Category Archives: Articles

Irreverent, entertaining, incisive articles on a variety of accounting and tax subjects.

The Meaning of Christmas

The meaning of Christmas to me is summed up concisely and nicely in the sermon given by the bishop at the end of the 1947 classic movie, “The Bishop’s Wife.”  Since I am an accountant, I am forced to reduce … Continue reading

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Bernie Sanders, like Jefferson Smith, goes to Washington, looking out for the other fella, fighting for lost causes….

I love the line of Jefferson Smith from “Mr. Smith Goes to Washington”:  “I wouldn’t give you two cents for all your fancy rules if, behind them, they didn’t have a little bit of plain, ordinary, everyday kindness and a … Continue reading

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Is Obama Another Neville Chamberlain?

For those of you unfamiliar with the history of World War II, Neville Chamberlain was the prime minister of Great Britain just prior to the advent of World War II.  He is most remembered for his “Munich Agreement”, in which … Continue reading

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Angry at country club Democrats for tax cuts for the rich? Write Congress!

If you are for the tax cuts or against them, speak up and write your Congressperson and Senators.  This is a Democracy (supposedly), and you have the right to free speech.  I respect all differences of opinion; and on many … Continue reading

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KPMG commits $1.9 billion gaffe?! Who says bigger is better!?!

A partner at KPMG, Christopher Whittingham, led a team of twenty auditors that signed an unqualified audit report on the financial accounts of Allco Finance Group for the year ended June 30, 2007; however, those financials had misclassified debt of 1.9 … Continue reading

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Republican Senators reject and vote down middle-class tax cuts for incomes not exceeding $1 million!!!

The middle-class tax relief bill recently passed in Congress was defeated by Senate Republicans today, falling 7 votes short of the 60 votes required to be enacted.  Senate Republicans were holding out for a continuance of the Bush tax breaks … Continue reading

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Video and Transcript of Post-Censure Speech Given by Charles Rangel to Congress

I looked for a transcript of Charles Rangel’s post-censure speech given to Congress yesterday. Since I was unable to find any transcript, I decided to transcribe the speech myself. Why? I wanted to read and study carefully the words of … Continue reading

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John Boehner, Majority Whip and Leader of Congressional Republicans, calls middle class tax cuts “chicken crap”, even though they would maintain the current tax rates for 98% of Americans!

Virtually all of us agree that there should be an extension of tax cuts for small businesses and individuals earning less than $250,000.  The question is should we tax the super wealthy or continue giving them a tax holiday? Since our … Continue reading

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A Little History about Thanksgiving….

Most stories of Thanksgiving history start with the harvest celebration of the pilgrims and the indians that took place in the autumn of 1621. Although they did have a three-day feast in celebration of a good harvest, and the local … Continue reading

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Contractors: Beware of the Alternative Minimum Tax (AMT) on Long-Term Contracts

Are you aware of the alternative minimum tax on long-term contracts reported on the completed-tax method?  Beware:  it can be significant, even amounting to more than your tax liability resulting from the regular tax rules. Read the article, Alternative Minimum … Continue reading

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