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Are you looking for reasonably priced tax and financial advice and complete accounting services? Welcome to I Do Taxes, your neighborhood experts in all areas of accounting, taxation and small business consulting, provided with the personal touch lacking in larger firms. Our website offers a full range of services, contact information, and a company profile, so click around and stay for a while. Don't hesitate to call
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Some recent
news
IRS
Releases Al Capone Records The
Internal Revenue Service has made available records from
one of its most famous legal cases of all time, the tax
evasion prosecution of
Chicago
gangster Al Capone in 1931. Read
More...
PwC
Laying Off Consultants PricewaterhouseCoopers
plans to lay off part of the consulting staff in its
Advisory Services business. Read
More...
IRS
Nixes Distressed-Asset Trust Transactions The
Internal Revenue Service said it would add
distressed-asset trust transactions to its list of tax
avoidance transactions, signaling that such transactions
need to be disclosed and may be subject to penalties.
Read
More...
Accounting
Standards-Setters to Be Overhauled The
Financial Accounting Foundation's board of trustees has
voted to approve sweeping changes in the oversight,
structure and operations of the Financial Accounting
Foundation and its two standards-setting boards, the
Financial Accounting Standards Board and the
Governmental Accounting Standards Board. Read
More...
Deloitte
Audit Partners Barred by SEC in
Delphi
Case Two
audit partners at Deloitte & Touche have agreed to
be barred from practicing before the Securities and
Exchange Commission to resolve a case involving auto
parts maker
Delphi
. Read
More...
House
Holds Small Business Tax Hearing The
House Committee on Small Business held a hearing on
business activity taxes and their impact on small
businesses. Read
More...
IMA
launches small business committee Small
companies in the
United States
have long complained that it's unfair in terms of costs
and time that they're required to meet accounting
standards that were written for companies that are many
times their size. Read
More...
Intuit
Predicts Future of Small Business Intuit
has released a report on the future of small business,
predicting that artisans will re-emerge as an
influential force in the coming decade, using technology
and globalization to help them expand. Read
More...
President
signs Economic Stimulus Package
On
February 13, 2008
, President George Bush signed a multibillion-dollar
economic rescue package that means $300 to $1,200 for
many American households.
For complete
details on this program, including IRS Fact Sheets, News
Releases and information on the senate vote, click
here.
Roth IRA or
Traditional IRA?
In
almost all cases the Roth IRA is a
better deal than the traditional
IRA, but not always. Which
is better for you?Find
out here ...
Interesting Advice
Words of advice for today
... Retirement Planning
If you had purchased
$1000.00 of Nortel stock one year ago, it would now be
worth $49.00. With Enron, you would have had
$16.50 of the original $1000.00. With WorldCom,
you would have had less than $5.00 left. But ...
if you had purchased $1000.00 worth of beer one year
ago, drank all the beer, then turned in the cans for the
aluminum recycling REFUND, you would have had $214.00.
Based on the above, the
best current investment advice is to drink heavily and
recycle. It's called the 401-Keg Plan!
18 Most
Beneficial Internet Sites for Tax Professionals
from the National Society of Tax Professionals
Keep or
Toss? What Tax Documentation Should You
Save?
National Association of Tax
Professionals (NATP) Appleton, WI – Once
you’ve completed your taxes and amassed all
your receipts, forms, and statements, what do
you do next? What gets kept and what gets
tossed? For some good advice, click
here ...
The U.S. Tax Court has
ruled that taxpayers using tax preparation
software can not blame the software for their
own negligence ... the
details are here ...
Child's name on home
title?
Many
people think it's a good idea to
put their child's name on the
title to their home. Find
out why here ...
Basic principles
designed to successfully minimize taxes
Tax liability can, depending on
individual circumstances, be managed and, in
some cases, dramatically reduced.
When seeking to minimize tax burdens, investors
should consider the four fundamental categories
of tax-advantaged investment alternatives:
tax-deferred, tax-free, tax-sheltered and
capital gains.
All tax planning strategies have financial
planning implications. Therefore, the key
is to take advantage of those strategies
consistent with other goals and
objectives. Read
more about it here ...
An IRS
Audit
The IRS decides to audit Ralph, and
summons him to the IRS office. The IRS auditor is not
surprised when Ralph shows up with his attorney.
The auditor says, 'Well, sir, you have
an extravagant lifestyle and no full-time employment,
which you explain by saying that you win money gambling
and the IRS finds that unbelievable.'
'I'm a great gambler and I can prove it,' says Ralph..
'How about a demonstration?'
The auditor thinks for a moment and said, 'Okay. Go
ahead.'
Ralph says, 'I'll bet you a thousand dollars that I can
bite my own eye.'
The auditor thinks a moment and says, 'No way! It's a
bet.'
Ralph removes his glass eye and bites it.
The auditor's jaw drops.
Ralph says, 'Now, I'll bet you two thousand dollars that
I can bite my other eye.'
The auditor can tell Ralph isn't blind, so he takes the
bet.
Ralph removes his dentures and bites his good eye The
stunned auditor now realizes he has wagered and lost
three grand, with Ralph's attorney as a witness. He
starts to get nervous.
'Want to go double or nothing?' Ralph asks. 'I'll bet
you six thousand dollars that I can stand on one side of
your desk, and pee into that wastebasket on the other
side, and never get a drop anywhere in between.'
The auditor, twice burned, is cautious now, but he looks
carefully and decides there's no way this guy can manage
that stunt, so he agrees again.
Ralph stands beside the desk and unzips his pants, but
although he strains mightily, he can't make the stream
reach the wastebasket on other side, so he pretty much
urinates all over the desk.
The auditor leaps with joy, realizing that he has just
turned a major loss into a huge win. But Ralph's
attorney moans and puts his head in his hands.
'Are you okay?' the auditor asks. 'Not really,' says the
attorney. 'This morning, when Ralph told me he'd
been summoned for an audit, he bet me twenty thousand
dollars that he could come in here and piss all over
your desk and that you'd be happy about it.'
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