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 This Week in the iNews:

▲ IRS SENDING STIMULUS PAYMENT INFORMATION TO RETIREES AND VETERANS

▲ FOCUS ON FRAUD: 2008 REPORT TO THE NATION ON OCCUPATIONAL FRAUD AND ABUSE, ACFE

▲ "LUNCH & LEARN" SERIES

 

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▲ IRS SENDING STIMULUS PAYMENT INFORMATION TO RETIREES AND VETERANS

The IRS reminded qualifying retirees and veterans that it is not too late to file for an economic stimulus payment. The IRS will send a second set of information packets to 5.2 million people who may be eligible but who have not yet filed to receive their stimulus payment. The packages will contain instructions, an example Form 1040A return showing the few lines that need to be completed, and a blank Form 1040A. The packages will be mailed over a three-week period starting July 21.

 

The IRS has accounted for about 75 percent of the approximately 20 million Social Security and Veterans Affairs beneficiaries identified as being potential stimulus recipients. About 5.2 million of those have not filed a return or were not eligible for a stimulus payment

 

Taxpayers were also reminded that the IRS has more than 400 local Taxpayer Assistance Centers operating normal business hours Monday through Friday that can provide assistance to retirees and veterans trying to receive their payments. A list for addresses and office hours can be found on the IRS website at Contact My Local Office.

 

The Economic Stimulus Act of 2008 provided for payments of up to $600 ($1,200 for married filing jointly) for taxpayers who normally file a tax return and have a tax liability. Recipients could receive another $300 for each eligible child younger than 17. Taxpayers who exceeded certain income limits were not eligible for the payments. 

 

The Act also created a special category for people who had certain types of income but may not file a tax return because their income is too low or their income is nontaxable. Taxpayers in this category must have at least $3,000 in qualifying income to be eligible for the minimum amount of $300 ($600 married filing jointly). Qualifying income is the total of Social Security, Veterans Affairs and/or Railroad Retirement benefits plus earned income, including nontaxable combat pay.

 

▲ FOCUS ON FRAUD: 2008 REPORT TO THE NATION ON OCCUPATIONAL FRAUD AND ABUSE, ACFE

 

Taken from the Letter from the President, James D. Ratley, CFE from the recently published 2008 Report to the Nation:

 

“The Association of Certified Fraud Examiners (ACFE) Chairman and Founder, Joseph T. Wells, conceived of the Report to the Nation on Occupational Fraud and Abuse as a way to shed light on the costs and effects of occupational fraud.  It is fair to say that over the course of his career Mr. Wells has contributed more to the study of fraud than any other person, and in many ways the Report to the Nation represents one of his most significant achievements.

 

In 1996, when the first Report to the Nation was published, it constituted the largest privately funded study ever conducted on fraud.  The ACFE has published subsequent editions in 2002, 2004, 2006, and now 2008, and over that time the Report to the Nation has come to be regarded as the most authoritative statistical resource available on occupation fraud.”

 

This study is based on data compiled from 959 cases of occupational fraud that were investigated between January 2006 and February 20089.  All information was provided by the Certified Fraud Examiners (CFEs) who investigated those cases.

 

Watch for subsequent iNEWS e-mails for a continuing report on highlights of the 2008 Report to the Nation.

 

▲ “LUNCH & LEARN” SERIES

 

Prangley Marks, LLP is starting a “Lunch and Learn” series on the third Thursday of each month to benefit our clients and friends. Please join us for an hour of informative updates and lunch on us.

 

·         August 21, 2008  - Michigan Business Tax

·         September 18, 2008 – Fraud

·         October 16, 2008 – Estate Tax Planning

·         November 20, 2008 – Year End Tax Planning

Seating is limited. For the Thursday, August 21^st date, please RSVP as soon as possible to Michelle at mripley@pmcpa.com no later then Tuesday, August 19^th. For all other dates, early sign up is suggested.

 

Don’t miss out!