tag:blogger.com,1999:blog-90769571488525951432009-07-13T16:12:12.935-07:00Income 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.comBlogger159125tag:blogger.com,1999:blog-9076957148852595143.post-51199053109322782272009-07-13T16:10:00.000-07:002009-07-13T16:12:12.953-07:00

http://dailybail.com/home/peter-schiff-of-course-were-not-going-to-pay-back-the-chines.htmlThis may or may not be funny, depending on how you look at it. But I think Peter Schiff is spot on.Here is a similar clip by Pete Peterson, on Charlie Rose on PBS:http://dailybail.com/home/pete-peterson-on-charlie-rose-we-are-headed-for-default-clip.htmlAnd here is an interesting clip on the perspective of

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-13956757444631873822009-07-08T12:41:00.000-07:002009-07-08T12:42:51.243-07:00

This is a good article on not just anti-virus programs, but on protecting your computer:http://edtechdev.blogspot.com/2006/09/best-free-antivirus-program.html

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-78549242866468029362009-07-06T07:19:00.000-07:002009-07-06T07:24:04.898-07:00

http://www.webcpa.com/news/Grassley-Introduces-Small-Business-Tax-Relief-Act-50916-1.htmlSen. Charles Grassley, R-Iowa, has introduced a bill to lower the tax burden on small businesses.Grassley, ranking member of the Senate Finance Committee, introduced the Small Business Tax Relief Act of 2009. “My bill will leave more money in the hands of small business owners so they can hire more workers,

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-24659807072684043762009-06-26T09:29:00.000-07:002009-06-26T09:32:40.566-07:00

http://www.webcpa.com/news/Law-Proposed-Ease-Home-Office-Tax-Deduction-50848-1.htmlLaw Proposed to Ease Home Office Tax DeductionWashington, D.C. (June 25, 2009)Proposed legislation would make it easier for small businesses to qualify for the home office tax deduction.The bipartisan bill, introduced in both the House and Senate, would direct the Treasury Secretary to create an optional,

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-55556212902025958822009-06-24T14:03:00.000-07:002009-06-24T14:05:49.665-07:00

http://www.calcpa.org/Content/%2025472.aspxArticle on commercial real properties facing financial problems and how they may avoid tax on loan restructuring.

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-74857671521467615202009-06-24T13:39:00.000-07:002009-06-24T13:55:53.375-07:00

Here is an article summarizing changes to CA tax law that are effective in 2009 and 2011, http://www.calcpa.org/Content/%2025477.aspxChanges Effective in 2009Sales and Use Tax Rate Increased Vehicle License Fee IncreaseIndividual Income Tax Rates IncreasedDependent Credit Reduced by $210New Home Purchase Tax Credit Small-Business Hiring Tax Credit Changes Effective in 2011Economic Nexus

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-49242695205770833252009-06-24T08:00:00.000-07:002009-06-24T08:03:19.173-07:00

http://www.webcpa.com/news/IRS-Updates-1040-2009-50833-1.htmlIRS Updates 1040 for 2009Washington, D.C. (June 23, 2009)By WebCPA StaffThe IRS has posted a preview of the 1040 for 2009, along with the latest rules for electronically filing the returns.The IRS warns that the 1040 posted on the site is only a draft form, or an advance proof copy that is subject to change and approval by the Office of

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-65278907132838262632009-06-20T09:51:00.000-07:002009-06-20T09:54:29.570-07:00

http://www.sacbee.com/business/story/1959523.htmlAct now to avoid ugly tax surprise, California warnsBy Claudia Buckcbuck@sacbee.comPublished: Friday, Jun. 19, 2009 - 12:00 am | Page 8BDon't get stuck with a bigger tax bill next year. It could happen, given changes in California's tax laws that could cost the average married couple with two kids an extra $670 next April 15.To avoid that

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-22561732562004574182009-06-19T17:30:00.000-07:002009-06-19T17:41:39.612-07:00

From Spidell Publishing, www.caltax.com:California budget conferees approve new taxes (06-19-09)Democrats on the California budget conference committee on June 16, 2009, approved a package of revenue raisers and program cuts to stave off the increasing deficit. Some of the tax provisions include:▸ Increasing the personal income tax withholdings by 10% beginning January 1, 2010;▸ Changing

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-72117700981821939502009-06-05T07:49:00.000-07:002009-06-05T07:58:04.943-07:00

http://www.webcpa.com/news/Kerry-IRS-Tax-Lien-50705-1.htmlThe IRS has filed a tax lien of $819,848 on the 2004 presidential campaign of Sen. John Kerry, D-Mass., but his office claims the debt has long been paid.The IRS filed the lien earlier this year after a long-running dispute over payroll taxes, according to the Washington Times, although Kerry’s office said that the IRS mishandled W-2

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-59800330346770793662009-05-28T07:38:00.000-07:002009-05-28T07:39:29.757-07:00

http://www.webcpa.com/news/Tax-Revenues-Dive-50609-1.htmlFederal tax revenues plunged 34 percent in April to $266 billion, compared to $404 billion in April of last year, according to a new study.An analysis of Treasury Department data by the American Institute for Economic Research found that individual income tax revenues fell 44 percent in April 2009 to $137 billion, compared to $244 billion

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-62551989951575800582009-05-21T10:25:00.000-07:002009-05-21T10:27:20.017-07:00

http://www.webcpa.com/news/IRS-Marks-Small-Business-Week-Tax-Breaks-50569-1.htmlThe Internal Revenue Service commemorated Small Business Week this week by calling attention to some recently enacted tax breaks for small businesses.The American Recovery and Reinvestment Act, enacted in February, created, extended or expanded a variety of business tax deductions and credits, the IRS noted. Because

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-51227726336994395002009-05-16T14:24:00.000-07:002009-05-16T14:30:41.514-07:00

This is a poignant story on how a NY Times reporter got sucked into the financial crisis. I am glad he shared the story with the world.http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.htmlPublished: May 14, 2009If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-16800822356370762132009-04-20T18:24:00.000-07:002009-04-20T18:26:01.295-07:00

Here is a link from the California State Controller's office tracking tax collection:http://www.sco.ca.gov/taxtracker.html

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-52859366301285649272009-04-20T13:08:00.000-07:002009-04-20T14:36:23.886-07:00

Here is a Los Angeles Times editorial from April 17, 2009:http://list.calcpa.org/t/26453/12397877/12853/0/Obama's vow to simplify the rules will be stymied by a thicket of credits, deductions and exclusions.April 17, 2009On Tax Day, the most beguiling promise an American president can make to the millions of people rushing to complete their Internal Revenue Service forms is to pursue a simpler

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-27677403782260521292009-04-09T07:29:00.000-07:002009-04-09T07:32:02.921-07:00

http://www.windowssecrets.com/2009/04/09/01-Dell-and-HP-balk-at-replacing-bad-Nvidia-chipDell and HP balk at replacing bad Nvidia chipMichael Lasky By Michael LaskyAn old urban myth claims that the microprocessors used in PCs and other consumer electronics are designed to fail within days or weeks of their warranty expiration.For tens of thousands of people who bought Dell and HP notebooks whose

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-60200797342450572332009-04-08T08:57:00.000-07:002009-04-08T09:05:19.041-07:00

http://www.webcpa.com/article.cfm?ARTICLEID=31256Washington, D.C. (April 8, 2009)By WebCPA staffThis year, the Internal Revenue Service is offering a new way to file an extension request for free.This year, anyone, regardless of income, can e-file their extensions at no cost from a home computer using IRS’s traditional FreeFile or the new FreeFile Fillable Forms introduced this season. E-filing a

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-34403387911665855542009-04-07T17:31:00.000-07:002009-04-07T17:32:58.675-07:00

FTB, IRS Guidance for Theft Loss Deductions from Ponzi SchemesThe IRS recently issued Revenue Ruling 2009-9 and Revenue Procedure 2009-20 providing guidance to taxpayers who are victims of losses from Ponzi-type investment schemes. The new guidelines could help victims recoup some losses by seeking reimbursement of up to five years of past tax payments.At the state level, the FTB said it will

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-71726306624152976042009-04-07T17:22:00.000-07:002009-04-07T17:28:04.061-07:00

The California Franchise Tax Board has released this Summary of Federal Income Tax Changes 2008 that explains new federal laws (with effective dates), the corresponding California law, if any, and an explanation of any changes made in response to the new federal law. The summary also includes the California revenue impact of conformity to federal changes.http://www.ftb.ca.gov/law/legis/

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-626706511027725732009-04-03T12:57:00.000-07:002009-04-21T07:38:49.459-07:00

This is a very sad day for the accounting profession, allowing politics to influence accounting standards.http://www.webcpa.com/article.cfm?ARTICLEID=31223 Norwalk, Conn. (April 2, 2009)By Michael CohnUnder pressure from Congress to act quickly, the Financial Accounting Standards Board voted to approve substantial changes to fair value accounting.While two of the votes on the proposed FASB Staff

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-67419591594748721882009-04-01T11:48:00.000-07:002009-04-01T11:52:55.635-07:00

http://www.webcpa.com/article.cfm?ARTICLEID=31208 Washington, D.C. (April 1, 2009)By WebCPA staffSecretary of Health and Human Services nominee Kathleen Sebelius became the latest prospective Cabinet member to run afoul of the Tax Code after she admitted to recently paying $7,040 in back taxes and $878 in interest.Sebelius said the errors were unintentional and were discovered by an accountant

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-28903029560393253452009-03-31T13:08:00.000-07:002009-03-31T13:10:29.956-07:00

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/30/AR2009033003291.htmlRecession Puts a Major Strain On Social Security Trust FundAs Payroll Tax Revenue Falls, So Does SurplusBy Lori MontgomeryWashington Post Staff WriterTuesday, March 31, 2009; Page A04The U.S. recession is wreaking havoc on yet another front: the Social Security trust fund. With unemployment rising, the payroll tax

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-50116574228069708992009-03-30T10:08:00.000-07:002009-04-04T08:34:36.992-07:00

http://www.webcpa.com/article.cfm?ARTICLEID=31160Washington, D.C. (March 30, 2009)By WebCPA staffSenate Finance Committee Chairman Max Baucus, D-Mont., has announced legislation that would make existing tax breaks permanent for working families and individuals. The measures would make permanent the 2009 exemption levels for the alternative minimum tax and index them for inflation, while

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-36745775880988638372009-03-21T15:51:00.000-07:002009-03-21T16:02:34.804-07:00

Only donations to qualified 501(c)(3) organizations are tax deductible and if a single contribution is $250 or more, there must be contemporaneous acknowledgment from the charity, meaning it must be in the taxpayer's possession by the due date of the tax return. Many charities still neglect to issue a required acknowledgment.Take the recent case of Gomez v. Commissioner, T.C. Summary Opinion

Guy M Wonghttp://www.blogger.com/profile/08383185481136025651noreply@blogger.comtag:blogger.com,1999:blog-9076957148852595143.post-23350066617482701872009-03-21T10:19:00.000-07:002009-03-30T10:16:18.870-07:00

http://www.edzollars.com/ForeclosureDebtandTaxes.pdfBriefly, for recourse acquisition debt, the lesser of the amount of the debt or the FMV (fair market value) is the selling price. The "seller" has exchanged the property for the debt and, if the property wasn't worth the amount of the debt, the difference would be COD (cancellation of debt) income.For non-recourse acquisition debt the selling

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