Monthly Archive: September 2011

Sep 15

Muni Bond Tax Breaks Ending?

President Obama’s $447 billion job-creation plan includes a proposal to remove the tax break on interest earned from municipal bonds for top earners.  Currently this income is exempt from federal taxable income.  The plan would require couples earning more than $250,000 a year, or $200,000 for single taxpayers, to pay 28% tax on interest earned …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/muni-bond-tax-breaks-ending/

Sep 14

Report Identifies Top Undergraduate Business Programs

US News and World Report has unveiled its current listing of the top colleges, including various subcategories such as Best Undergraduate Business Programs.  The top five include three public universities and are as follows: University of Pennsylvania Massachusetts Institute of Technology University of California – Berkley University of Michigan – Ann Arbor University of Virginia New York University, …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/report-identifies-top-undergraduate-business-programs/

Sep 13

Law Firms May Face Tax Increase with New Small Business Definition

In August, the Treasury Department released a report that redefines what constitutes a small business.  Previously, pass-through entities were often used as a proxy for being a small business.  The Treasury study limits the number of small businesses by: 1.  Claiming that any business with over $10 million of gross revenues or  deductions is not …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/law-firms-may-face-tax-increase-with-new-small-business-definition/

Sep 12

In Lieu of Flowers…Social Security Sends $$

There is significant and valid concern over the government’s ongoing ability to maintain Social Security payment commitments.  Given these issues, one might reasonably expect the Social Security Administration to safeguard the existing assets.  Guess again. The Social Security inspector general estimates that $40 million was paid out to deceased beneficiaries.  These erroneous payments did not …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/in-lieu-of-flowers%e2%80%a6social-security-sends/

Sep 09

Amazon Makes a Deal With California

On September 8th Amazon reached a deal with several members of the state legislature regarding their dispute on sales tax.  The dispute stems from a recently passed law that would have required Amazon to start collecting sales tax starting two months ago on July 1, and Amazon’s efforts at an initiative petition to overturn the law.  …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/amazon-makes-a-deal-with-california/

Sep 08

An alien tax loophole

With the recent debt debacle and the sparked interest in finding more revenues, tax loopholes that have furtively existed for many years are now coming out in full force.  The most recent involves individuals who are unauthorized to work in the United States receiving $4.2 billion in refundable credits.  According to an audit report released last Thursday by the Treasury …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/an-alien-tax-loophole-2/

Sep 08

An alien tax loophole

With the recent debt debacle and the sparked interest in finding more revenues, tax loopholes that have furtively existed for many years are now coming out in full force.  The most recent involves individuals who are unauthorized to work in the United States receiving $4.2 billion in refundable credits.  According to an audit report released last Thursday by the Treasury …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/an-alien-tax-loophole/

Sep 07

Baby Boomers Not Planning to Leave Much Behind

According to a recent survey of millionaire baby boomers by investment firm US Trust, many are making a surprising decision regarding their financial planning.  Rather than planning to leave behind a sizeable estate, they intend to substantially exhaust their funds prior to death.  Less than half of those surveyed said leaving money to their children was …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/baby-boomers-not-planning-to-leave-much-behind/

Sep 06

PCAOB Reopens Auditor Rotation Issue

On August 16, 2011, the Public Accounting and Oversight Board (“PCAOB” – the regulator of auditors of publicly-traded companies) issued a concept release that reopens the idea that auditors of publicly traded companies should be forced to rotate/drop their clients after some lengthy period, such as ten years.  This would dramatically change the auditing business …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/pcaob-reopens-auditor-rotation-issue/

Sep 02

Government Slaps Banks with Lawsuit over Toxic Mortgages

The U.S. Government sued 17 financial firms today, including some of the U.S.’ largest banks, for selling Fannie Mae and Freddie Mac billions of dollars of toxic mortgage back securities.  The suits was filed by the Federal Housing Finance Agency, which overseas both Fannie Mae and Freddie Mac.  Residential mortgage-backed securities were risky investments that turned …

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Permanent link to this article: http://betweenthenumbers.net/2011/09/government-slaps-banks-with-lawsuit-over-toxic-mortgages/

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