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Friday, June 19, 2009
The CARD Act - New Rules for Credit Cards The CARD Act, the Credit Card Accountability, Responsibility and Disclosure Act,signed into law on May 22, 2009, supposedly will provide increased consumers protection.Most of the changes go into effect after February 22, 2010. Already, many credit card issuers have increased rates, fees and have taken an immediate defensive posture. Probably, when CARD takes effect, the Banks will have worked around the so-called protections. Hopefully, not too many people will be shut out of credit cards. Ronald J. Cappuccio, J.D., LL.M. (Tax) Labels: credit cards, credit score, interest rates Saturday, June 13, 2009
The "Payer" in "Single Payer" Health Care is you! Congress hates telling the truth. Rather than calling government controlled and no choice healthcare the true term, "socialized Medicine," they call it "single payer." Remember, the payer is YOU, the taxpayer! Cong. Rob Andrews (D--NJ), who by the way is not a bad guy and is really hard-working for his constituents, is holding Congressional hearings as Chairman of the Healthcare Committee on the "single Payer" system. Watch out! RJC Labels: future taxes, healthcare, single payer, socialized medicine Saturday, June 06, 2009
President want to Tax Health Benefits Reneging on his campaign promise, Pres. Obama announced he wants to tax employer provided health insurance benefits. This means the value of health benefits will be reduced for employees because they will have to pay tax on income they do not actually receive. ...More Wednesday, May 27, 2009
Government Attacks US Multinational Companies! The US government is searching for ways to grab money from US-based businesses. Even though most of the top US businesses are global, Pres. Obama and Congress want to tax money wherever earned. Businesses have reacted by moving more of their affairs overseas. With this new attack, expect more high level business and financial jobs to leave the US. ...More Labels: international taxation Tuesday, May 26, 2009
House Prices keep Declining The Case-Shiller Index of the housing industry showed a 19% year-over-year decline. The Case-Shiller report shows many regions have revisited 2002 prices. Some geographic areas are seeing prices going back to those in the year 2000.Real estate, on average, has declined by 32% from its second quarter 2006 highs. Some areas like Las Vegas and Phoenix, according to Case-Shiller, are off more than 50%! Labels: economy, houses, prices Monday, May 25, 2009
Mortgage Loan Modifications Are you getting threatened with a potential mortgage foreclosure? Having your attorney negotiate a loan modification can help change some the terms of your mortgage. For example, a lowered interest rate may make your monthly payment more affordable to help avoid foreclosure. Sometimes, past due payments can be rolled into the package to keep you current....More Labels: Mortgage Loan Modifications Business Capital Expenses -2009Many clients are weighing the advantages of buying a piece of equipment in this tight economy. As tax lawyer, I can develop a cost-benefit analysis to compare purchasing versus leasing the equipment and help determine whether the after-tax expenditure is likely to be worthwhile given the projected additional business the equipment would bring. ...More Labels: 2009 Capital Expenses, Added Depreciation Sunday, May 24, 2009
Bad Economy = Good Time to Buy a Business! The current depression/recession is has been a disaster for many businesses. Companies, both large and small, are unloading assets and cutting staff. This may be the perfect time to start or expand a business to take advantage of some good opportunities. Acquiring a struggling rival business, hiring talented experienced people and growing your market share. A business resources can focus on opportunities like these to improve its competitive position at fire-sale prices. Click here Friday, May 15, 2009
Payment Card Reporting. Under new Code Section 6050W, a business client who accepts payment cards will receive annual statements from the banks or other organizations issuing the cards showing the gross amount of card payments made to the client. The bank or other organization will also have to report the payments to the IRS. While the new payment card reporting requirement will not apply until 2011, a new notice from the IRS reveals some of the issues the IRS is grappling with in implementing the new rule. For example, while the law and committee reports make it clear that the new reporting rule will apply to both credit and debit cards as well as payment through third party networks such as PayPal, the IRS indicates that it is weighing how to interpret the exact definition and scope of "payment card." The IRS is also considering whether the current Form 1099 should be used for credit card payment reporting and, if so, whether the timing of such reports should conform to the current information reporting schedule. In addition, the IRS will need to determine whether reportable payments should be reduced by discounts, fees, refunds or other amounts, as well as how to administer the system to avoid double reporting [Notice 2009-19]. Labels: Bookkeeping, credit cards, income taxes, Quick Books Thursday, May 14, 2009
14% Decline in Home Prices! The National Association of Realtors reported median home prices fell 14% year over year. This is a cumulative 26% decline from the peak in the third quarter of 2005. It has been nearly three-and-a-half years since the 2005 peak in prices. Are we finally close to a bottom in price declines? Monday, May 11, 2009
Tax Exempts must file 990-N The IRS requires many small tax-exempt organizations to file their annual electronic informational return with the IRS by the May 15 deadline.This is the second year of the new requirement for tax-exempt organizations whose gross annual receipts are normally $25,000 or less to file Form 990-N also known as e-Postcards. The May 15 deadline applies to all small organizations whose tax year ends on Dec. 31. Organizations whose tax year is different from the calendar year must file the e-Postcard by the 15th day of the 5th month after the close of their tax year. Monday, May 04, 2009
Pres. Obama Attacks Businesses Fulfilling his campaign promise to increase taxes on US multinationals, Pres. Obama Attacks Businesses. His goal is to hamper US businesses by taxing income earned in foreign countries as if it were earned in the US. "If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," Obama overtly threatened Banks and businesses. Even though this creates even greater incentives for businesses to leave the US, Obama is pretending to "do something." What a disaster! Labels: company, multinational, tax increase |