As a result of the recent Congressional expenditure of billions of dollars in federal monies directed at keeping companies solvent, the government is now closely scrutinizing companies’ finances and practices. This scrutiny has revealed that many companies receiving bailout money actually have millions of dollars in unclaimed funds, to which they are entitled, but have consistently failed to claim.
US Representative Barney Frank, Chairman of the House Financial Services Committee, is demanding that such companies recover their unclaimed funds. Chairman Frank believes that if these companies were claiming their monies, there may not be a need for them to take federal bailout money.
Chairman Frank is now calling for a formal Congressional investigation into the failure of businesses to recover unclaimed funds, stating he will be insisting “they tell us what their whole systems [for recovering unclaimed funds] are, how did this happen, and more importantly, how do they stop it from happening in the future."
-As detailed in a March 2009 investigative report featured on Fox 7 Miami and NBC 7 Boston.
Friday, March 4, 2011
Thursday, July 1, 2010
Great News for First-Time Homebuyers Who Failed to Close by June 30
First-time homebuyers will have until Sept. 30 to close on their purchases and still receive an $8,000 tax credit under a bill passed by the Senate late Wednesday. The House overwhelmingly approved the bill on Tuesday.
President Obama is expected to sign the bill. The deadline had been June 30.
The bill doesn't extend the benefit to anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal must be finalized. Many buyers who signed contracts by April 30 ran into delays that prevented the deal from closing by June 30. The extra 3 months granted by this bill is of great benefit to those buyers.
Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500.
William Deutchman, CPA www.wddcpa.com
President Obama is expected to sign the bill. The deadline had been June 30.
The bill doesn't extend the benefit to anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal must be finalized. Many buyers who signed contracts by April 30 ran into delays that prevented the deal from closing by June 30. The extra 3 months granted by this bill is of great benefit to those buyers.
Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500.
William Deutchman, CPA www.wddcpa.com
Friday, November 6, 2009
Congress Extends and Expands Home Buyer Credits
The $8,000 first-time homebuyer credit that I wrote about months ago has been extended beyond its original expiration date this fall. The credit which was to expire at the end of November has been extended to the end of April, 2010.
In addition, the law has been expanded to allow homeowners who have occupied their homes for 5 consecutive years during the last 8 years to be eligible for a $6,500 tax credit. The law also increases the income limits and home purchase price limits that existed in the original law.
These changes are expected to continue to stimulate the home real estate sector of the economy.
William Deutchman, CPA
www.wddcpa.com
In addition, the law has been expanded to allow homeowners who have occupied their homes for 5 consecutive years during the last 8 years to be eligible for a $6,500 tax credit. The law also increases the income limits and home purchase price limits that existed in the original law.
These changes are expected to continue to stimulate the home real estate sector of the economy.
William Deutchman, CPA
www.wddcpa.com
Saturday, July 11, 2009
First-Time Homebuyer Tax Credit - up to $8,000
Did you buy a home after April 8, 2008? If so, and it is your personal residence and you (and your spouse if married) did not own any other main home during the 3-year period ending on the date of the purchase of a new home, you probably qualify for a large tax credit. If you bought your home in 2009, and you qualify, you can even claim the credit on your 2008 tax return.
Even if you already filed your 2008 return, your return can be amended and you can get a refund of up to $8,000. I know it sounds too good to be true, but this is the federal government's way to stimulate the housing market that has been in a slump in recent years. The tax incentive is part of the recently enacted Housing and Economic Recovery Act of 2008.
I am a Certified Public Accountant (CPA) in Cleveland, Ohio and I can assist you by determining if you qualify and taking appropriate action if you do. Please see my contact information below and we can arrange to do what is in your best interests.
P.S. If you know of others who might be eligible for this tax credit, pass this information on to them. They will thank you for thinking of them.
216-621-1120
http://www.wddcpa.com/
wddcpa1@aol.com
Even if you already filed your 2008 return, your return can be amended and you can get a refund of up to $8,000. I know it sounds too good to be true, but this is the federal government's way to stimulate the housing market that has been in a slump in recent years. The tax incentive is part of the recently enacted Housing and Economic Recovery Act of 2008.
I am a Certified Public Accountant (CPA) in Cleveland, Ohio and I can assist you by determining if you qualify and taking appropriate action if you do. Please see my contact information below and we can arrange to do what is in your best interests.
P.S. If you know of others who might be eligible for this tax credit, pass this information on to them. They will thank you for thinking of them.
216-621-1120
http://www.wddcpa.com/
wddcpa1@aol.com
Sunday, March 29, 2009
Save Your 2005 Tax Refund !!
...
Believe it or not, an unfiled individual federal income tax return that will show a refund, may soon be unavailable to the taxpayer.
The reason is that although a late-filed return shows that the government owes the taxpayer, it may be too late to collect the money. The good news is that the taxpayer will not be penalized for late filing and late payment, and will not be assessed interest. But the bad news is much worse.
If the return is filed after the statute of limitations has run out, the government wins and the taxpayer loses. Normally, the time for filing a return and obtaining a refund of an overpayment runs out 3 years after the return was due. That is sometimes referred to as the statute of limitations.
The point is that a 2005 individual tax return must be filed by this coming April 15th. It would be wise to send it certified mail to be sure that you get proof that it is received timely by IRS.
If you need help getting your return done, please contact me at 216-621-1120. But, Hurry !!!!
Friday, January 30, 2009
Cost Segregation for Real Estate Investors
I just attended a webinar on Cost Segregation which can provide tax savings in the early years of ownership of a property.
Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
What are the benefits of a Cost Segregation Study?
Generates immediate increase in cash flow through accelerated depreciation deductions.
Reduces income taxes and can also reduce real estate property taxes.
Provides an easy opportunity to claim ‘catch up’ depreciation on previously misclassified assets (you may be able to deduct depreciation that was not taken in the years you have already owned the property).
Provides an independent third-party analysis (engineering study) that will be available to withstand IRS review.
Contact us at 216-621-1120 if you would like to determine if your property is a good candidate for a Cost Segregation study. We can arrange to have this study performed for you which might lead to significant tax savings.
www.wddcpa.com for your real estate tax and accounting needs
Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
What are the benefits of a Cost Segregation Study?
Generates immediate increase in cash flow through accelerated depreciation deductions.
Reduces income taxes and can also reduce real estate property taxes.
Provides an easy opportunity to claim ‘catch up’ depreciation on previously misclassified assets (you may be able to deduct depreciation that was not taken in the years you have already owned the property).
Provides an independent third-party analysis (engineering study) that will be available to withstand IRS review.
Contact us at 216-621-1120 if you would like to determine if your property is a good candidate for a Cost Segregation study. We can arrange to have this study performed for you which might lead to significant tax savings.
www.wddcpa.com for your real estate tax and accounting needs
Saturday, November 15, 2008
Abbreviation Expansion Presentation I Gave in September, 2000
I just came across the following announcement for a presentation I gave in September, 2000. It was associated with my profile on ZoomInfo. It's amazing how the internet retains information and then organizes it. ZoomInfo is a recent creation, yet it picked-up this newsletter article from years ago.
The presentation I gave pertains to a great productivity tool that I use in writing. With it, a minimium number of keystrokes produces much, much more on the screen. It expands a user-defined abbreviation (that I previously set-up) into a word, phrase, paragraph, or document that was associated with the abbreviation. I have even developed creative ways to use the software that go way beyond the basics of the program. I use this software in every application that I use. It even checks my spelling in every application, therefore, I'm not limited to the spell checking when I'm using MS Office. I turn off the spell checker in MS Office.
If you are interested in learning more about abbreviation expansion, or speedwriting, and this software, please send me an email to RapidWriter123@gmail.com
Greater Cleveland PC Users Group Web Page - [Cached Version]
Published on: 1/31/2001 Last Visited: 7/19/2002
Please welcome GCPCUG members Dave Pfeil, H.F.E.S, president of Ergonomically Correct LLC, and Bill Deutchman, CPA, who together have volunteered their time and energy to present a program on these compelling topics.
...
Bill will point out why a utility program that expands user defined abbreviations can be a valuable input tool, especially when other technologies such as voice recognition or scanning aren't feasible, practical, or accessible.
Abbreviation expansion can also be helpful for people with physical impairments who use a keyboard with difficulty, or for keyboarders who type using the hunt & peck method. Bill calls the use of a tool such as abbreviation expansion "working smarter, not harder" and has adopted the motto "save time, save torque"; he points out that reducing keystrokes also helps minimize computer stress injuries. Bill will offer strategies for users at different levels -- light, heavy, and power -- and he'll share suggestions for remembering abbreviations.
At our September 9th general meeting, count on gaining information to help you feel more comfortable at the keyboard and more productive with your computer, both for work and play.Please enjoy your Labor Day weekend, and then plan to join us on Saturday, September 9th, 2000!
Copyright © 2000 GCPCUG.
www.wddcpa.com for your tax and accounting needs
The presentation I gave pertains to a great productivity tool that I use in writing. With it, a minimium number of keystrokes produces much, much more on the screen. It expands a user-defined abbreviation (that I previously set-up) into a word, phrase, paragraph, or document that was associated with the abbreviation. I have even developed creative ways to use the software that go way beyond the basics of the program. I use this software in every application that I use. It even checks my spelling in every application, therefore, I'm not limited to the spell checking when I'm using MS Office. I turn off the spell checker in MS Office.
If you are interested in learning more about abbreviation expansion, or speedwriting, and this software, please send me an email to RapidWriter123@gmail.com
Greater Cleveland PC Users Group Web Page - [Cached Version]
Published on: 1/31/2001 Last Visited: 7/19/2002
Please welcome GCPCUG members Dave Pfeil, H.F.E.S, president of Ergonomically Correct LLC, and Bill Deutchman, CPA, who together have volunteered their time and energy to present a program on these compelling topics.
...
Bill will point out why a utility program that expands user defined abbreviations can be a valuable input tool, especially when other technologies such as voice recognition or scanning aren't feasible, practical, or accessible.
Abbreviation expansion can also be helpful for people with physical impairments who use a keyboard with difficulty, or for keyboarders who type using the hunt & peck method. Bill calls the use of a tool such as abbreviation expansion "working smarter, not harder" and has adopted the motto "save time, save torque"; he points out that reducing keystrokes also helps minimize computer stress injuries. Bill will offer strategies for users at different levels -- light, heavy, and power -- and he'll share suggestions for remembering abbreviations.
At our September 9th general meeting, count on gaining information to help you feel more comfortable at the keyboard and more productive with your computer, both for work and play.Please enjoy your Labor Day weekend, and then plan to join us on Saturday, September 9th, 2000!
Copyright © 2000 GCPCUG.
www.wddcpa.com for your tax and accounting needs
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