Advanced Child Credit Payments

Starting on July 25, IRS will be sending out checks to people who, based on info from their 2002 tax returns, will qualify for the new higher $1,000 per child (formerly $600) credit.  They expect to be sending out about 25 million checks for the extra $400 per qualifying child. They have more details on this, including the expected payment schedule on this page of their website.  As I said earlier, if you do receive one of these check from IRS, be sure to label it properly in your checkbook and/or QuickBooks register and give that info to your tax preparer when s/he works on your 2003 1040.  Otherwise, we’ll have more of same kind of problems we had with the 2001 IRS checks.

Which Tax Breaks Are Likely To Ride Off Into the ‘Sunset’

Bush Signs Tax Cut Bill

Bush expects tax cuts to fuel economy, campaign

Bush to sign tax cut he once belittled

Fix a Real Tax Problem – This bill does nothing to address the problems with the insane AMT.

Tax Cut an Empty Gesture to Cities

President Signs Tax Cut Package Into Law

UPDATE – Bush signs tax cut bill; Republicans promise more

Bush Signs Tax Cut Bill, Asserting It Will Revive Economy

Tax cutters now take aim on �sunsets�

The Tax-Cut Skeptics Back Home

Tax Cuts Revisited: A Benefit For All Americans

Liberals lose in federal poker

Your tax refund should arrive shortly – These advance refund checks are going to create another headache like the ones in 2001 for people with lousy records.  I had scores of clients who had no idea whether or not they had received their 2001 refund checks; so we had to guess when completing the 2001 1040s. At least half the time, they were wrong and IRS had to change the refunds or add more tax due.  That is just one of the reasons we are requiring everyone to have their finances on QuickBooks; so that I can look and find out whether or not tax refunds were received, as well as what estimated tax payments were made, another big problem with lousy records.   

Democratic Presidential Hopefuls Criticize Tax Cut – As if we need another reason to avoid the DemonRats.

Let’s hope Bush can make it very permanent and completely tax free on the next try.

This would do more good than just suing everyone over idiotic investments.

Something for those people who believe the left’s propaganda that IRS has been neutered.

This is what I visualize whenever I hear or read some bonehead claim that tax cuts cause deficits and only benefit the evil rich.

Class Warfare isn’t giving the DemonRats the same level of oomph that it used to.

Accounting Firms Attempt To Dispel the Cloud of Fraud – About a year ago, after the Enron collapse and disclosure of “creative accounting” by several large companies, the very definition of unreliable and untrustworthy in the punch lines of late night jokes was Arthur Andersen.  Luckily for the CPA profession, the definition of unreliable and untrustworthy has now become The New York Times and CNN.

The Tax Cut: Positioning for 2004

Marriage-Penalty Reform Still Has Long Way to Go