002010-12-08T20:20:08.671-08:00

http://www.nytimes.com/2010/12/07/us/politics/07cong.htmlIt would reduce the 6.2 percent Social Security payroll tax on all wage earners by two percentage points for one year, putting more money in the paychecks of workers. For a family earning $50,000 a year, it would amount to a savings of $1,000.For a worker slated to pay the maximum tax, $6,621.60 on income of $106,800 or more in 2011, the

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-57302028975710384642010-12-06T11:51:00.000-08:002010-12-06T12:20:30.365-08:00

http://institute.accountingtoday.com/news/IRS-Provides-New-Filing-Thresholds-Nonprofits-56532-1.htmlWASHINGTON, D.C. (DECEMBER 3, 2010) BY ACCOUNTING TODAY STAFFThe Internal Revenue Service has announced new filing thresholds for next year for tax-exempt organizations filing Form 990 series returns.Organizations with gross receipts normally less than or equal to $50,000 must file Form 990-N (but

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-82122638421551285872010-12-06T09:34:00.000-08:002010-12-06T09:37:01.587-08:00

http://online.wsj.com/article/SB10001424052748704767804575655223931267664.htmlBy EMILY GLAZERWhen 24-year-old Desiree Burns got married in March, she and husband, Timothy, settled into his house in Raleigh, N.C. They vacation at his timeshare in Florida. And Mr. Burns, 28, is helping to cover tuition costs since Ms. Burns has gone back to school.Thanks to a prenuptial agreement, if they ever get

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-15351037429947779942010-12-02T12:44:00.000-08:002010-12-02T12:56:17.255-08:00

I never like these UTMA/UGMA accounts for the reasons given below by the author, Bill Bischoffhttp://www.smartmoney.com/personal-finance/taxes/custodial-accounts-for-your-kids-what-to-know/Parents set up custodial accounts for their children for various reasons – but not always with the purest motives. Grandma gives $10,000 to little Freddie: Set up a custodial account. Parents want a tax shelter

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-53803999005969556572010-12-01T12:26:00.000-08:002010-12-01T12:31:57.312-08:00

http://www.ftb.ca.gov/professionals/taxnews/2010/December/Article_3.shtmlOn April 12, 2010, SB 401, the Conformity Act of 2010 was enacted. The Act changes California’s conformity date to the Internal Revenue Code from January 1, 2005, to January 1, 2009, for taxable years beginning on or after January 1, 2010.Conformity provisionsThe following is a list of the most important areas of conformity

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-88331330333831792672010-12-01T09:47:00.000-08:002010-12-01T12:20:01.527-08:00

The IRS recently issued an audit guide on capitalization vs repairshttp://www.irs.gov/businesses/article/0,,id=231440,00.htmlFrom KBKG, Inc:Author: Gian Pazzia, CCSP - PrincipalThe IRS recently released its Audit Techniques Guide related to issue of Capitalization vs. Repairs. This issue has received a significant amount of attention by the IRS over the last couple of years as many taxpayers have

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-15575406565745821812010-12-01T08:21:00.000-08:002010-12-01T08:23:58.949-08:00

http://www.nytimes.com/2010/12/01/business/economy/01leonhardt.htmlBy DAVID LEONHARDTPublished: November 30, 2010Democrats have left themselves in a tough spot on the Bush tax cuts. After delaying the issue until after the election and then being trounced in that election, they find themselves with little leverage.If they cannot come up with a plan that can win 60 votes in the Senate, which means

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-43713116769586161372010-11-30T07:58:00.000-08:002010-11-30T08:09:43.234-08:00

http://institute.accountingtoday.com/news/Senate-Again-Fails-Repeal-1099-Requirements-56475-1.htmlWashington, D.C. (November 29, 2010)By Michael CohnThe Senate voted Monday evening on a competing pair of amendments to repeal the expanded 1099 information reporting requirements that were included in the health care reform bill, but failed for the second time this fall to roll back the

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-29918055555791653482010-11-29T12:23:00.000-08:002010-11-29T12:27:24.075-08:00

It would be a darned shame if Congress fails to repeal this provision in the Health care bill.http://money.cnn.com/2010/11/29/smallbusiness/1099_repeal/index.htmBy Charles Riley, staff reporterNovember 29, 2010: 2:40 PM ETNEW YORK (CNNMoney.com) -- Lawmakers will get a chance Monday to undo a piece of health care reform that businesses big and small say will cost jobs.The Senate is set to

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-81540877791672211362010-11-27T19:34:00.000-08:002010-11-27T19:42:08.113-08:00

http://news.yahoo.com/s/ap/20101127/ap_on_re_us/us_economy_tax_cutsBy JEANNINE AVERSA, AP Economics Writer Jeannine Aversa – Sat Nov 27, 4:21 pm ETWASHINGTON –On this, economists agree: Extending tax cuts passed under President George W. Bush for low- and middle-income people would strengthen the weak economy.The question is what to do about the highest-paid 3 percent of taxpayers. Should

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-52169839519606678242010-11-17T07:55:00.000-08:002010-11-17T08:15:46.138-08:00

http://money.cnn.com/2010/11/17/news/economy/debt_commission_rivlin_domenici/index.htmBy Jeanne Sahadi, senior writer, November 17, 2010: 8:39 AM ETNEW YORK (CNNMoney.com) -- The country got a little shock therapy last week when the co-chairmen of President Obama's debt commission offered their recommendations for curbing U.S. debt. One of their goals: reduce deficits by $4 trillion over the next

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-33145551587134249412010-11-14T08:25:00.000-08:002010-11-14T08:34:16.483-08:00

http://money.cnn.com/2010/11/11/news/economy/simpson_bowles_tax_reform/index.htmBy Jeanne Sahadi, senior writerNovember 12, 2010: 7:57 AM ETNEW YORK (CNNMoney.com) -- So much to love. So much to hate.That's what everyone will find in the tax reform proposals laid out this week by the co-chairmen of President Obama's fiscal commission.And that may also be the best indication that Erskine Bowles

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-9771671955308161422010-11-11T08:14:00.000-08:002010-11-11T08:20:30.857-08:00

http://finance.yahoo.com/focus-retirement/article/111229/tax-unfriendly-states-for-retireesIn this article, Kiplinger lists the following states as tax-unfriendly to retirees:CaliforniaRhode IslandNew JerseyVermontIowaNebraskaWisconsinOregonIndianaNorth Dakota

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-10933143528557817842010-11-10T17:55:00.000-08:002010-11-10T17:58:45.401-08:00

Report from the Bipartisan leaders of President Barack Obama's deficit commission Read the entire article if you're interested in this topic. I have only reproduced a couple of excerpts below. Even with the historic tsunami on November 2nd, politicians still want to do business as usual. Sad.http://news.yahoo.com/s/ap/20101111/ap_on_bi_ge/us_cutting_deficitsThe plan would gradually increase

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-27674088059626322882010-11-10T08:00:00.000-08:002010-11-10T08:03:04.416-08:00

http://www.webcpa.com/news/Lawmakers-Promise-Patch-AMT-56272-1.htmlWashington, D.C. (November 9, 2010)By WebCPA StaffA bipartisan group of key congressional committee chairmen pledged to patch the alternative minimum tax this year and wrote to IRS Commissioner Doug Shulman telling him to plan for AMT relief.Congress tends to temporarily fix the AMT each year to prevent it from ensnaring another

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-33457516773184707142010-11-07T13:34:00.000-08:002010-11-07T13:38:37.639-08:00

Just watched this interesting debate on Bloomberg. You can watch the entire debate at http://www.bloomberg.com/video/64218982/http://finance.yahoo.com/news/Is-Big-Government-Stifling-bw-215636396.htmlIntelligence Squared U.S. Audience Says YesNEW YORK--(BUSINESS WIRE)-- Intelligence Squared U.S. (IQ2US), the Oxford-style debate series, an initiative of The Rosenkranz Foundation, hosted a debate

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-9558574508894368832010-10-28T13:27:00.000-07:002010-10-28T13:29:00.297-07:00

IRS announced cost-of-living adjustments affecting dollar limitations for retirement-related items. Many limits remain unchanged; see our COLA Table.

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-1580859787386776682010-10-15T14:18:00.000-07:002010-10-15T14:20:54.286-07:00

http://www.webcpa.com/news/Former-Commissioner-Blasts-IRS-Social-Mission-55981-1.htmlBy Roger Russell, Senior Editor, Accounting TodayThere may be some jobs tougher than beach master for the initial landing force at Omaha Beach during the Normandy invasion, or Commissioner of Internal Revenue, but off-hand I can’t think of any. Both positions are intense, all-consuming, and attract a great deal

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-39791744860554929712010-10-13T07:29:00.000-07:002010-10-13T07:35:19.850-07:00

http://www.webcpa.com/news/IRS-Defers-Requirement-Reporting-Health-Coverage-Costs-55956-1.htmlWashington, D.C. (October 12, 2010)By WebCPA StaffThe Internal Revenue Service has released a draft Form W-2 for 2011, which employers use to report wages and employee tax withholding. The IRS also announced Tuesday that it will defer the new requirement for employers to report the cost of coverage under

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-8739682548807407992010-10-08T08:50:00.000-07:002010-10-08T09:09:18.273-07:00

http://finance.yahoo.com/focus-retirement/article/110909/when-should-you-apply-for-social-security.htmlby Barbara WhelehanFriday, October 8, 2010Retirement planning is complicated, beginning with the decision about when to begin taking your Social Security benefits. On one hand, if you need the money and don't expect to live into your 80s, it is tempting to take Social Security as early as

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-78092325772225720702010-10-07T07:27:00.000-07:002010-10-07T07:32:30.580-07:00

http://online.wsj.com/article/SB10001424052748704689804575535861229293800.html?mod=dist_smartbriefBy LAURA SAUNDERSLack of congressional action on 2011 income taxes may force the Treasury Department to make unprecedented moves to prevent U.S. workers from seeing large tax increases in their January paychecks.The issue: 2011 tax-withholding tables. Treasury officials usually release the tables,

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-83280364872734461252010-10-05T14:42:00.000-07:002010-10-05T14:49:51.955-07:00

http://money.cnn.com/2010/10/05/news/economy/Social_Security_cost_of_living_adjustment/index.htmBy Jeanne Sahadi, senior writer October 5, 2010: 1:10 PM ETNEW YORK (CNNMoney.com) -- Chances are high that for the second year in a row Social Security beneficiaries will see no increase in their benefit checks.The official word won't come until mid-October when the Social Security Administration

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-50530216547682411392010-09-30T14:24:00.000-07:002010-09-30T14:57:08.855-07:00

http://www.webcpa.com/news/Obama-Signs-Small-Business-Jobs-Act-55725-1.htmlWashington, D.C. By WebCPA StaffPresident Obama signed the Small Business Jobs Act into law on Monday, providing $12 billion in tax breaks and a $30 billion lending fund for small businesses."It was critical that we cut taxes and make more loans available to entrepreneurs," said Obama. "So today, after a long and tough

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-2207726200872359432010-09-26T17:37:00.000-07:002010-09-26T17:52:31.786-07:00

http://money.cnn.com/2010/09/26/news/economy/tax_breaks_extensions/index.htmBy Jeanne Sahadi, senior writerSeptember 26, 2010: 6:41 PM ETNEW YORK (CNNMoney.com) -- It's official: Now that resolution on the Bush tax cuts has been postponed until after the Nov. 2 mid-term elections, lawmakers have punted nearly every major time-sensitive tax issue until the end of the year.All told, there are more

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-82234068053914204102010-09-24T16:14:00.000-07:002010-09-24T16:16:51.229-07:00

Individual and business taxpayers will no longer receive paper income tax packages in the mail from the IRS. These tax packages contained the forms, schedules and instructions for filing a paper income tax return.The IRS is taking this step because of the continued growth in electronic filing and the availability of free options to taxpayers, as well as to help reduce costs. In early October, the

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-39177606632767569392010-09-20T12:59:00.000-07:002010-09-20T13:20:29.293-07:00

Senate has approved the Small Business Jobs and Credit Act of 2010 (H.R. 5297) which includes a package of enhanced small business tax incentives. In addition to many non-tax provisions related to small business lending and access to capital, tax provisions in the legislation include a retroactive extension of bonus depreciation, a doubling of the Code Sec. 179 expense limit, a five-year general

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-22761732122531600402010-09-19T22:08:00.000-07:002010-09-19T22:22:16.903-07:00

http://money.cnn.com/2010/09/19/news/economy/what_to_do_economists_survey/index.htmBy Chris Isidore, senior writer, September 19, 2010: 7:00 PM ETNEW YORK (CNNMoney.com) -- With income tax rates set to go up on Dec. 31, Congress is hotly debating what to do next. But most economists agree: Keep them where they are.One option, to let the tax cuts passed during the Bush administration expire for

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-20320052615872057982010-09-18T10:36:00.000-07:002010-09-18T10:38:38.110-07:00

http://www.cbsnews.com/stories/2010/09/18/business/main6879213.shtmlLatest Actions by FDIC Bring Year's Total Bank Failures to 125(AP) Regulators on Friday shut down three Georgia banks and one each in New Jersey, Ohio and Wisconsin, boosting to 125 the number of U.S. bank failures this year amid the tough economic climate and growing loan defaults.The Federal Deposit Insurance Corp. on Friday

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-22045072791292797822010-09-17T07:44:00.000-07:002010-09-19T22:26:25.846-07:00

http://finance.yahoo.com/banking-budgeting/article/110680/nation-of-entitlements?mod=bb-budgetingby Sara Murray, WALL STREET JOURNALThursday, September 16, 2010Efforts to tame America's ballooning budget deficit could soon confront a daunting reality: Nearly half of all Americans live in a household in which someone receives government benefits, more than at any time in history.At the same time,

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-20023283051369994772010-09-16T20:47:00.000-07:002010-09-16T20:52:12.530-07:00

http://news.yahoo.com/s/ap/20100917/ap_on_bi_ge/us_tax_cutsBy STEPHEN OHLEMACHER, Associated Press WriterWASHINGTON – Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-49194415662878648822010-09-15T15:40:00.000-07:002010-09-15T15:43:53.457-07:00

http://latimesblogs.latimes.com/washington/2010/09/congress-taxes-irs.htmlOver the years a lot of suspicion has built up across the country about Washington and its population of opportunistic transients coming to see themselves as a special kind of person, somehow above average working Americans who don't labor down in that monument-strewn former swamp.Well, finally, an end to all those

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-25987271334664953862010-09-08T09:45:00.000-07:002010-09-08T09:49:31.440-07:00

http://news.yahoo.com/s/nm/20100908/bs_nm/us_usa_economyBy Chris ReeseNEW YORK (Reuters) – Stubbornly high unemployment and signs of persistent weakness in the housing market have prompted economists to further cut their outlook for U.S. growth in the second half of the year, a Reuters poll showed on Wednesday.The September poll marked the third consecutive month economists had scaled back

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-56878988165344134762010-08-20T12:17:00.000-07:002010-08-20T12:29:17.248-07:00

The IRS has a problem if this 1099-MISC filing requirement under the Health Care Reform Act is not repealed because there is another requirement for credit card companies to report all charged sales to the IRS for each merchant. This will double up all credit card/PayPal type sales. The IRS commissioner recently announced that the IRS would use its power to exempt purchases using credit cards

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-56593210037488938332010-08-20T06:52:00.000-07:002010-08-20T12:16:57.265-07:00

I have always advocated use of electronic payments. Using EFTPS (electronic federal tax payment system) is easy and convenient.http://www.webcpa.com/news/IRS-Expands-Use-Electronic-Payments-55301-1.htmlWashington, D.C. (August 19, 2010)By WebCPA StaffThe Internal Revenue Service issued proposed regulations on Thursday to significantly increase the number of electronic transactions between

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-69787997351848101802010-08-17T11:06:00.000-07:002010-08-17T11:07:41.930-07:00

The FTB has announced changes in the 2010 tax rate schedules, return filing thresholds, standard deduction, phaseout of itemized deductions, personal exemptions, phaseout of personal exemptions, various credit changes and the AMT exemption. You can view all of these changes at http://www.ftb.ca.gov/forms/2010_California_Tax_Rates_and_Exemptions.shtmlOn 8/13/2010, Governor Schwarzenegger signed

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-62762517460531234872010-08-14T10:26:00.000-07:002010-08-17T11:06:25.935-07:00

http://money.cnn.com/2010/08/12/pf/taxes/bush_tax_cuts_almost_rich/index.htm

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.com