July 06, 2010
Andrew Presti
Blog Posts
0 CommentsU.S. Savings Bonds can be a relatively risk-free investment during times of upheaval in the stock market, such as we are experiencing now. There are two different types of savings bonds for tax purposes. The first includes Series EE bonds and Series I bonds. You purchase these bonds at a discount from their face value […]
Read moreJuly 06, 2010Andrew PrestiBlog Posts0 CommentsQ. I spend 20 hours every week cooking meals and delivering them to an organization that feeds the hungry and homeless. Am I entitled to a deduction for my time and the food I pay for out of my own money? A. Generally, if you do volunteer work for a charity, you are not entitled […]
Read moreJuly 06, 2010Andrew PrestiBlog Posts0 CommentsIndividual retirement accounts (IRAs) — both traditional and Roth IRAs — are among the most popular retirement savings vehicles today. Protecting the value of your IRA (and other retirement accounts) is incredibly important. While some factors affecting the value of your retirement savings may be out of your control, there are many things within your […]
Read moreJuly 06, 2010Andrew PrestiBlog Posts0 CommentsA number of tax law changes are making their way through Congress, and many more on the way. These changes will affect both individual and business taxpayers alike. In 2010, it is expected that Congress will address the federal estate tax, and is currently working on small business and jobs “relief,” as well as an […]
Read moreJuly 06, 2010Andrew PrestiBlog Posts0 CommentsErrors and omissions in preparing tax returns can occur easily. You might accidentally enter a number incorrectly, misinterpret a law, or misconstrue the client’s facts. Later, before an IRS audit, you might discover the mistake, raising gut-wrenching questions: Do you call the mistake to your client’s attention? Do you advise the client to file an […]
Read moreJuly 05, 2010Andrew PrestiBlog Posts0 CommentsGetting audited is such a hassle! Just ask the IRS. A new report from the Government Accountability Office inspected the tax agency’s financial statements from the 2009 fiscal year with the exacting thoroughness of, well, of an IRS auditor, and found a few billion-dollar errors. According to the report (PDF), the IRS made a variety […]
Read moreJuly 02, 2010Andrew PrestiBlog Posts0 CommentsSenate Finance Committee Chairman Max Baucus (D-Mont.) June 29 unveiled wide-ranging legislation providing for roughly $12 billion in tax cuts aimed at small businesses, including a highly sought-after provision to extend bonus depreciation tax incentives through the end of 2010. The bonus depreciation provision would allow businesses to recover up to 50 percent of the […]
Read moreJuly 01, 2010Andrew PrestiBlog Posts0 CommentsNorwalk, CT, June 29, 2010—The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). The proposed Update […]
Read moreJune 30, 2010Andrew PrestiBlog Posts0 CommentsWASHINGTON (AFP) – One of President Barack Obama’s top allies in the US Congress called Monday for military spending cuts and a possible tax increase once the economy has “fully recovered” from the 2008 global meltdown. “It’s time to stop talking about fiscal discipline and national security threats as if they’re separate topics: Debt is […]
Read moreJune 16, 2010Andrew PrestiBlog Posts0 CommentsIn the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income. Capital gains are generally taxed at a preferential rate in comparison to ordinary income. This is intended to provide incentives for investors to make capital investments and […]
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