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Showing posts from May, 2009

US attacks US Business!

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

Yearly House Prices Decline 19%

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%!

Mortgage Loan Modifications

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

Business Capital Expenses -2009

Business Capital Expenses -2009
Many 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

Time to Buy a Business

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

Credit Card Payments Reported to IRS

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 c…

14% Decline in Home Prices!

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?

Tax Exempts must file 990-N

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.

Pres. Obama Attacks Businesses

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!