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STRATEGIC ISSUES...ONLINE    
For week of October 17, 2005, Issue #233
 
Featured Articles:
1.  Who Bears the Larger Income Tax Burden?
2.  Focus on Fraud:
3.  Tech Tip Weekly:
4.  Mark Your Calendars!
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
 
 
1.  Who Bears the Larger Income Tax Burden?
 
High-Incomes do according to new Internal Revenue Service data from 2003 returns, the most recent year it has been analyzed. 
 
The top 1% of filers paid 34.3% of all federal income tax in 2003, up from 33.7% in 2002.  They made just 16.8% of all adjusted gross income.  An AGI of more than $265,500 was needed to be in this group of taxpayers.
 
The top 5% paid 54% of total income tax and made 31% of total AGI.  They all had incomes of $130,100 or more.  and the top 10% of all filers, those with AGIs of at least $94,900, bore 66% of the income tax burden while tallying a little more than 42% of total adjusted gross income.
 
The bottom 50% of filters paid just 3.5% of total income tax.  Their share is so low because payroll taxes aren't included in the figures and because many of them receive tax relief from the earned income credit.  In fact, the lowest earners actually had a negative income tax rate.
 
 
2.  Focus on Fraud:  Corporate & Identity Theft - Part 1
 
Introduction
 
Identity theft can be prevented.
 
Contrary to popular belief, most identities are stolen from businesses, fewer stolen from dumpsters or by online hackers.
 
Because identity thefts occur so often in the workplace, businesses are also victims.
 
Since 2000, identity theft has escalated worldwide and continues unchecked.
 
The reason to a large extent is that there is no international security standard to protect personal information, such as the identities of US citizens.
 
Federal laws do require all businesses to secure personal identifiers and document it or risk being fined; but there is no guidance for businesses on how to do this.  Federal laws do promote database and computer security, but computers do not steal identities; people do.
 
Part 2 next week.
 
 
3.  Tech Tip Weekly: Naming a Cell Range
 
By assigning descriptive names to cells and cell ranges, you can go a long way toward keeping on top of the location of important information in a worksheet.  Rather than trying to associate random cell coordinates with specific information, you just have to remember a name.  And, best of all, after you name a cell or cell range, you can use this name with the Go To feature.
 
To name a cell or cell range in a worksheet:
 
1.  Select the cell or cell range that you want to name.
2.  Click the cell address in the Name Box on the formula bar.
 
MS Excel selects the cell address in the Name Box.
 
3.  Type the name for the selected cell or cell range in the Name Box.
 
When typing the range name, you must follow MS Excel's naming conventions.
 
4.  Press the Enter key.
 
4.  Mark Your Calendars...
 
...for Tuesday, November 8 for the 13th Annual In-House Accountants Update Seminar.  The seminar will be held from 8:30 a.m. to 11:00 a.m. at Prangley Marks, LLP.
 
Some of this year's topics include:
 
-Retirement Planning
-Focus on Fraud: Corporate & Identity Fraud
-Independent Contractor Issues
-And Many More!
 
Please RSVP to Amy at acarroll@pmcpa.com no later than Wednesday, November 2nd.  A continental breakfast will be served!
 
 
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Prangley Marks, LLP
Accountants and Consultants
"The Way We Figure, We Are The Only CPA Firm You Will Ever Need"
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