From today’s Lucianne.com:
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Archive for April, 2010
Posted by taxguru on April 9, 2010
Income tax payer an endangered species – Mark Steyn looks at the trend of fewer evil rich people being forced to support more and more people who are becoming dependent on government welfare programs. Reminds me of that old saying, “When you’re robbing Peter to pay Paul, you can always count on Paul’s support.” With more and more “Pauls” ganging up on the “Peters,” it’s obvious that this isn’t going to play out well for the successful.
Tax Returns of the Living Dead. 26 Tax Preparers Charged with ID Theft and Other Scams – Great idea for IRS to run sting operations to weed out crooked tax preparers.
Cigarette taxes rose in 14 states, nation’s capital last year; biggest boost was $1 per pack – Good to see that the exploitation of nicotine addicts continues unabated by the rulers in state governments who are themselves addicted to spending other people’s money. It’s also another example of how targets of fiscal rape don’t just bend over and take it. These higher taxes have resulted in a huge boost for the sales of cancer sticks over the internet and by tax free vendors, such as Native American trading posts, resulting in less actual money for the greedy State rulers.
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No deductions for time spent…
Posted by taxguru on April 8, 2010
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Posted in comix, Deductions | Comments Off on No deductions for time spent…
Where the War On Obesity is needed…
Posted by taxguru on April 8, 2010
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Posted in comix, TaxCode | Comments Off on Where the War On Obesity is needed…
Top Ten Thoughts That Go Through Every Accountant’s Mind On April 15th
Posted by taxguru on April 8, 2010
10 “If I see one more tax return, I’m gonna jam a #2 pencil through my eye”
9 “I think my calculator is talking to me”
8 “If I screw up, they go to jail, not me”
7 “Why didn’t I become something exciting like a claims adjuster?”
6 “Should I wear the navy blue suit or the navy blue suit?”
5 “Get through today and then a 364-day weekend”
4 “Who knew the bright-eyed little boy I once was would grow into such a bitter man with a soul crushing job”
3 “Time to fake my death and move to the Cayman Islands”
2 “Why did I waste time doing a stupid Top Ten at Letterman?”
1 “This would be a lot easier if I was sober”
Posted in humor, preparers | Comments Off on Top Ten Thoughts That Go Through Every Accountant’s Mind On April 15th
Top Ten Thoughts That Go Through Every Accountant’s Mind On April 15th
Posted by taxguru on April 7, 2010
From the Late Show Archives, 4/7/10
10. “If I see one more tax return, i’m gonna jam a #2 pencil through my eye”
9. “I think my calculator is talking to me”
8. “If I screw up, they go to jail, not me”
7. “Why didn’t I become something exciting like a claims adjuster?”
6. “Should I wear the navy blue suit or the navy blue suit?”
5. “Get through today and then a 364-day weekend”
4. “Who knew the bright-eyed little boy I once was would grow into such a bitter man with a soul crushing job”
3. “Time to fake my death and move to the Cayman Islands”
2. “Why did I waste time doing a stupid Top Ten at Letterman?”
1. “This would be a lot easier if I was sober”
Posted in Uncategorized | Comments Off on Top Ten Thoughts That Go Through Every Accountant’s Mind On April 15th
TaxMan from Beatles tribute show…
Posted by taxguru on April 7, 2010
I recently came across this torrent of a Beatles tribute concert called A Walk Down Abbey Road, featuring Jack Bruce, Christopher Cross, Mark Farner, Todd Rundgren, Alan Parsons, Godfrey Townsend, Steve Murphy, John Beck.
This was part of a tour around the country in 2001 and 2002. In this particular show on 7/21/02, they played George Harrison’s TaxMan.
The full show is in the FLAC format and is 813 mb.
To save time and space, I created this MP3 version of just the TaxMan track, which is only 2.2 mb in size.
Posted in Music, TaxMan | Comments Off on TaxMan from Beatles tribute show…
S Corp Accounting
Posted by taxguru on April 7, 2010
Q:
Subject: S-Corp
Hi Kerry,
I just read your webpage on S-Corp vs C-Corp and was hoping you could help me with one problem I am having at work. I work for 2 partners, one owns 90% of the business & the other 10%. Each files a 1040 with their perspective S-Corp net profit. My question is if the they only distribute lets say 400K of a 600K taxable net profit and the remainder is in the bank account as operating capital, then when would they be able to distribute the remaining 200K they are being taxed for? Also is there an account I should open to keep track of there proportionate taxable income they are not receiving? Thanks for your help.
A:
Accounting for an S corp’s equity accounts is essentially the same as it is for a partnership. There should be a Capital account for each shareholder to keep a running tally of his/her capital contributions, capital withdrawals (aka Dividends), as well as annual shares of the net income or loss. This will enable you to see the amount of each owner’s equity that can be taken out tax free.
You should have the professional tax advisor who prepares the 1120S assist you in setting up your QuickBooks or other formal accounting system to be in sync with the tax returns.
Good luck. I hope this helps.
Kerry Kerstetter
Follow-Up:
Thanks for your help Kerry I do appreciate it.
Posted in corp | Comments Off on S Corp Accounting
Posted by taxguru on April 6, 2010
IRS Launches New Global Program to Target ‘High Wealth Individuals’
IRS could tap refunds for health insurance penalties – Disagreements over how many new IRS agents will be needed.
The Tax Formerly Known as the Medicare Tax – More of the deceptive tactics by the DemonRats; changing the name from Tax to Contribution.
What The Trustees Will Say About Social Security – The DC Ponzi scheme is collapsing and there’s no way to hide that fact.
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Posted by taxguru on April 5, 2010
Moonbats wing it when it comes to paying more taxes – What a shocker. The people of Taxachussets aren’t wildly accepting the opportunity to voluntarily pay a higher tax rate.
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Tax Guru - Ker$tetter Letter 