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Friday, December 30, 2011

Last Post For 2011

Reminder of currently scheduled dates for information reporting:

Broker Basis Reporting:

On traded stocks; Transactions after 12/31/10

On mutual fund shares; Transactions after 12/31/11

On "other securities"; Transactions after 12/31/12

Merchant Payment Card Reporting; Payments after 12/31/11

Business Information Reporting; Repealed for payment to corporations

Rental Property Expense Reporting; Repealed

W-2 Reporting of Health Coverage; Optional for 2011, small employers exempt until guidance issued

Thursday, December 22, 2011

Where To File 2011 Form 1040

Due to formatting the document is a downloadable PDF on my SkyDrive:

Biggest Tax Stories of 2011

There was not a ton of tax news this year, due to a welcome lack of legislation. So for one year in a row, the Internal Revenue Code was not a constantly moving target. Thank you Congress. Still, there were two significant developments and one significant non-development. Here, in my opinion, are the three biggest tax stories for 2011.

IRS Updates Tax Guide


The Internal Revenue Service has published a revised tax guide to help taxpayers get the most out of various tax breaks.

Tuesday, December 20, 2011

Difference Between North and South Korea

As captured by Google:

The Next 5 Emerging Technologies According to IBM

In the latest Next 5 in 5 multi-year forecast, IBM examines market and societal trends expected to transform our lives in the next five years and emerging technologies from IBM’s global labs:

Hardware Trends for 2012

NOVEMBER 30, 2011

With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs.

Saturday, December 17, 2011


Visual graphics should be used to convey information faster and in a more relative fashion than the numbers driving the graphic.  However, scales can be selected that cause the graphic to convey misinformation.    An example can be found by clicking on the title to this post, Perception.  That will take you to my SkyDrive where you can download and print the PDF document entitled, "MisinformationFromAICPA2011".

Monday, December 12, 2011

2012 Mileage Rate


The Internal Revenue Service released on Friday the optional standard mileage rates that business taxpayers can use in 2012 to figure the deductible costs of operating a vehicle for business, charitable, medical or moving purposes, and for the most part they have not changed a great deal.

Wednesday, December 07, 2011

The Future of Computing

Kurzweil Accelerating Intelligence

December 7, 2011 by Editor
The New York Times has special coverage on the future of computing today. Here are the stories were found most interesting.

Friday, December 02, 2011

120K Net Jobs Added In October

Employers added 120,000 jobs last month. And the previous two months were revised up to show that 72,000 more jobs added — the fourth straight month the government revised prior months higher.

Wednesday, November 30, 2011

$153 Million in Undeliverable Tax Refunds

Taxpayers who believe their refund check may have been inadvertently returned to the IRS as undelivered should use the "Where's My Refund?" tool on  The tool will provide the status of their refund and, in some cases, instructions on how to resolve the delivery problems with the IRS and the local post office.

Friday, November 11, 2011

A limitless power source for the indefinite future

.November 11, 2011 by Amara D. Angelica

Space solar power satellite, artist's impression (credit: SpaceWorks Engineering, Inc./Spaceworks Commercial)
On Monday, the National Space Society (NSS) will present findings from a bombshell new report by the International Academy of Astronautics (IAA). You’re hearing about this here first....

......But on Monday Nov. 14 at a press conference (open to the public) at the National Press Club in Washington, D.C., the National Space Society will announce the findings of an impressive three-year, ten-nation studyof space solar power by the International Academy of Astronautics (IAA), co-chaired by John Mankins, a 25-year NASA veteran who headed NASA’s study of space solar power in the 90s, and Prof. Nobuyuki Kaya, Vice Dean of the Graduate School of Engineering, Kobe University.

Thursday, November 10, 2011

What recent announcements from Adobe and Microsoft mean

HTML5 Triumphant: Silverlight, Flash Discontinuing

With browser plug-ins all but dead, the only thing standing between open standards and complete dominance are apps.
You could hardly ask for a more ringing endorsement of the future of HTML5 and a Web based on open, common standards than Adobe and Microsoft's near-simultaneous leaks announcing the impending disconinuation of their respective rich media browser plug-ins, Flash and Silverlight.

Tuesday, November 08, 2011

Thursday, November 03, 2011

ADP Sees 110,000 New Jobs in Private Sector in October


Private sector employers added 110,000 new jobs to their payrolls in October, mainly in the service sector, according to the monthly employment report from payroll giant ADP.

TECHNOLOGY 2012 PREVIEW Favorite New Technology

OCTOBER 12, 2011

With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs.
Participating in the call were:
  • David Cieslak, CPA/CITP, aka Inspector Gadget, a principal with Arxis Technology.
  • Randy Johnston, executive vice president of both Network Management Group Inc. and K2 Enterprises.
  • Rick Richardson, CPA/CITP, founder and CEO of Richardson Media & Technologies.

Parts 1-5 have been posted and are reachable by links at bottom of article.  Parts 6-10 are scheduled to be published from November 9 through December 7, 2011.

Monday, October 31, 2011

What Do the Top 1% Really Pay in Taxes?

October 25, 2011 (SmartPros) -- New study shows income declines for top earners, while effective tax rates creep up.

The income earned by the top 1% of Americans has declined for the second year in a row while their average tax rate has increased, according to a newTax Foundation study. The average federal tax rate for those reporting at least $343,927 in income has increased from 22.5% in 2007 to 24.0% in 2009, while the average income for the top 1% has declined from $1.4 million to $1 million over the same period.

Wednesday, October 26, 2011

How the economic slowdown has changed consumer spending in America

AMERICANS are spending less on clothes and eating out and more on household fuel bills and healthcare, according to data from the Bureau of Labour Statistics. Between 2007 and 2010, average annual consumer spending per unit—defined as a family/shared household or single/financially independent person—fell by 3.1% to $48,109.

Friday, October 21, 2011

Inflation Adjustments Trigger Bigger Tax Benefits


The Internal Revenue Service said Thursday that many tax benefits for tax year 2012 will increase due to inflation adjustments, including personal exemptions and standard deductions, with tax brackets also widening next year.

Tuesday, October 18, 2011

Retirement Income Planning and the Elder Market

This October 2011 paper from the Insured Retirement Institute is geared toward how financial advisors might better serve the current 'aging' population.  In doing so, page 3 and page 4, have interesting charts.  They are a little dated (2010 census and 2007 survey) but are useful to think about in conjunction with some of the narrative.

Friday, October 14, 2011

U.S. 2012 starting salaries expected to rise 3.4%

By Tess Stynes
U.S. starting salaries are expected to rise 3.4% next year, with technology positions likely to see the largest increases--up 4.5%, according to Robert Half International Inc. (RHI).

Friday, October 07, 2011

91,000 U.S. jobs were added in September, ADP says

The U.S. gained 91,000 private-sector jobs in September, according to ADP Employer Services. The median forecast by economists surveyed by Bloomberg News was 75,000 new jobs.

Tuesday, September 27, 2011

Unemployment rate in accounting profession remains at 3.5%

Entry-level CPAs are finding the job market fairly friendly despite the nation's high 9.1% unemployment rate. Unemployment in the accounting profession has remained at 3.5% this year, according to the Bureau of Labor Statistics. The competitive job market means higher salaries for new accountants and potential recruiting challenges for employers.

Tuesday, September 20, 2011

Friday, September 16, 2011

Smartphone battery life could dramatically improve with new invention

September 16, 2011 by Editor
University of Michigan computer scientists have developed a new “subconscious mode” for smartphones and other WiFi-enabled mobile devices that could extend battery life by as much as 54 percent for users on the busiest networks. It’s called E-MiLi (Energy-Minimizing Idle Listening).

Thursday, September 15, 2011

Wednesday, September 14, 2011

Increasing use of technology in health care

IBM and health insurer WellPoint have teamed up to develop and launch Watson-based solutions to help improve patient care through the delivery of up-to-date, evidence-based health care. They plan to start in early 2012, working with select physician groups in clinical pilots.

Thursday, September 08, 2011

Full-duplex breakthrough could double wireless capacity with no new towers

September 8, 2011 by Editor
Two full-duplex nodes exchanging packets with each other (credit: Achaleshwar Sahai et al./Rice University)
Rice University engineering researchers have made a radio-transmission breakthrough that could allow wireless phone companies to double (or maybe more) throughput on their networks without adding a single cell tower, and that could be ready for 4.5G networks.

Friday, September 02, 2011

IRS Grants Filing/Payment Delays For Certain Irene Areas

IRS Offers Tax Relief to Hurricane Irene Victims



The tax relief from the IRS postpones some tax filing and payment deadlines to Oct. 31, 2011. It includes corporations and businesses that previously obtained an extension until Sept. 15, 2011, to file their 2010 returns, and individuals and businesses that received a similar extension until Oct. 17. The relief also includes the estimated tax payment for the third quarter of 2011, which would normally be due Sept. 15.

Thursday, September 01, 2011

ADP Reports Some Increase in Private Sector Jobs For August

ROSELAND, N.J. (AUGUST 31, 2011)

Employers in the private sector added 91,000 jobs from July to August, according to payroll giant ADP.
However, that was a decrease from the 109,000 jobs added from June to July, a figure that was revised downward from the initially reported 114,000. ADP found that small businesses with less than 50 employees added 58,000 jobs, while midsized businesses with between 50 to 499 workers added 30,000 jobs, and large businesses with over 499 employees added 3,000 jobs.

Saturday, August 27, 2011

Corporate profits are fantastic—what's wrong with equity prices?

Today's revision to second quarter GDP brought with it our first look at corporate profits, and they were once again very strong, if not fairly spectacular. Not only were after-tax profits up over 9% relative to a year ago, corporate profits are now at an all-time record high of 10.1% relative to GDP. We've never seen anything like this.

Wednesday, August 24, 2011

Human gait could soon power portable electronics

August 24, 2011 by Editor
Shoe power (credit: Krupenkin, T. & Taylor, J. A.)
A new energy-harvesting technology that could capture the energy of human motion to power portable electronics has been developed by researchers at the University of Wisconsin-Madison.

Thursday, August 18, 2011

Record Low Mortgage Rates

30-yr fixed mortgage rates have never been lower than they are today, thanks to record-low yields on Treasuries, a weak housing market, and plenty of loanable funds sloshing around the world's capital markets. For all those who can qualify for a refi, this is one more opportunity of a lifetime.

Tuesday, August 09, 2011

Scott Grannis on Real Meaning of Todays Announcement

By indicating that it is likely to keep the federal funds rate "at exceptionally low levels ... at least through mid-2013," the Fed has done more with a few words than it could have done with a QE3, while avoiding the need to monetize more of the Treasury's voluminous debt issues. This is big news.

Scott has now added some additional thoughts:

Monday, August 08, 2011

One View of Consequence of Credit Downgrade

The greatest impact of the downgrade will be on the future course of U.S. politics, because the downgrade sets the ground rules for next year's elections. The question around which all political discussions will revolve for the next 15 months is this: is the U.S. government's fiscal problem one of too much spending, or insufficient taxation? This election will be about the proper role of government, and that is an issue that is long overdue to take center stage.

Friday, August 05, 2011

Finding a Lost Android Phone

Plan B to find a lost Android phone.  The steps/procedures referenced have not be tested here.

As part of Lookout Labs, today we are releasing our first project called Plan B. Plan B for Android is the last resort to find your missing phone. Plan B is the first and only ‘find my phone’ app that you can download AFTER you’ve already lost your phone to locate it.

Thursday, August 04, 2011

Tuesday, August 02, 2011

A Cartoon View of Recent Developments

Potential Tax Stress In House Approve Debt Deal

WASHINGTON | Mon Aug 1, 2011 6:02pm EDT
(Reuters) - If Congress passes the debt ceiling dealby Tuesday, as expected, it could trigger a battle over tax reform within weeks and turn Washington once again into a dateline for deadlock.
The deal calls for a 12-member special congressional panel to locate $1.5 trillion in budget savings by late November. Some panel members will push for the first major tax code overhaul in 25 years.

Friday, July 22, 2011

Drexler’s next book: Radical Abundance, 2012

This just in from nanotech pioneer  Dr. Eric Drexler: “I’m now working on a new book, Radical Abundance, scheduled for publication in 2012 by Public Affairs. The book has a wide scope in both its content and intended audience, addressing scientists, a general reading audience, and thought leaders in the policy arena.”

Wednesday, July 20, 2011

IRS Discontinues High-Low Method for Substantiating Travel Expenses

JULY 19, 2011
On Tuesday, the IRS announced that it is discontinuing the high-low method for substantiating lodging, meal and incidental expenses incurred in traveling away from home (Announcement 2011-42). Last year, the IRS asked for comments on whether the high-low method was still needed, and it received no comments.

Residential housing reaches bottom?

Housing starts have been incredibly weak for the past 2 1/2 years, much weaker than at any time since records were first kept beginning back in 1959.

Tuesday, July 05, 2011

'Temporary' FUTA Surtax Expires after 35 Years

WASHINGTON, D.C. (JUNE 30, 2011)

The Federal Unemployment Tax Act surtax is set to expire Thursday after House Republicans refused to extend the 35-year-old “temporary” unemployment surtax.

Thursday, June 30, 2011

IRS Issues Warning on Foreign Bank Account Filing Deadline

WASHINGTON, D.C. (JUNE 28, 2011)



U.S. persons are required to file a Report of Foreign Bank and Financial Accounts , or Treasury Department Form TD F 90-22.1, each year if they have a financial interest in or signature authority over financial accounts, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.

Wednesday, June 29, 2011

World’s data will grow by 50X in next decade, IDC study predicts

June 29, 2011 by Editor

In 2011, the amount of information created and replicated will surpass 1.8 zettabytes (1.8 trillion gigabytes), growing by a factor of 9 in just five years, according to the fifth annual IDC Digital Universe study released Tuesday.
By 2020 the world will generate 50 times the amount of information and 75 times the number of “information containers” while IT staff to manage it will grow less than 1.5 times.