matsumoto and associates http://ma-cpa.com Professonal Accountant and Tax Services beween US and Japan Fri, 04 Mar 2016 10:28:51 +0000 ja hourly 1 https://wordpress.org/?v=4.8.1 News Update 02-26-2010 http://ma-cpa.com/news-update/cpa466.html Fri, 26 Feb 2010 18:36:46 +0000 http://ma-cpa.com/?p=466 An Analysis of the New American Opportunity Credit
(CPA Journal) – Existing law contains a number of tax benefits to help defray the soaring costs of higher education.
 
Planning For The Estate Taxs Return
(Forbes) – Do not be fooled by the estate tax lapse of 2010. It is true that the estate tax–which imposed a 45% tax on all assets in excess of $3.5 million–was repealed for 2010 as part of the sweeping Bush tax cuts of 2001. But it is unlikely your estate will get a free pass.
 
Spinning the stimulus
(Stateline) – When President Obama hosted the nation’s governors at a dinner last week, he gave a toast that captured the difference between a chief executive — state or federal — and a member of Congress.
 
Obama Bipartisan Health Summit Clears Path to Party-Line Vote
(Bloomberg) — President Barack Obama began yesterday’s health-care summit saying he wanted to find bipartisan ways to fix the health-care system. By the end, he said he might be left with a partisan path forward.
 
Oddball Tax Deductions
(Kiplinger) – Sometimes, despite objections from the IRS, taxpayers get to write off the darnedest things. Here are 14 of our favorites.

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News Update 02-26-2010 http://ma-cpa.com/news-update/cpa463.html Fri, 26 Feb 2010 18:34:52 +0000 http://ma-cpa.com/?p=463 Internal Control: Test Your Knowledge
(Journal of Accountancy) -Today many companies recognize the desirability as well as the requirement to have an effective system of internal control. Yet, designing and implementing a cost-effective system of internal control is a daunting, if not overwhelming, task.
 
Trade Properties To Keep The Tax Man At Bay
(Forbes) – Like-kind exchanges can mean much lower tax bills on real estate for savvy investors.
 
Wyden, Gregg Unveil Tax Reform Bill
(CCH) – Senate Finance Committee members Ron Wyden, D-Ore., and Judd Gregg, R-N.H., on February 23 unveiled a broad tax reform proposal that they say would create a simpler and fairer system by lowering tax rates and eliminating narrow tax breaks that benefit special interests. The plan would also simplify tax returns into a one-page Form 1040.
 
H&R Block Shares Slump as Outlook Disappoints
(Rueters) – The largest U.S. tax preparer warned that its 2010 profit would disappoint as higher unemployment levels led to fewer tax filings.
 
Deposit Money by Taking a Photo
(USA Today) – In the near future, you might not even have to visit a bank or an ATM to deposit a check. You’ll simply snap a couple of photos of it with your cellphone.

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News Update 02-26-2010 http://ma-cpa.com/news-update/cpa460.html Fri, 26 Feb 2010 18:33:36 +0000 http://ma-cpa.com/?p=460 Toyota Facing US Criminal Probe As Congressional Hearings Begin
(FOX) – Toyota’s top U.S. executive, under withering questioning Tuesday from a Congressional panel, acknowledged that the Japanese car maker has not fully determined why some of its models experienced sudden and unintended acceleration.
 
Obama Raises Cadillac Tax Threshold in Effort to Revive Health Care Bill
(BNA) – The president’s proposal begins with the Senate-passed bill (H.R. 3590) and makes a few changes to some of the most controversial elements, namely additional federal Medicaid funding for Nebraska and a 40 percent excise tax on health insurance policies that cost more than $8,500 for individuals and $23,000 for families.
 
Tax Tips for Real Estate Owners and Investors
(SmartPros) – As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits.
 
Ten Rules For Deducting Career Education
(Forbes) – There are lots of tax breaks for college kids, but how about working stiffs who still want to learn or get an MBA?
 
Fed to Get $200 Billion Boost
(Wall Street Journal) – The Treasury said it will borrow $200 billion and leave the cash proceeds on deposit with the Federal Reserve, reviving a program that will make it easier for the Fed to raise interest rates when the time comes.

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News Update 02-23-2010 http://ma-cpa.com/news-update/cpa452.html Tue, 23 Feb 2010 18:31:16 +0000 http://ma-cpa.com/?p=452 Obama Proposes $950 Billion Health Bill
(Reuters) – President Barack Obama made a last-ditch bid to revive his stalled healthcare overhaul on Monday with a plan to make insurance more affordable and to bolster government authority to regulate premium hikes.
 
New Senator Helps Democrats Advance Jobs Bill
(Reuters) – A modest job-creation bill advanced in the Senate on Monday as the chamber’s newest Republican bucked his party and sided with Democrats on a $15 billion package of tax cuts and highway spending.
 
Whos Minding Risk?
(CFO) – Some experts say audit committees take on too many risk-management duties. The SEC’s new proxy-disclosure rule should shed more light on the issue.
 
IRS Initiatives Could Change Compliance Landscape in 2010
(JOA) – During the latter part of 2009, the IRS announced a number of new compliance initiatives that, when fully implemented, have the potential to dramatically alter how the IRS deals with certain groups of taxpayers.
 
Accounting Industry Eyes Standards for Private Companies
(PBJ) – A new committee formed by the American Institute of Certified Public Accountants and the Financial Accounting Foundation will investigate what kinds of reporting standards make sense for private companies.

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News Update 02-22-2010 http://ma-cpa.com/news-update/cpa449.html Mon, 22 Feb 2010 19:59:58 +0000 http://ma-cpa.com/?p=449 Ponzis and Pyramids: What CPAs Need to Know
(CPA Journal Online) – Bernard L. Madoff. Patrick R. Bennett. John McNamara. Nicholas Cosmo. These names have two things in common: First, they were all residents of New York State, and, second, all were accused of operating Ponzi schemes. CPAs should learn lessons from these scandals and apply them in their own practice.
 
Tech, Drug Firms Face More Taxes if Income Shifting Limits Adopted
(BNA) – President Obama’s budget proposal to tax “excess returns” associated with transfers of intangible assets to offshore affiliates is likely to result in larger tax bills for the high-tech and pharmaceutical sectors, as well as other industries that get their money largely from intellectual property, analysts told BNA Feb. 16.
 
Improve Tax Tracking With Automated Workflow
(Journal of Accountancy) -“Why should we change the way we track tax work through the office? Isn’t the manual system better?”
 
Wall Street Braces for Data Deluge
(FOX) – Coming off several holiday- and snow-shortened weeks, Monday marks the beginning of a make-it-or-break-it period for the economy: the longest stretch of the year without a Federal holiday
 
New Credit Card Rules’ Double Standard
(CNNMoney.com) – A batch of new restrictions aimed at curbing the most egregious credit card practices kick in Monday, but business owners will need to stay alert — the new rules don’t cover cards used for corporate purposes.

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News Update 02-19-2010 http://ma-cpa.com/news-update/cpa446.html Fri, 19 Feb 2010 18:08:09 +0000 http://ma-cpa.com/?p=446 Toward a (More) Paperless Tax Practice
(Journal of Accountancy) – Nearly all CPA firms prepare tax returns electronically. However, many still also use some old-fashioned methods, such as sending out tax organizers manually. Here are tips to more fully realize what it means to go paperless.
 
Fed Raises Discount Rate; Fed Funds Rate Unchanged
(FOX) – The Federal Reserve on Thursday raised its discount rate to 0.75% from 0.5%, an effort to return its lending facilities to more normalized levels
 
Home is Where Your Small Business Tax Deduction Is
(AP) – The deduction for using part of your home for business purposes — popularly known as the home office deduction — used to be something scary. It was widely believed that taking the deduction would automatically land you an IRS audit.
 
What You Need to Know About Social Security
(Kiplinger) – Five ways to make sure you get the biggest possible check.
 
Ten Things To Know About COD Income
(Forbes) – In the tax world, COD is short for “cancellation of debt.” If that phrase doesn’t sound familiar, you’d better read on, particularly given the state of the economy.

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News Update 02-19-2010 http://ma-cpa.com/news-update/cpa443.html Fri, 19 Feb 2010 18:04:02 +0000 http://ma-cpa.com/?p=443 IRS Says: Top 400 Earners in U.S Averaged $345 Million in 2007
(Bloomberg) – The figures for 2007, the last year of an economic expansion, show that the average income reported by the top 400 earners more than doubled from $131.1 million in 2001
 
Breaking Into Business Valuation
(Journal of Accountancy) – An aging population, increased regulation and the move toward fair value reporting have led to increased demand for valuation services in recent years.
 
The 2009 AMT Stimulus Patch: Tax Strategies to Minimize the AMT Liability
(CPA Journal) – The Alternative Minimum Tax (AMT) was enacted because of congressional reaction to the 1969 Economic Report of the President, which indicated that 155 high-income taxpayers with adjusted gross incomes above $200,000 did not pay any federal income tax.
 
How to Avoid Jurassic Technology
(MSN Money) – Here’s what you should know about the evolving worlds of TVs, phones and music players so that you don’t spend a fortune on soon-to-be-obsolete electronics.
 
IRS Oversight Board Finds Support for Return Preparer Regulation
(BNA) – Most taxpayers surveyed by the Internal Revenue Service Oversight Board said they believe return preparers should be regulated and should meet competency and ethical standards, the organization said in releasing its 2009 Taxpayer Attitude Survey.
 

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News Update 02-19-2010 http://ma-cpa.com/news-update/cpa440.html Fri, 19 Feb 2010 18:01:06 +0000 http://ma-cpa.com/?p=440 Lost Money? Score a Whopping Tax Refund
(CNNMoney.com) — Sick of sending big checks to the IRS? For some business owners, this tax season will bring a rare reversal.
 
Grow and Thrive
(Journal of Accountancy) – What are you doing to grow your practice? How can you help your clients become more profitable?
 
IRS Audits, By The Numbers
(Forbes) – In 2004, the IRS conducted 9,576 audits of taxpayers with $1 million or more in income. In 2009, the agency conducted 28,349 audits for the same income group.
 
Obama Budget to Spark Tax Debates
(CFO) – President Obama’s proposed 2011 budget is replete with tax proposals, many that are “hostile” to business. Here’s a breakdown of the potential changes.
 
Creative Accounting: When It’s Too Good To Be True
(Investopedia) – Accounting practices in the United States have matured over the years, but there are still plenty of ways that companies can disguise their financial results. 
 

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News Update 02-16-2010 http://ma-cpa.com/news-update/cpa437.html Tue, 16 Feb 2010 17:39:35 +0000 http://ma-cpa.com/?p=437 IRS Issues 2009 Form 990; Explains Significant Changes
(JOA) – The IRS has issued final 2009 versions of Forms 990 and 990-EZ, as well as their instructions. The IRS has also provided a detailed explanation of significant changes to the forms.
 
IRS releases HEART Act guidance on military service benefits
(CCH) – The IRS has released guidance in question and answer (Q&A) format on provisions of the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act) involving qualified military service and retirement plan benefits and wage benefits
 
Cash for Appliances Coming to a State Near You
(CNNMoney.com) — A government program that gives consumers rebates on purchases of energy-efficient household appliances is ramping up in states across the country.
 
Entrepreneurs Turn to 401(k)s to Fund Start-up Businesses
(USA Today) – Relying on retirement savings to fund a business venture is a significant gamble. Only about half of small businesses survive at least five years, says the U.S. Small Business Administration.
 
Ten New Tax Savings on 2009 Form 1040
(TR) – Thomson Reuters Tax Analyst identifies new or expanded deductions and credits for 2009

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News Update 02-11-2010 http://ma-cpa.com/news-update/cpa434.html Thu, 11 Feb 2010 17:19:10 +0000 http://ma-cpa.com/?p=434 Current Developments in Partners and Partnerships
(TaxAdvisor) – This article reviews and analyzes recent rulings and decisions involving partnerships. The discussion covers developments in partnership formation, debt and income allocations, distributions, passive activity losses, and basis adjustments.
 
Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases
(Bloomberg) — President Barack Obama said he is “agnostic” about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit.
 
Business Entertainment Deductions: Fun but Complex
(AP) – Taking a client out for lunch is one of the most basic business activities there is. And it’s one that can run a small business owner afoul of the IRS. There has been a tug of war for years between the government and businesses over entertainment expenses.
 
U.S. Watchdog: Bailout Funds Must Be Used to Help Commercial Real Estate
(Fox Business) – A government watchdog panel called on the Treasury Department and bank regulators to tackle continuing problems in commercial real estate more aggressively or risk jeopardizing recovery in the economic and financial systems.
 
Talk of Tax Hikes Grows Louder
(Stateline) – Election-year tax hikes are usually the last thing politicians want to consider, but that’s just what officials in Arizona, Pennsylvania and Washington state are talking about this week.

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