Nonprofit groups are paying a price for the corporate and accounting misdeeds of Enron, Tyco International and others nearly a decade ago.That price is manifested in increased tax-preparation and auditing fees.In simple terms, the federal government now requires nonprofit groups to provide more extensive information...
The Bipartisan Tax Fairness and Simplification Act of 2010, would also eliminate the alternative minimum tax and reduce the number of individual tax brackets from the current total of six to three: 15 percent, 25 percent and 35 percent. The bill would nearly triple...
Greece is having Massive Economic Problems. Germany is trying to bail it out so it does not pull down the EU and the World economy. Greece is yet one more example of a government offering its population loads of benefits, while at the same time,...
The death tax, as many refer to the Estate Tax, was changed earlier in the decade so that in 2009 it would impose a tax rate of 45 percent to the estates of people who die with more than $3.5 million in assets. Before the...
The World Bank's Doing Business 2010 report lists Singapore, New Zealand and Hong Kong as the top 3 places to do business in the world. The US Ranks number 4. The US's strengths are employing workers, protecting investors and getting credit (this last item makes...
Existing Home Sales Increase in OctoberIn October, existing home sales rose by 10.1% and are now 23.5% above the year-ago rate. Sales were at a seasonally adjusted annual rate of 6.10 million, up from 5.54% in September and a 4.94 million pace a year ago.Existing...
Congress has not fixed the Estate Tax. The current estate tax rate is 45 percent with an exemption level of $3.5 million for individuals and $7 million for couples. Unless something is done, in 2010 the rate and exemption level will fall to zero and...
States Attack Business!In order to collect more money to pay for their profligate spending many states are hiring collectors and placing judgments against taxpayers who owe taxes. Many states are trying to declare businesses as being resident of their state and therefore requiring them to...
The New Home Buyer Credit is Extended!First time home buyers receive a $8000 credit for purchase made before April 30, 2010.Existing homeowners who have lived in their home more than 5 years (out of the last 8) can get a $6500 credit.The credit is for...
IRS Employee Going to Jail for Stealing Money from Mail!An IRS employee in Kansas City opened taxpayer mail and stole cash payments. Even though she is going to jail, the poor victims are out of money! This should act as a reminder to NEVER MAIL...