Archive for the 'Taxes' Category
DALLAS–(BUSINESS WIRE)–Tyler Technologies, Inc. (NYSE: TYL) announced today that it has signed a contract to provide its iasWorld property tax software to the State of Tennessee. The contract, valued at approximately $15.1 million, is the largest single software contract in Tyler’s history, and includes software licenses, implementation services and support.
Currently, 88 of the 95 counties in Tennessee utilize State systems for their property assessment, appraisal and taxation. This collection of applications was originally developed to satisfy individual county needs—business needs that have expanded over the years through statute requirements and higher levels of services provided by the State.
To meet this growing demand for functionality and efficiency, the State sought to implement an integrated system that would consolidate databases and procedures currently performed in multiple systems.
After a thorough evaluation process, the State selected Tyler Technologies to provide its integrated, Web-based solutions, including Assessment Administration; Computer Assisted Mass Appraisal (CAMA); Personal Property; Inquiry and Appeals Tracking; and Tax Extension applications, as well as the ability to exchange data with other advanced applications such as GIS and document management systems.
Approximately 880 state, county and local government employees in Tennessee will interface in some capacity with the new system.
According to Andrew D. Teed, president of Tyler’s CLT Appraisal & Tax Solutions, the new system will allow the State to manage the database and software from one location, and counties to manage their own work using the single installation. “Our partnership with the State will provide centralized technology, a single point of contact for ongoing support, and the ability to extend the life of the software through continued enhancements.”
“We are extremely pleased to be awarded this contract,” commented Teed. “We look forward to working with the State of Tennessee to enhance its level of service to its counties, and through this, to its citizens.”
CHICAGO–(BUSINESS WIRE)–With the year-end charitable giving season upon us, below is a list of reminders with regard to making and claiming charitable contributions for federal income tax purposes. While the list is not exhaustive, it contains some of the more common issues that can keep individuals from claiming charitable contribution deductions on their tax returns.
1. Meet the substantiation requirements. For contributions of cash or property, always get a receipt from the charity. This rule equally applies to contributions to your own private foundation, even if you are the foundation manager. For contributions of property, the receipt will need to reflect the fair value of the property donated. If the contribution of property is in excess of $5,000, a qualified appraisal of the donated property must be obtained.
2. Meet the reporting requirements. If you have made a gift of property in excess of $500 you must file Form 8283. Additionally, if you have made a gift of property in excess of $5,000 (other than publicly traded securities) you must complete the appraisal summary on Form 8283, Section B and have the charity complete and sign Part IV of such section. If the gift of property is in excess of $500,000, the qualified appraisal must be attached to your income tax return.
3. Understand the adjusted gross income percentage limitations. Charitable contributions for any given year are only deductible up to a certain percentage of your adjusted gross income for the year in which the contribution is made (20 percent to 50 percent depending on the type of property contributed and the type of organization that is the recipient). To the extent the entire amount of the contribution is not used in the year of contribution, you may carry over the excess amount for the succeeding five years.
4. Understand the timing rules. Contributions made by check are considered delivered on the date they are mailed and must be deducted in the year in which the mailing date occurs. Contributions made by credit card are considered made on the date of the charge and must be deducted in the year that the charge occurs. Pledges to make a contribution are generally not deductible until payment is actually made. Similarly, a contribution of an unsecured promissory note is not deductible until paid.
5. Confirm that the organization is a qualified organization. The IRS website (www.irs.gov) contains Publication 78, which is an annual cumulative list of most organizations that are qualified to receive deductible contributions. Note, many churches, synagogues, temples, mosques and government organizations are not required to be on the list; however, they are still qualified organizations. Political organizations (organizations that participate in political campaigns or attempt to influence legislation) are not qualified organizations.
6. Know the rules for pledges. Pledges to make a contribution are generally not deductible until payment is actually made. Do not let your private foundation satisfy a pledge that you made individually, as this is a prohibited act of self-dealing that may be subject to penalties.
7. Do not deduct the full amount with respect to contributions to university athletic foundations. If a donation is made to a college and university for the right to purchase seating at athletic events, only 80 percent of the payment is treated as a charitable contribution. The actual ticket purchase price is not deductible.
8. Do not deduct contributions of services or use of property. No deduction is allowed for the performance of services for a charity (e.g., artistic performance, professional services, etc.) or for the value of permitting a charity to use your property. However, you may deduct mileage and out-of-pocket expenses paid in providing services to a charity.
9. Do not deduct the cost of raffle tickets, lottery tickets or bingo.
10. Beware of tickets to fundraising events. When purchasing tickets to a fundraising event, you must reduce the charitable contribution by the value of the event. Sometimes, the charity will provide you with the value of the event to be used for this purpose. If the organization lists the full ticket price (unreduced by the value of the event) as a contribution, you must still reduce the deduction by the value of the event. If your private foundation buys a ticket to a fundraising event make sure that you or a “disqualified person” do not use the ticket to attend the fundraising event as this is a prohibited act of self-dealing (even if you pay for the non-charitable portion).
“Of course, we all generally give for truly charitable reasons, but there is no reason not to take advantage of the tax rewards the government gives us for being charitably inclined,” said Justin Ransome, a partner in Grant Thornton LLP’s National Tax Office. “Just mind the rules and reap the benefits.”
To learn how these charitable deduction rules may apply to you, please contact your tax advisor.
Tax Professional Standards Statement
This document supports Grant Thornton LLP’s marketing of professional services, and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document we encourage you to contact us or an independent tax advisor to discuss the potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with, or attached to this document is not intended by Grant Thornton to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
About Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations. Through member firms in more than 110 countries, including 50 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe. Visit Grant Thornton LLP at www.GrantThornton.com.
SZSN Expands To Become 3rd Largest Agricultural Seed Provider!
Shandong Zhouyuan Seed and Nursery Co., Ltd (SZSN)
$0.24
SZSN is expanding. Recent acquisitions put it in the top 3 Seed
providers in China. It is also expanding its distribution chains to 500
new regional agencies. Big news expected! Get on SZSN first thing Friday
morning.
The TCS Series is available in three models and other pedal assemblies
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This one was interesting not because of the tip but because of all the garbled and random words that followed it in the email! It’s one thing to get a en email stock tip that talks about a stock, it is something else when the majority of the text of the message is random buzz words and a joke about socks.
Why is it that so many of these stock scam email I receive are all for stocks that only have a five day history on Yahoo Finance? I can’t even pull any historical data on this stock from the easy access sites.
I had to go over to the CNN financial site to get a long term look at this stock. Looking back this company hit a high of $31.50 in mid 2005. The stock then fell to the low single digits and made a brief comeback near $12.18 in early 2006. they are currently trading in the $0.25 range.
So, what are they doing now?
News Headlines
Shandong Zhouyuan Seed and Nursery Co., Ltd. Invests Land in Real Estate Development Project with Expectation of USD 1.4 Million Profit
LAIZHOU, China, July 13 /Xinhua-PRNewswire/ — Shandong Zhouyuan Seed and Nursery Co., Ltd. (OTC Bulletin Board: SZSN - News; “SZSN” or “Parent Corporation”) which is incorporated in the State of Delaware, announced that its subsidiary operating company in China, Shandong Zhouyuan Seed and Nursery Co., Ltd. (”Zhouyuan” or “the Company”), entered into an agreement with Jixi Xingcheng Real Estate Development Co. Ltd. (”Xingcheng”), that they will jointly develop the Zhouyuan Building project with an investment of about RMB 50 million (or USD 6.4 million).
Shandong Zhouyuan Seed and Nursery Plans to Seek 500 Regional Agencies to Meet Demands for New Breeds in China
LAIZHOU, China, July 6 /Xinhua-PRNewswire/ — Shandong Zhouyuan Seed and Nursery Co., Ltd. (”SZSN” or “Parent Corporation”) which is incorporated in the State of Delaware, announced that it has acquired the business operations of Shandong Zhouyuan Seed and Nursery Co., Ltd. (”Zhouyuan” or “the Company”) since February 2007, which is incorporated in the People’s Republic of China, and is engaged in the business of developing and distributing agricultural seeds in China. Zhouyuan was organized in 2001 under the laws of the People’s Republic of China. Its primary product is corn seed, including both corn intended for forage and corn with a high starch content for use in industrial food production. In addition, it currently markets varieties of wheat seeds and cabbage seeds.
You might be wondering what brought the stock down from its high of $31.50.
If you look at the five year chart you will see that this stock is not exactly stable. It has a long history of rapid rises, rapid falls and low value plateaus. The most recent low has been going on since mid-February and it may be time for another rise.
In 2006 our sales revenue fell by 34% from the level achieved in 2005, which was
itself insufficient to produce a gross profit. To sustain operations, we pared down the only discretionary spending that we had - our selling expenses. This decision enabled us to achieve cash flow slightly above break-even, but had the inevitable result of reducing our already dwindling revenue. The net result was that we realized a net loss before minority interest of $590,868 in 2006, compared to a net loss before minority interest of $433,756 in 2005.
SHANDONG ZHOUYUAN SEED & NURSERY CO., LTD. - SZSN Annual Report (Small Business Issuers) (10KSB) PART II
Conclusion
It may be time for this one to rise again. The stock has already climbed to $0.30 per share in early morning trading on Friday 13, 2007. Will it go higher? Their recent land deal indicates that the rough patch they were going through may now be over. The company has also gone through a change in regards to its directors. China is still considered an emerging market. It’s up to you to decide if you want to take a risk on this one.
Update
Can you believe I received a second email about this today?
SZSN Goes Through The Roof! UP 37.5%
Shandong Zhouyuan Seed and Nursery Co., Ltd (SZSN)
$0.33 UP 37.5%
Brokers are grabbing up SZSN like crazy after two news releases this
week. Huge expansion plus multi-million dollar development projects are
pushing share prices through the roof. Act fast and get on SZSN first
thing Monday!
Someone must really be pushing this one.
It’s tax season again here in the USA and it’s time for me to rant about tax payers. What’s that you say? Why am I ranting about tax payers and not paying taxes? Because it is more humorous and too many people already rant about taxes.
I present to you my top 8 list of idiotic tax payers!
1. People who pay someone to fill out their 1040EZ form.
There is a reason they call it the “EZ” form and not the “HARD” form. The “EZ” stands for “EASY”!!! Why in the world would you pay someone to fill out a form that takes all of five minutes to fill in? The most complicated part of the 1040EZ form is figuring out how many dependants you have. No, your dog is not a dependant.
2. People who pay for a “Rapid Refund”.
If you e-file your taxes and go with direct deposit your money will be in the bank in less than two weeks. Why would you want to take out a loan just to get your money a few days early? It makes no sense at all to me. Look at the interest rate on that loan, it’s a lot higher than the 0% loan you just gave the government.
3. People who file on April 15th when they are due a refund.
Everyone should do their taxes as soon as all of their forms are in. If you have a refund due to you send those forms in ASAP! If you are going to owe money then you want to wait until April 15th. Better yet, file for an extension!
4. People who file in February when they owe taxes.
Like number three above, why would you pay that bill any earlier than you have too? You have all of February, March and half of April to take the money you owe and drop it in a CD or other short term low risk investment. Don’t send that check in early!
5. People who think the refund is a savings plan.
I know far too many people that get very happy when they get a big fat refund check. This boggles my mind! Say you get back $1,300 from the government. With 52 weeks in a year this means you gave the government an extra $25 every week of the year as a 0% loan! When was the last time anyone gave you a 0% loan?
The refund check is money you should have never sent to the government in the first place! Besides, since when is a 0% savings account a worthwhile investment?
6. People who get angry when they owe tax money.
Like number five above, these people are looking at it the wrong way. When you owe money at tax time you were able to benefit from having that money! This is the only way you can get a 0% loan out of the government.
The best tax year I ever had was when I did my taxes and owed the government $13. I was so happy to write that check (on April 15th)! My wife was mad though, she was looking forward to that refund check. I guess we don’t see eye-to-eye?
7. People who file before February 1st.
Believe it or not, companies have until February first to get you your tax documents. All those 1099 forms and W2’s do not have to be in your hands until then. So, why would you file before that date when you know at least one more document is likely to show up?
I have a friend who did his daughter’s taxes for her and was then shocked when another W2 showed up in the mail with sizable numbers on it! Now he has to file an amended return…
8. People who don’t understand that tax money is their money
So many tax problems could be solved if we did away with the automatic deductions via payroll and Americans had to send in a check every quarter. The self-employed do this.
That’s the end of my list.
For those who do not know, taxes were not always automatically withheld from your check. If you are self-employed you have to make estimated payments every quarter. If all tax payers had to do this, rather than have the money deducted before they ever see it, we might just see a tax revolution in the USA.
This greatly eased the collection of the tax for both the taxpayer and the Bureau of Internal Revenue. However, it also greatly reduced the taxpayer’s awareness of the amount of tax being collected, i.e. it reduced the transparency of the tax, which made it easier to raise taxes in the future.
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