Milton Friedman: Greed
A classic: Nobel Prize winning economist, Milton Friedman, in an interview with Phil Donohue, circa 1979…
“Where in the world you find these angels, who are going to organize society for us…?”
Archive for webtaxcpa
Auditing Internal Control
The assessment of the effectiveness of internal control over financial reporting is integrated into the audit of the financial statements. The purpose of assessing internal control is to provide assurance of the reliability of the financial statements by third parties. The auditor must have knowledge of a company’s internal control system, which includes documenting separation [...]
Desktop Virtualization, Or ‘Cloud Computing’, And The Coming Revolution
Think of cloud computing as a place, where for example, a business cannot actually locate their data on a traditional hard drive or server, but they must rely more heavily upon higher security for critical data located off-site. Data sharing thus becomes manageable provided that data integrity is not breached, and at least according to [...]
The Evolving Nature Of Subpart F
Prior to 1962, tax privileges had been granted to foreign subsidiaries of US corporations in order to encourage US firms to expand abroad, the assumption being that foreign competitors benefited from similar tax breaks. It was found, however, that a growing number of US firms simply set up foreign companies in so-called tax havens, which [...]
Phase-In Allowed For Small Employers To Report Health Care Benefits On Form W-2
Reporting is optional for all employers in 2011. Thereafter, “at least” in 2012 reporting is optional for small employers, i.e., those with less than 250 employees. Reading between the lines, this means there is no specific guidance on when reporting health care benefits on Form W-2 will become mandatory.
Technical Guidance For Exempt Organizations That Have Had Their Tax-Exempt Status Revoked
Click on both links below to open the PDF’s. You can open them with either Preview if you are using a Mac and with Adobe if you are a PC user.
Exempt Status Reinstatement Under IRC Sec. 6033(j)
The above link is the recent guidance issued by the IRS for exempt organizations who have had their tax-exempt [...]
Title 101
Title 101
Click on the link above to open the document.
Here is a handy reference guide for ways in which title to property may be held, including various key aspects of each.
100% Write-Off For Luxury Cars
A tax deal was worked out last year that allows 100% of the cost of a new vehicle to be deducted for tax purposes, provided the gross weight is 6,000 pounds or more and the vehicle is used 100% for business. Read more here.
Tax Season Breather: First-Time Home Buyer Credit Fraud
Well, you knew that it had to happen sooner or later. That is, that I had to surface from a hiatus in posting articles at webtaxcpa due to tax season. And, in order to kick start the posting of articles again, I might bring to your attention the various and sundry ways in which folks [...]
WEBTAXCPA Calendar
Accounting and Auditing
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Federal Tax Law Resources
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Research
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