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Is a bank overdraft of the best form of short-term financing for a sole proprietorship?
0Is a bank overdraft of the best form of short-term financing for a sole proprietorship?
I need a report to write on this topic. Thanks for any information you may think!
response Certainly not by efflandt
. If you go to the negotiating table or something, you better have some cash ready in case you get a margin call, because the moment you think something safe guess, however, will turn and you lose. You should never open an account.
Anyone heard of a Form DT210C for Consumer Debt and Credit Card Restructuring?
0Question : Anyone heard of a Form DT210C for Consumer Debt and Credit Card Restructuring?
consumer credit card debt
Best answer:
Answer by CatDad
The only way that the US government gets involved in consumer debt like credit card debt is to offer bankruptcy protection: Chapter 7 or 13 for individual debts……I’ve never heard of such a form.
Should I invest in Mutual Funds or Mutual Funds in some form of IRA Account?
2Question : Should I invest in Mutual Funds or Mutual Funds in some form of IRA Account?
I am looking to invest in a few no-load mutual funds I have picked out by purchasing through an online discount brokerage. Should I simply purchase into the mutual funds or purchase into the mutual funds through some form of IRA account? I’m young (mid-20′s) and am looking for the best possible ROI I can get for the long haul.
ira account online
Best answer:
Answer by gosh137
What do you consider “the long haul?” Retirement? Will you need the money several years to buy a car? house? get married?
With a ROTH IRA, you can take out your contributions with no penalty. Just keep in the earnings.
IMO, it is better to buy direct from the mutual fund family rather than pay a brokerage fee.
If the Recovery & Reinvstment Act of 2009 (aka “Stimulus Package”) passes in its form by President’s Day?
31 year ago
by admin
in Accounting
Question : If the Recovery & Reinvstment Act of 2009 (aka “Stimulus Package”) passes in its form by President’s Day?
How much will the ‘stimulus package” cost next year, because we know that these government agencies getting the cash will fritter it away without anything to show for it, right? They have until 2013 to spend this money, but if it is available tomorrow, it will be gone by December 31, 2009. That is how this works.
This is truly the opiate of the people, but only for the selected people in high-up jobs:
Copied from Bill
SEC. 1107. APPROPRIATIONS FOR INSPECTORS GENERAL.
In addition to funds otherwise made available in this
Act, there are hereby appropriated the following sums to
the specified Offices of Inspector General, to remain available until September 30, 2013, for oversight and audit of
programs, grants, and projects funded under this Act:
(1) ‘‘Department of Agriculture—Office of Inspector General’’, $ 22,500,000.
(2) ‘‘Department of Commerce—Office of Inspector General’’, $ 10,000,000.
(3) ‘‘Department of Defense—Office of the Inspector General’’, $ 15,000,000.
(4) ‘‘Department of Education—Departmental Management—Office of the Inspector General’’,$ 14,000,000.
(5) ‘‘Department of Energy—Office of Inspector General’’, $ 15,000,000.
(6) ‘‘Department of Health and Human Services—Office of the Secretary—Office of Inspector General’’, $ 19,000,000.
(7) ‘‘Department of Homeland Security—Office of Inspector General’’, $ 2,000,000.
(8) ‘‘Department of Housing and Urban Development—Management and Administration—Office of Inspector General’’, $ 15,000,000.
(9) ‘‘Department of the Interior—Office of Inspector General’’, $ 15,000,000.
(10) ‘‘Department of Justice—Office of Inspector General’’, $ 2,000,000.
(11) ‘‘Department of Labor—Departmental Management—Office of Inspector General’’, $ 6,000,000.
(12) ‘‘Department of Transportation—Office of Inspector General’’, $ 20,000,000.
(p. 9-10)
It goes on and on and on and on for pages of appropriation for Inspectors General of every conceivable Department of the Federal Government and the “oversight” of such appropriations of these funds, which costs $ 25,000,000.
When will the waste stop? Please let your senators know if you are outraged with this hemoragge of our taxpayer money.
Is this a method of creating Private Sector Jobs?
If it passes, be sure to apply for grants. It is the only way to get money without having to work. That is fast becoming the American Way!
security audit program
Best answer:
Answer by Musicman812
This is sobering as well:
http://www.usnews.com/blogs/capital-commerce/2009/1/27/10-reasons-to-nix-the-stimulus-plan.html
These are real economists — not political sidemen. What is it about learning from our past mistakes that we don’t understand?
Thanks for the post…keeping fighting the good fight.
How to Avoid an IRS Tax Audit : How to Report Business Losses on Schedule C Tax Form
21 year ago
by admin
in Accounting
irs tax audit
You must establish profit motive to use the schedule C tax form. Learn how to report business losses on your Schedule C form to avoid a tax audit from the IRS in this free personal finance video from an experienced accountant. Expert: Diana Crawford Contact: www.cmccpas.com Bio: Diana Crawford is a CPA with more than 20 years of public accounting experience. She is a graduate of Georgia State University with a bachelor’s degree in accounting. Filmmaker: David Clarke
Should I redo my taxes if I received another student loan form after I finished them?
21 year ago
by admin
in Scholarships
Question : Should I redo my taxes if I received another student loan form after I finished them?
I thought I had all my W2s and 1099s or whatever. I filled out my taxes online at TaxCut, and I haven’t mailed them in yet. Should I re-do my taxes to include the $ 52 in student loan interest that I received after I prepared my taxes? I already paid the $ 24.95 to file my Massachusetts State Taxes. Is this going to mess up my refund?
massachusetts student loans
Best answer:
Answer by Peaches
It alld epends. if you are single and make ovber $ 65k per year, you cannot deduct your student loan interest anyway.
otherwise, just look at the costs invovled. To refile will cost you X dollars. The deduction will be $ 52 times your marginal tax rate. Which is higher. If it is the filing costs, do not bother.
what is form 982 and what should i do on 1099 c form based on credit card?
2Question : what is form 982 and what should i do on 1099 c form based on credit card?
It lend to a confusion of the 1099c form for credit debt.
One of the H&R associate was having trouble with 1099c.
we received it by mail and it say amount was 1,109 and he say it was a small amount that we didn’t have to put it in the system and date was on oct.2008 that it was late. wasn’t a big deal to put it in,
but we suggested to put it in the system in case irs come back at us about it..
he say there was another option to avoid by finding what we owed and in a higher amount like cars, house etc.. but we only owe a car, no houses, but he say our car was in a low amount since we only
have two months to pay it off.. with a confusion, his explanation wasn’t understanding very well, and maybe someone out there understand
what he was trying to say..and the form 982, i couldn’t find much info about it what it is but it was another form he was looking into to avoid the 1099c.
i understand it is forgiveness but it also deducting the amount in the w2 amount.
so is possible avoid it like he say it would?
credit card debt forgiveness
Best answer:
Answer by Judy1
If you were insolvent, for example bankrupt, then there’s some possibility the amount wouldn’t be taxable to you. But otherwise it’s taxable income for debt cancellation, and the Block person screwed up.
Using Form 982 to Exclude IRS Cancellation of Debt Income, from the Taxpayer Advocate Service
0debt reduction irs
Thismessage is from Nina Olson, the National Taxpayer Advocate and your voice at the IRS. It is one of a series of videos with consumer tax tips about important tax issues you may be facing. This series focuses on the issue of cancellation of debt. Using Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness is discussed in this video. The Taxpayer Advocate Service, an independent organization within the IRS, helps taxpayers resolve problems with the IRS and recommends changes that will prevent the problems. For additional information, please visit www.irs.gov . (This video is closed captioned.)
Does the IRS computer look at ever single form?
41 year ago
by admin
in Accounting
Question : Does the IRS computer look at ever single form?
I did my taxes with Turbo Tax and I got the audit defense with Tax resource compan. Can they really help me if the IRS decides to audit me?
What kind of penatlies should I expect if I am audited, they find errors but they are minor?
After re-reviewing my return, I show AGI of $ 45k, 34k taxable, total tax payments 14k refund 6k. I had a AGI of 86k but I claimed foreign income with less than 330 days. Would this get flagged?
If I didn’t amend it, would they first try to send something in the mail? I go tmy state return already but not my federal they said by APR10 I should get it. Should I just wait to see what happens or is it mroe severe if I dont do something about it.
irs audit defense
Best answer:
Answer by Jay
Whether or not every form is looked at isn’t relevant if we’re talking about an audit. In that case, yes, every form is looked at.
You should therefore assume that every form is looked at.
With audit defense, the folks at Intuit (the maker of TurboTax) will pay for an accountant to go with you to the audit. If an error is found in your taxes which was due to an error in the software, Intuit MAY compensate you.
If the error was yours, Intuit will not be able to help you.
If you make a minor error and the IRS believes it was a honest mistake, they may not give fine you more than paying interest on the amount of the error. If they feel that you were attempting to falsify, no matter how small, they COULD prosecute you. In general, this doesn’t happen so I wouldn’t worry unless you really were trying to commit fraud.
New compliance requirements, Non-Profit – Form 990
01 year ago
by admin
in Accounting
A Introduction
original principles of SOX 2002
Sarbanes-Oxley places high demands on the ethical responsibilities and trust activities corporations. traded These measures were to improve the confidence in the integrity of the American requirements include New corporations .  integrity board, auditor independence, the preservation of the audit firm for other work, the Audit Committee of the Council, Nature Conservation documents have been included review of financial statements and insider trading and criminal sanctions for misconduct disclosure. for certain crimes.
Changes Form 990 for fiscal year 2008The new form contains radical changes in the former intensive, especially financial form. 2007, a transitional period of the Form 990-EZ must file and small agencies that supposedly have the most changes.  The 990 is longer, but there are fewer financial questions and gives more attention to governance, policies, executive compensation and banned transactions. In addition, more attention to a significant link between expenditure and the original purpose of the statement of the organization or mission, new and not part of the original address SOX as profitable to the head.
What enforcement?
View
June 2009 Remarks by Sarah Hall Ingram Commissioner, the IRS 23 June at Georgetown University, more insight into plans for the future of the IRS enforcement strategies.  Mrs Ingram provides a clear overview of plans for the IRS compliance audits-profit http:// www.irs.gov/pub/irs-tege/ingram__gtown__governance_062309.pdf.         Â
(re) written policies
Nonprofit
are approximately at the 990 questions (and encouraged to do) the following guidelines: a conflict of interest, whistleblowers, document retention are before trial, and how the executive compensation set.Â
steps to minimize non-profit risks
, given that the IRS is directed and radical changes in the 990, an action board is warranted. Most of these strategies would be part of every sound is managed by professionals nonprofit. I propose the following:
Focus on fulfilling your social function with measurable results to ensure that large areas of the program costs are associated can achieve the mission of the organization, research on the content of these guidelines is necessary, join in a systematic way: Conflict of intérêtsProtection dénonciateursde storing documents while waiting lawsuits ÂObtenir third periodic review of market experts part of the remuneration of executives to document these and decent wages to pay; Council members – should be meaningful studies on the process of internal financial control, make, prepare accurate financial statements on time, maintaining an independent audit committee separate from the Finance Committee, certainly at least one expert, member of the audit, that is annual audit by reputation, experienced auditors carried out not with this company and Bid Management Consulting regularly this Agreement regularly>
. Sources:
Ingram Hall, Sarah, a non-profit governance? Vision for the IRS, 23 June 2009 in the overview IRS Form 990 (filed Form 2008 2008 for the first time at the end of the year 2009) for the overhaul of the tax year 2008 IRS Form 990
Compliance Program
