Click to return to iNEWS ARCHIVES page

iNEWS.....What You Need to Know, Right Now!

If you would like to have further information on any of these articles, let us know.

[ please visit our website at www.pmcpa.com for all prior issues of iNEWS ]

We would appreciate receiving your comments and/or suggestions, anytime!
info@pmcpa.com

This Week in the iNews:

▲ CASH FOR CLUNKERS

▲ TECH TIP WEEKLY - FIVE EMAIL TIPS EVERYONE SHOULD THINK ABOUT

▲ LUNCH & LEARN - MARK YOUR CALENDAR

---

▲ Cash for Clunkers - From the Desk of John Mack, CPA, MBA

President Obama is expected to sign a “cash-for-clunkers” bill. Regulations are expected to be finalized by July 24, 2009. Consumer will be eligible for tax-free vouchers of either $3,500 or $4,500 toward the purchase or lease of a new, more fuel-efficient vehicle.

Neither the consumer nor the dealer will recognize taxable income as a result of the voucher. While the voucher amount is being called a “credit”, it should not be confused with a “tax credit”, which it is not. The amount of the credit generally depends on the type of vehicle purchased and the difference in fuel economy between the purchased vehicle and the trade in vehicle. A new vehicle must be purchased to be entitled to the credit. Generally, a clunker passenger vehicle must have a combined city/highway fuel economy of 18 miles per gallon or less. The vehicle must also be drivable, continually registered and issued to the same owner for one year before the trade-in, and not more than 25 years old.

Individuals will not receive vouchers. Instead, vouchers will be applied by participating dealers, reducing the purchase price. The federal government will reimburse dealers. Congress appropriated $1 billion for the program, which will begin on July 1, 2009. There is some discussion to an extension of the program into 2010 if the $1 billion is unspent.

The manufacturers suggested retail price for the new fuel-efficient vehicle cannot exceed $45,000. Domestic and foreign vehicles are eligible for the program.

▲ TECH TIP WEEKLY Five E-mail Tips Everyone Should Think About/Follow

Even though instant messaging, texting, and tweeting are all the rage, e-mail still is the communication method of choice for many, especially at home, and more so in business.  Unfortunately, many people, even IT pros, still don’t appreciate and even ignore the basics of e-mail security.

Because e-mail remains so popular, it also is most commonly attacked by phishers, spammers, and virus creators.  No matter how good you think your firewall and filtering applications are, you should still be on the alert every time you open a message.

Briefly, let’s take a quick look at five ways to safeguard your communications.

1. Never allow an e-mail client to fully render HTML or XHTML e-mails without considering the consequences.  If you use Microsoft Outlook or Mozilla Thunderbird, you should at least configure it to render only simple rather than rich HTML, which opens wider the risk of identifying yourself as a valid recipient of spam.
2. If the privacy of your data is important to you, use a local POP3 or IMAP client to retrieve e-mail, avoiding the use of Web-based services such as Gmail, Hotmail, or Yahoo mail.  Even though these providers have strict privacy-oriented policies, that doesn’t mean that employees couldn’t occasionally break the rules.
3. Ensure that your e-mail authentication process is encrypted.  Check with your ISP to find this out.
4. Other safety tips may include turning off automatic addressing features, so that you reduce the risk of choosing the wrong recipient from an autofilled drop-down list, thereby reducing the risk of sending a sensitive e-mail to the wrong recipient.
5. Avoid using unsecured networks!  When communicating via e-mail, remember that your e-mail security does not just affect you; it affects others, as well, if your e-mail account becomes compromised and your address book gets hijacked.

Remember, these are just the tip of the iceberg when it comes to e-mail safety and you should always be cautious and careful whenever on the internet.

▲ Lunch & Learn Series Program – Business Valuations

Please join us for our Lunch & Learn Series on Business Valuations at noon on Wednesday, September 16, 2009 in the Prangley Marks, LLP lunch/conference room.  This program will be presented by Leslie N. Prangley, III, CPA, CVA, and Harold A. Marks, CPA, CVA.

Please contact mripley@pmcpa.com or call (616) 774-9004 to reserve your spot.

Complimentary lunch, program and parking provided.

Seating is limited.