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April 2, 2009

Publisher's Note
I normally do not care what Robert Redford or other celebrities have to say about economic policy, foreign affairs or pretty much anything else of importance, but something he recently spouted caught my attention. Redford stated: "Do you think the earth was created by an accountant? No! The earth was created by the combustion of a creative explosion. Fire and chaos are what started everything. Then order came on top of that."

In these turbulent times of high unemployment rates, Conficker, bailouts, and more...a compliment emerged from Robert Redford's postulation. The marrying of the words "accountants" and "order" is a remarkable, unintended compliment. We'll take it, Sundance Kid!

Rob Nance
AccountingWEB, Inc.

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Questions & Advice

Medical Expense???

I have a client that has a totally disabled child that has a seizure problem. We have been told to get in contact with an organization that trains and sells dogs that are specially trained to detect seizures. Would the cost of purchasing such a dog and its upkeep qualify as a medical expense assuming my client were able it deduct medical expenses?
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Received a form 1099A. According to my calculations I believe I have a loss on the sale of my vacation condo. 1099-A: outstanding loan 450,000.00; no proceeds received from sale; Basis (cost) 485,000.00; This is a recourse loan. On the form 1099A the FMV is 350,000.00. Did I calculate this right? I went from the IRS chart on the publication on the sale of assets.
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The first major tax increase from the president who promised no tax increases on 95 percent of the population goes into effect today, April 1. This is not an April Fool's Day joke - this is a tax increase that hits approximately 21 percent of adults age 18 and over, regardless of income level, and approximately 20 percent of teenagers, many of whom are not normally considered to be among the ranks of taxpaying citizens. more >>
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The developers of Arithmo, a U.K. based online accounting package, are looking for a U.S. partner to introduce Arithmo to the U.S. accounting market.

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Former CPA indicted for fraud, tax evasion

A Bakersfield, CA, man, his sister, and her husband have been indicted for conspiracy to defraud the IRS and four counts of tax evasion. An Omaha grand jury handed down an indictment that accuses the three of hatching a scheme to avoid paying $989,000 in individual federal income taxes. They also allegedly helped others in the North Platte, ND, area to evade another $579,000 in taxes. more >>
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Firm/State/People News
IGAF firm interview with Maria Hurd of Belfint, Lyons & Shuman P.A.

Superior accounting, tax and management services... that's what Charles I. Belfint envisioned when he opened his office, 85 years ago. He knew that by applying an interactive and personal approach to dealing with clients, his firm could give clients what they really wanted, and that's just what he did. more >>
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