Action Tax Service

THE TAX ATTIC with Jerry Coon

December 8, 2011 // 0 Comments

Repercussions of deficit reduction failure  Jerry Coon We seem to be encountering strange occurrences today in increasing numbers. For example, in the last two years, the Rockford area has encountered epic rainfalls affecting the 100-year flood plain. The Gaylord Street neighborhood people can vouch for the amount of rain, since some of it ended up in their basements. I [...]

THE TAX ATTIC with Jerry Coon

December 1, 2011 // 0 Comments

Supreme Court rules pensions taxable Jerry Coon The Michigan Supreme Court on Friday, Nov. 18, upheld the constitutionality of the controversial Michigan pension tax changes made by our legislature last spring. Public Act 38, as signed by Governor Snyder, proposed taxing public pensions beginning on January 1, 2012. Private pensions have always been taxed, but public [...]

THE TAX ATTIC with Jerry Coon

November 24, 2011 // 0 Comments

Brain freezes and monopolies Jerry Coon I had to feel sorry for Rick Perry at that recent Republican debate. He had a “brain-freeze moment” in not being able to remember the name of that third federal government department, Energy, he was going to eliminate as soon as he is elected. There are only a few hundred departments that are worthy of being eliminated, so I’m [...]

THE TAX ATTIC with Jerry Coon

November 17, 2011 // 0 Comments

Follow-up on EITC, Form 8867 Jerry Coon Here is a follow-up on last week’s article concerning the Earned Income Tax Credit (EITC) and the Form 8867, Paid Preparers Earned Income Due Diligence Checklist. The object of the form is to require tax preparers to go over all of the rules concerning the EITC with their clients (i.e. perform good due diligence). This is an [...]

THE TAX ATTIC with Jerry Coon

November 3, 2011 // 0 Comments

How to deal with Form 1099-C Jerry Coon A hot topic on the seminar circuit this year concerns how to deal with taxpayers who receive a Form 1099-C, Cancellation of Debt. Taxpayers will receive this form when they have $600 or more of debt forgiven by a financial institution. Debt forgiveness, if it is taxable, results in ordinary income to the taxpayers. The most common [...]
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