THE TAX ATTIC with Jerry Coon

Repercussions of deficit reduction failure  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 […]

THE TAX ATTIC with Jerry Coon

Supreme Court rules pensions taxable 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 pensions […]

THE TAX ATTIC with Jerry Coon

Brain freezes and monopolies 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 […]

THE TAX ATTIC with Jerry Coon

Follow-up on EITC, Form 8867 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. […]

THE TAX ATTIC with Jerry Coon

How to deal with Form 1099-C 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 […]