The Tax Questions Blog

Archive for October, 2009

Methodist West Hospital welcomes its first baby (with video)

Bob Eschliman, Editor In the past decade, Iowa’s fastest-growing county — Dallas County — hadn’t recorded more than two hospital births in any given year. Last week, it recorded three in just 24 hours.

What Can Viral Cash Abundance Do For You?

Question: Does anyone know statistics on how many african american tax attorneys there are in the U.S.?

Or maybe where I can find such statistics?

Answer: try here and see, I don't know that they would break it down by race on their membership demographics, or not, worth a try...

sorry for the foolish answers you got here, good grief. If you don't have any luck I have a couple of friends that are forensic accountants, I can hook you up with them and see if they have better resources than I could find for you, just email me, ok, thanks, Suz

What will 2010 bring to Minnesota? Pioneer Press reporters share their predictions

A Wide-Open Race For Governor What: With Gov. Tim Pawlenty stepping down, there are no clear-cut favorites to win the governor's seat in 2010.

Tampa Tax Attorney, Darrin T. Mish shares years of IRS ...

Question: Inherited US savings bonds questions - taxes?

Series I bonds from mother's estate were jointly owned by mother and a child. Three of the five children's bonds remain. (The other two batches were redeemed to help finance a new home for mother.) Now we need to distribute those bonds and other funds equally to the five children. Since the bonds have different accumulated interest (ranging from $2000-$5000) and everyone's tax rate is different - what is the best way to fairly distribute these bonds? The I Bonds are now paying almost 8%!! OR, can the bonds be cashed and taxable to the estate? OR, is there some way to do this that I haven't considered. THANKS in advance for any help!!!!

Answer: I am not sure about I-bonds, but MOST assets are inherited at the MARKET value on the date of death. That means any interest accrued up to the date of death is NOT taxed to anyone.

Leader Short Term Bond Fund (LCCMX) Declares Capital Gain Distribution

PORTLAND, Ore.----The Leader Short Term Bond Fund announced a short term capital gain distribution of $0.10 per share on December 28th, 2009 to shareholders.

Where do bond funds fit in your portfolio?

Question: How long does a creditor have to file suit for a automobile repossession deficiency balance in Texas ?

I know there must be a statute of limitations that applies to this, but I can't seem to find it anywhere. I've seen conflicting stories of between two and four years. Help !

Answer: S.O.L. in Texas is 4-years.

Suit Says Sandhogs’ Money Was Spent on Lavish Life

Melissa G. King, charged with stealing $42 million from the sandhogs’ union, and her daughter, Laura, were regular figures on the expensive horse show circuit.

FTC file suit to halt warranty 'robo-calls'

Question: How long would it take for bad debt to become a legal issue?

Now i'm not talking about debt collectors blowing up phones and mail boxes, i'm talking about debt collectors, such as the irs, summoning an individual to court for the debt owed. does it get persued for a few years before becoming a legal issue? i know it depends on the amount owed so lets say around $10.000.
so the IRS wouldn't be involved. so what about the other debt collectors? when would they start pursuing legal action?

Answer: It really just depends on the debt collector. Sometimes they won't come after you for several years, but other times they could pursue it after only 6-9 months. Obviously all of your bad debts need to be paid, but as they say, let sleeping dogs lie. If they have not sued and currently aren't showing any efforts to, just save as much cash as you possibly can. Then if they were to try and sue you, you will have cash to settle with them. Depending on how old the debt is and who is trying to collect, you may be able to settle $10K for anywhere between $3K and $6K.

The Year In Review

A look back at some of the top stories of 2009

IRS Summons