This article in USA Today is kind of discussing the $590 Million powerball lottery, but the personal finance ideas apply to any kind of life changing cash prize:http://www.usatoday.com/story/money/business/2013/06/05/florida-powerball-590-million-financial/2393317/Just remember that many of these lottery winnings also give you the choice of a 20 year annuity for the full amount or a lump sum equal to 50% of the prize. Warren Buffett’s investing plan of “Point Number 1 – don’t lose money, Point Number 2 – see Point Number 1!” applies here, regardless of the amount of the prize.For financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
IRS Loses to Yankee Doodle Dandy
Here is another post in AccountingToday by my friend Bruce Givner, a well known tax attorney here in the Los Angeles area regarding an eighty year old ruling by the predecessor of the Tax Court that can affect a lot of undocumented business expense deductions:http://www.accountingtoday.com/news/IRS-Loses-Yankee-Doodle-Dandy-67020-1.htmlTalk about tap dancing with the government!For financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
IRS Tries to Pre-Verify Tax Refunds
Right now, the IRS doesn’t check entity cross-matching with individual tax returns until after many tax refunds for these individuals have been paid. See this article in AccountingToday by Michael Cohn for more details:http://www.accountingtoday.com/news/IRS-Tries-Pre-Verify-Tax-Refunds-67004-1.html?ET=webcpa:e7198:204199a:&st=emailWhile it would make sense to pre-verify these and other returns, until a procedure is in place to handle this accurately and quickly, it will be some time before this is a viable alternative to the IRS. For financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com