Tax Tips & News (35)

California Wants To Repay I.O.U.’s

3 minutes read

The state of California has announced that they would like to make good on over $50 Millon in uncashed I.O.U.’s–also known as Registered Warrants–to some 59,000 residents and businesses as a result of last years budget crisis; almost half of which are due to Los Angeles County residents.

John Chiang, the state controller, promised Thursday to contact every one of the nonredeemers in an effort to “close an ugly chapter in California fiscal history.” Mr. Chiang practically begged them to drain...

“Death Tax” Expires, Extra Tax Planning Required

7 minutes read

The only certainties in life are Death & Taxes as the old saying goes. But thanks to the inaction of Congress, wealthy taxpayers have one less tax to pay in 2010. On the surface this should be a good thing, but unfortunately, it’s not that simple…

Tax planners across the country were certain that Congress would extend the Estate Tax–also known as the “Death Tax”–which was set to expire this year. The House acted, but the Senate did not. So for the first time since 1916 there is no estate tax,...

R&G Brenner Receives 2009 Best Of Business Award

2 minutes read

Best of Business 2009

I am proud to announce that R&G Brenner Income Tax Consultants is the recipient of the 2009 Best Of Business Award in the category of tax return preparation services by the Small Business Commerce Association (SBCA). I would like to thank all R&G Brenner associates; from our Senior Tax Consultants, Executives and clerical staff for allowing us to receive this outstanding reward. In a time when small businesses are becoming an extinct species, you are the foundation...

H&R Block CEO Encourages Stifling of Competition

3 minutes read

Ahhh H&R Block. You really are the McDonalds of income tax preparation. It’s like I always say, if you wan’t a good burger, you don’t go to McDonalds. Sure, it tastes good going down, but you’ll be sorry later…

Here’s H&R Block big wig Russ Smyth being interviewed about why he favors the new tax preparer regulations. One of his answers: Because it will drive smaller Mom & Pop industries out of business. He then quickly followed up that statement with “H&R Block encourages competition..,”

Well,...

Taxpayer Advocate Scolds IRS

3 minutes read

In the wake of the newly imposed regulations governing paid tax preparers, Nina E. Olson of the office of The National Taxpayer Advocate–an IRS watchdog–issued a report faulting the IRS on collecting delinquent taxes. She called it “…an astonishing lack of transparency as to what is included in these revenue figures and how they are computed,”. After the IRS reported $118 Billion in collected delinquent taxes, the figure turned out to be more like $86 Billion. This 27% difference was...

Happy New Year!

0 minute read

R&G Brenner wishes you a Happy New Year for 2010.

Is 'Friending' in Your Future? Better Pay Your Taxes First

4 minutes read

Tax deadbeats are finding someone actually reads their MySpace and Facebook postings: the taxman.

State revenue agents have begun nabbing scofflaws by mining information posted on social-networking Web sites, from relocation announcements to professional profiles to financial boasts.

In Minnesota, authorities were able to levy back taxes on the wages of a long-sought tax evader after he announced on MySpace that he would be returning to his home town to work as a real-estate broker and gave his...

Congress Gives Buyers of New Cars a Break

2 minutes read

If you’re planning to buy a new car this year, you might also be eligible for a shiny new tax break.

Part of a recently enacted economic-stimulus law allows many taxpayers who buy a new “passenger vehicle” this year to deduct the state and local sales and excise taxes on their 2009 federal income-tax returns, to be filed next year, the Internal Revenue Service says.

Car buyers are allowed to take this special new deduction whether or not they itemize their deductions. That’s an important point...

States Try to Tap High Earners

3 minutes read

The governor and Democratic lawmakers in New York will attempt to patch an $18 billion budget deficit by imposing much higher taxes on the richest residents, joining several states considering such a move this year.

Under a proposal by Gov. David Paterson, New York would follow California and Maryland in pushing its top earners into higher tax brackets that are several percentage points more than what most earners pay. And New Jersey is considering raising its top-tier income taxes even higher,...

New Yorkers Still Waiting for State Tax Refund Checks

3 minutes read

Queens therapist Tracie James filed her state income tax return last month.

Brooklyn customer service rep Marcia Clement filed hers a few weeks later.

And Sharon Jenkins, a Manhattan receptionist, sent off hers even earlier – in the beginning of January.

James, Clement and Jenkins have something in common, though they wish they didn’t. They still haven’t received their state tax refunds.

“We don’t know what the holdup is, but whatever it is, it’s unfair,” Jenkins, 38, said. “They don’t have any...

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