Caleb Newquist - Voice of the Editor






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CPA firm Blackman Kallick Plante Moran is raising the visibility of nonprofits in the Chicago area by hosting a competition for a $25,000 contribution. To celebrate its recent merger and to give back to the community, the firm has encouraged Chicagoland charities to introduce themselves and describe how they will use the money if they win the competition. The 20 organizations receiving the most votes will continue to a second round of voting, and then the top 10 charities will continue to a final round. Anyone can vote, and you can vote as often as you want.
Will Congress let the Bush tax cuts expire? Will the maximum rate on capital gain income increase to 20 percent? Will dividends be taxed at ordinary income tax rates? Will the ordinary income tax rate increase to 39.6 percent? Will the estate tax exemption go down while the estate tax rate increases? How big an impact do the autumn elections have on the decisions to let the Bush tax cuts expire?
We're happy to welcome Jack LaRue from myPay Solutions at Thomson Reuters Tax & Accounting as a new guest writer. This week, Jack reminds us of the importance of the elevator speech - not just for personal introductions but for introductions to your firm, the services you provide, and the customers you serve. Hanging out a shingle stating that you provide tax or bookkeeping or accounting services isn't enough to explain what you do for your clients.
When I read articles such as 7 Agencies Make Progress on 'Cloud First' Policy, discussing the movement of government services to the Cloud, I can't help but want to step back and consider the ever-growing separation of tech-savvy people and those who are not connected. It's not just a story of First World vs. Third World, or large societies that are in danger of being left behind, although that's a very big issue. There is also a technology gap occurring right here in our country.
Lesson of the day: If you're going to cheat on a tax return, try to use numbers that are small enough so you can stay under the radar. Oh wait - skip that. Actual lesson of the day: If you got away with stealing from the government once, it's best to quit while you're ahead. Here we have a story of a woman in Oregon who filed a state tax return reporting over $3 million in income and asking for a state tax refund of over $2 million. Like that's not going to raise any eyebrows? Amazingly, the Oregon Revenue Department authorized the refund. And then it gets better.
Employers who struggle with anti-discrimination laws when making hiring choices need to know the rules. Although there is frequently a subjective factor that plays into hiring decisions, that subjective je ne sais quoi cannot violate Equal Employment Opportunity rules regarding protected groups of employees, or the employer could face discrimination charges. This is nothing new; these rules have been around for decades.
The Sleeter Group, whose members are known for providing accounting and software solutions, has created an innovative road show wherein accountants attend technology solutions training sessions in the company of their clients. I can attest to the success of this model.
In conjunction with our monthly theme on retirement planning, we have some information for you today on the rules for early withdrawals from retirement plans, and, in particular, a summary of the exceptions that can allow a person to make an early withdrawal without penalty. Client counseling needs to be done thoughtfully and carefully in this area.
College grads have it tough these days. Not only are jobs hard to find, but most grads have to worry about paying off their student loans, which is hard to do without a job. To make matters worse, many have to deal with credit card debt they amassed during college.


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