September 13 2012

THE TAX ATTIC with Jerry Coon

September 13, 2012 // 0 Comments

The tax profession industry is regularly given updates of the areas that the Internal Revenue Service will emphasize in the near future. The IRS doesn’t keep these areas secret. Especially in compliance, they want all of us to know what they are going to be looking at in audits and the areas they are going to emphasize in their educational efforts. I have noted in past articles that the current tax gap runs about 450 billion dollars. Right or wrong, it is presumed that small-business underreporting accounts for a significant portion of this 450 billion. Based on that premise, it’s no great surprise that small business bears the brunt of IRS compliance. According to recent IRS communications as compiled by Beyond 415, a tax professional educational resource, here are the eight small-business compliance areas the IRS will be looking at through the end of 2013. First, they are going to look at the reporting of an employee’s, specifically the owner’s, personal use of company cars. This personal use is to be reported on either a 1099 or directly on the employee’s W-2. While looking at past audits, it was found that, as a whole, small-business employers don’t do a good job of reporting the personal use of company cars on any form. The overall area of fringe benefits including medical insurance, medical expense reimbursement plans, and retirement plans reporting will also be looked at. Second, as I noted in last week’s article, generally high income/high wealth taxpayers will draw special scrutiny. Using the IRS’ current definition of high income/high wealth, taxpayers with positive income of $200,000 meet the definition of high income/high wealth. Positive income is defined as gross income or sales income before all expense deductions. Specifically, the IRS says they will focus on Schedule C Sole Proprietors who have positive income or sales of more than $1,000,000. More of those taxpayers can expect to be audited. Third, the IRS is going to match 1099-K reporting with tax returns. A 1099-K is used to report credit card transactions that are cleared through a financial institution. An example might be transactions cleared through eBay. These will be reported to the taxpayer via a 1099-K. The taxpayer then reports these transactions on a business return, quite […]

BIRTHDAYS September 15–21

September 13, 2012 // 0 Comments

15 Wendy Harr, Bonnie Hyder 16 Joyce Bolthouse, Sheryl Deyoung, Sarah Didion, Wilma Ingham, Colin Kalemba, Allyson Meester 17 Kellie Roblee, Sabrina Jade Tiensivu 18 Nate Brown, Gil Clark, Jaden DeVogel, Susan Eckert, Jane Kettelhut, Mike Moore, Phyllis TenBrink 9 Don Geldersma, Paul Krupp, Haley Pilgrim, Roberta Sheils, Roberta Shripka 20 Nora Harmony Angle, Alton Klinger, John Luton, Stacey Schluckebier 21 Richard Amon, Ruth Denick, Macy Ruchty, Myles Ruchty

OBITUARIES — Louise I. Labozzetta

September 13, 2012 // 0 Comments

Labozzetta Louise I. Labozzetta passed away peacefully, Tuesday, September 4, 2012 in her 90th year. She was preceded in death by her daughter, Christine Hollingsworth; her son, Joseph Labozzetta, Jr.; her husband, Joseph F. Labozzetta; her parents, Luciano and Frances Imperi; her sister, Irene Geglio; and brothers, Leo and Aldo Imperi. She is survived by her daughter, Gina (Karl) Haisma; her sons, Lucian (Dale), Vincent (Kathy) and daughter-in-law, Jeanette Labozzetta; her grandchildren, Jennifer Swanson, Robinson, Emily, Scott, and Jeffrey Hollingsworth, Nathan, Luciana, Nicholas, Connor and Lauren Labozzetta; six great-grandchildren; one great-great-grandchild; sister, Helen Alexander; sister-in-law, Anne Imperi; and many nieces and nephews. Louise was a well-known singer and winner of the Detroit Grand Opera prize. She made her operatic debut with the Philadelphia LaScala Opera Company. Beginning in 1945, she sang on weekly radio in NYC and performed concerts and musicals in many parts of the country. She was a graduate of Aquinas College (with honors), and earned her master’s degree from Michigan State University followed by post graduate studies at the University of Michigan and GVSU. She was a teacher in the Catholic parochial schools, Grandville Public Schools and for 25 years in the Grand Rapids Public Schools. Louise shared her amazing musical talent by coaching and mentoring numerous voice and piano students. She was a devout Catholic and a member of St. Jude Catholic Church. Mass of Christian burial was held. To share a memory or sign the family’s online guest book, please visit Memorial contributions in Louise’s name may be made to St. Jude Catholic Church or Help Pregnancy Crisis Aid.

Angstman graduates with honors

September 13, 2012 // 0 Comments

Navy Seaman Recruit Emily N. Angstman, daughter of John E. Angstman of Rockford, recently graduated from Operations Specialist School with honors. During the course at the Center for Surface Combat System Unit, Great Lakes, Ill., Angstman learned to operate surveillance and search radars, recognize and identify electronic signals, control aircraft approach devices and operate electronic navigation systems. Studies are designed to prepare operations specialists for duty in a shipboard combat information center or at a shore-based fleet training center. Angstman is a 2010 graduate of Sparta High School.

Sizemore completes basic training

September 13, 2012 // 0 Comments

Air Force Airman 1st Class Nicholas R. Sizemore recently graduated from basic military training at Lackland Air Force Base, San Antonio, Texas. The airman completed an intensive, eight-week program that included training in military discipline and studies, Air Force core values, physical fitness, and basic warfare principles and skills. Airmen who complete basic training earn four credits toward an associate in applied science degree through the Community College of the Air Force. Sizemore earned distinction as an honor graduate. He is the son of David Sizemore of Cedar Springs and Kimberlee Norman of Rockford. The airman is a 2006 graduate of Kent City High School.

1 2 3 4 8