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Strategic
Issues...Online
For
week ending
March 23,
2007,
Issue #300
Featured
Articles:
1. What
You Should
Know about
Deducting
Mortgage
Interest
2. Focus
on Fraud:
Fear Factor
- Risk of
Detection
Dampens
Employees'
Fervor for
Fraud -
Part 2
3. Tech Tip
Weekly:
Protect
Your MS
Excel
Spreadsheet
3.
Compliance
Calendar
If you
would like
to have
further
information
on any of
these
articles,
let us
know.
We would appreciate receiving your comments and/or suggestions, anytime!
acarroll@pmcpa.com
We would appreciate receiving your comments and/or suggestions, anytime!
acarroll@pmcpa.com
1. What
You Should Know
About Deducting
Mortgage
Interest.
"Our
house,
in the middle of
our street..."
Hopefully your
house is in a
better location
than the one in
this song. But
no matter where
it is, owning a
home may
generate a tax
break. Though
you'll have to
itemize to claim
the benefit,
interest you pay
on your main
residence's
mortgage can
reduce your
taxable income.
In some cases,
mortgage
interest on a
second home is
also deductible.
Here's
how it works.
Generally, you
can deduct all
the interest you
pay on mortgages
you take out to
buy your home as
long as
the total
loans are less
than
$1,000,000. The
IRS calls this
acquisition
indebtedness,
and it includes
financing you
obtained to buy,
build, or
improve your
home.
Note:
The $1,000,000
limit includes
all acquisition
debt for both
your primary
residence and a
second home.
Did you tap the
equity in your
home? Interest
is deductible on
a home-equity
loan of $100,000
or less no
matter how you
use the money.
However, the
deduction may be
limited if total
mortgage debt
exceeds your
home's value.
Caution:
Unless you use
home-equity loan
proceeds to buy,
build, or
improve your
home, interest
you pay is
generally not
deductible under
the alternative
minimum tax
rules.
Late payments
fees, prepayment
penalties, and
certain points
are also
deductible as
interest
expense. Please
contact us if
you need details
or more
information
about tax issues
related to home
ownership.
2. Fear
Factor - Risk of
Detection
Dampens
Employees'
Fervor for Fraud
- Part 2
Setting
up a
confidential tip
hotline
Setting up a
confidential tip
hotline can help
create an
environment of
vigilance,
particularly if
you routinely
publicize
nonspecific
statistics about
the calls it
generates. If,
for example, the
employee
newsletter
prints
statistics
regarding the
number of calls
received and the
actions taken as
a result,
employees may be
more likely to
view the hotline
as a viable,
nonthreatening
means of
reporting
suspicious
activities.
And, again,
you'll
communicate that
the company
takes fraud
detection and
prevention
seriously.
Next Issue:
Fear Factor -
Risk of
Detection
Dampens
Employees'
Fervor for Fraud
- Part 3 - Let
fear deter
3. Tech Tip
Weekly: Protect
Your
MS Excel Spreadsheet
Deleting a
single formula
in an
MS Excel spreadsheet
often creates a
ripple effect,
causing other
formulas to
produce an error
value or, even
worse, incorrect
results.
Circumvent such
problems by
locking the
cells that you
don't want to be
modified and
then protecting
your spreadsheets
from
modification by
following these
steps:
1. Choose
Tools,
Protection,
Protect Sheet
from the menu
bar.
The
Protect Sheet
dialog box
appears.
2. Provide a
password in the
Protect Sheet
dialog box, if
you want.
If you enter a
password, you
must renter the
password before
the sheet can be
unprotected. If
you don't supply
a password,
anyone can
unprotect the
sheet.
3. In the Allow
All Users of
this Worksheet
To list box,
click the
appropriate
check boxes to
select the
elements that
users can change
after the sheet
is protected.
4. Click OK.
4.
Compliance
Calendar
March 23
-Semi-weekly depositors must deposit employment taxes for payroll dates March 17-20.
-Semi-weekly depositors must deposit employment taxes for payroll dates March 17-20.
March 28
-Semi-weekly depositors must deposit employment taxes for payroll dates March 21-23.
-Semi-weekly depositors must deposit employment taxes for payroll dates March 21-23.
March 30
-Semi-weekly depositors must deposit employment taxes for payroll dates March 24-27.
-Semi-weekly depositors must deposit employment taxes for payroll dates March 24-27.
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Prangley Marks, LLP
Accountants & Consultants
"The Way We Figure, We Are The Only CPA Firm You Will Ever Need"
11th Floor Bridgewater Place, 333 Bridge Street, NW, Grand Rapids, MI 49504-5356
Phone#: 616-774-9004, Fax#: 616-774-9081