News and Events
Are There Changes on the Horizon for
S-Corporations?
MAY 14, 2010 DOW JONES REPORT
A group of influential tax lawyers is fighting with the government over a report they fear may be used to raise taxes on the many small U.S. businesses set up as S corporations.
The report says that so-called S corps––widely used by doctors, lawyers and other professionals, as well as entrepreneurs in a range of fields––dodge taxes through misreporting and underpay employment taxes by billions of dollars each year.
A challenge to those findings has been intensifying since January, when they were published by the Government Accountability Office. Members of an American Bar Association tax group say the report is misleading and inaccurate, and most recently enlisted the help of Sen. Russ Feingold (D., Wis.) to get Congress to release supporting data.
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S-Corporations?"
Six Biggest Mistakes When Buying Term Life Insurance
Cost is important but it is only one component when making a decision to buy term life insurance. Term life insurance is by definition "for a period of time."When you buy term insurance you are leasing.It's just like leasing an apartment or home.The landlord usually requires a signed agreement. The agreement is for a very specific period of time and a specific dollar amount.Once the lease matures by the Landlord has several options. The Landlord can insist you move out because he or she wants to take possession of the property. The Landlord can also renegotiate with a new term and most likely an increase in the monthly lease payment. If the lease payment is not affordable then you simply start looking for a new apartment or decode to purchase a home if you can afford it.
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What Life Insurance Companies Never Tell You About Term Life Insurance
A lot has been written about the merits of buying term insurance. The financial press and media often times say that the only form of life insurance to buy is term insurance. Don't be fooled. There is a dark side. It is about time you heard the flip side of the story.
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What Do Qualified Plans Really Do?
Galileo was held under house arrest by the Catholic Church until his death. The Church said he was a lunatic because he believed the planet earth revolved around the sun rather the sun revolving around the earth. The Catholic Church contended the earth was stationary. It wasn’t until 1992 when Pope John Paul II conceded that Galileo was right.
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What Social Security Means to You
Have your read you Social Security Statement Lately?
Below is an exerpt direct from the Social Security Statement provided by the United States Government:
Social Security is a compact between generations. For decades, America has kept the promise of security for its workers and their families. Now, however, the Social Security system is facing serious financial problems, and action is needed soon to make sure the system will be sound when today's younger workers are ready fro retirement.
In 2017 we will begin paying more in benefits than we collect in taxes. Without changes, by 2041 the Social Security Trust Fund will be exhausted and there will be enough money to pay only about 78 cents for each dollar of scheduled benefits.
History of U.S. Government Bailouts
September 29, 2008 4:23 pm EDT
With the flurry of recent government bailouts, we decided to try to put them in perspective. The circles below represent the size of U.S. government bailout, calculated in 2008 dollars. They are also in chronological order. Our chart focuses on U.S. government bailouts of U.S. corporations (and one city). We have not included instances where the U.S. government aided other nations.
Click Here to see how the Treasury did in the end after initial government outlays.(pdf)
The Financial Hurricane
Since 2008 is an election year we hear a lot of promises of what the new President will do for our Country. Universal Healthcare, end the war, etc. What we don't hear them discuss is the issue of the Financial Hurricane headed our way.
What is a Financial Hurricane?
Un-funded Entitlements Programs
1. Medicare
2. Medicaid
3. Social Security
This is the 1st year that Medicare & Medicaid Expenditures Are Greater Than Social Security. Click here to request the complete presentation
Source: Federal Spending - By The Numbers, Brian M. Riedl, The Heritage Foundation March 8, 2007.
Tax Freedom Day
Tax Freedom Day, the day on which Americans have earned enough money to
pay all their federal, state and local taxes for the year, will fall on April 23 this year, according to the Tax Foundation's annual calculation using the latest government data on income and taxes.
Tax Freedom Day is calculated by dividing the official government tally of all taxes collected in each year by the official government tally of all income earned in each year. Governments-federal, state and local-took 29.6% of income in 1970, 30.4% of income in 1980, 33.6% in 2000, and so on. This percentage is the nation's total tax burden. We then use the historical trend and the most recent economic data to make a projection of what the tax burden will be in the current year and we convert that burden into a date-a percentage of the year-on which Americans will have earned enough income to pay their total tax bill for the year.
This year's Tax Freedom Day falls three days earlier than in 2007. Fiscal stimulus rebates and a projection of slow growth in 2008 are the principal reasons for the earlier celebration. However, if the large projected deficit for 2008 were counted as a tax in the current year, Tax Freedom Day would fall on May 3. more
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