Thursday, July 31, 2008
Wednesday, July 30, 2008
This will obviously end up affecting the amount of refund or tax due. As I have been saying, this is exactly the same mechanism as we had for the similar advance rebate payments that we had to deal with a few years ago. People were claiming that the 2008 rebate checks were free money and would not affect the bottom lines on the 1040s. Apparently this is not correct.
I found your blog thru a google search on "stimulus check problems". After waiting now for a long time the IRS finally has an online tool to check the status.
Surprisingly I had to find out that I was not "eligible" because my SSN or ITN do not match their records. I have a SSN and my wife has an ITN.
The interesting thing is that I filed my TAX return electronically with that same info and had no issues in getting my refund in March.
What am I missing? Have you heard about this issue as well, and is there any possible solution?
Thanks for your help.
The other choice that you have is to simply wait until you file your 2008 return and increase your refund or decrease the amount of tax due when you file the 2008 return. As you may know, the stimulus refund is really a reduction of your 2008 tax, not a reduction of your 2007 tax. They are just doing this early to supposedly heat up the economy. I am not sure if it worked, but that was the thought.
On many returns that were extended, they will not receive the stimulus refund until they file the 2008 return.
If it were me, rather than hassle with the IRS, I would probably just wait until you file your 2008 return and make sure your tax preparer understands that you did not receive your stimulus check and reports it correctly on your 2008 return.
Sorry I could not be of more help. If you have any questions, please contact me.
Yea your feedback helps. I think I stimulate the economy then next year :) even though I had planned with the money this year.
It just shows the state the IRS is in.
Saturday, July 26, 2008
Friday, July 25, 2008
Thursday, July 24, 2008
- As you know, the law requires us to pay taxes but does not require us to leave a tip. Unfortunately, many of us are leaving a big "tip" with the IRS. If you are interested in a "Second Opinion", contact us at firstname.lastname@example.org.
Wednesday, July 23, 2008
Kopsa Otte is lucky to have such a great staff, and we are happy to announce our newest addition. Megan Munsell has recently been hired as an accountant. She graduated Summa Cum Laude in Accounting from York College and also received the Dean's Award. Click here to read about Megan: Megan Munsell receives Dean's Award
Monday, July 21, 2008
Friday, July 18, 2008
Thursday, July 17, 2008
Larry, I went on this online community thing and everyone was talking about you... what is going on? There's even a video about it on News3Online. Is this true? Ed from St. Louis
PBA is to be commended for their continued efforts to serve our industry.
Monday, July 14, 2008
Saturday, July 12, 2008
Friday, July 11, 2008
We believe that providing this opportunity will help strengthen our value to our clients, ourselves, and our co-workers.
Wednesday, July 9, 2008
R.M., I hope you have a great trip. Travel costs are generally deductible for trips you take on behalf of your trade or business. Here are the general rules:
You're "traveling" when you're away from home overnight or long enough to need sleep.
- "Business day" costs include 50% of meals and entertainment plus 100% of lodging, local transportation, incidentals, and your first load of laundry and dry cleaning back home.
- If your spouse is a bona fide business partner or employee, traveling for a bona fide business purpose, you can deduct their costs too.
These rules generally limit your business deductions to bona fide business trips -- not vacations disguised as business trips. But you can still take generous business deductions for trips including some personal time. We recommend you keep a log or diary of your business time so you can substantiate whatever deduction you claim.
Travel deductions aren't especially complicated -- if I had more information about your plans I could give you a more precise answer. Let me know if I can be of more assistance.
Larry Kopsa CPA
Monday, July 7, 2008
-Joseph T. Wells, CPA, CFE, the Association of Certified Fraud Examiners
Friday, July 4, 2008
Larry Kopsa CPA
Thursday, July 3, 2008
Wednesday, July 2, 2008
- Don't panic. Deal with it.
- Don't ignore the lawsuit. No matter how frivolous you think the lawsuit is, or how much you want it to "just go away," if you don't respond you lose by default.
- Contact an attorney right away. Lawsuits are a serious matter and you are at risk. Tell the attorney the whole truth. Don't leave anything out!
- Contact your insurance carrier.
- Begin organizing your documents. Talk to your attorney about the information you have. He may want you to deliver the documents to his or her office.
- Ask your attorney about fees. Many times it is better to negotiate a settlement on the lawsuit, which may be less costly when you consider the attorney fees to take the suit to trial and the value of your time.
Larry Kopsa CPA