News And Record Jobs
Why does Wall Street continue to pay record bonuses, despite being in the red?
It’s like they ignore the bad news and keep acting like they are flush with cash and paying top executives and CEOs huge salaries and bonuses.
Why are they so clueless and brain-dead?
If you were a parent and you lost a job, do you think you’d still be giving your kid a $50 dollar a week allowance? Sure they did nothing to cause you losing your job, but once you’re not doing so well financial, extra expenditures need to stop; why doesn’t Wall Street get that?
First off, the big problem is that these bonuses and pay are contractually obligated. The companies who want these “great minds” set up these big deals with them, and thus these bonuses and such are more or less part of their pay. Unfortunately too many companies don’t go deep enough on tying them to “good performance”…so they get paid regardless of how many people get laid off and how bad the business is run.
We are the only country I’ve seen where you can run a business into the ground and yet receive a killer severin’s package, even if all your employees lose their jobs and retirement funds.
The argument I hate is when those at the top say if they can’t get their bonuses then they will leave, and thus the company won’t have real leadership. Um…6-7 figure salary AND millions in bonuses? I’m sure there are thousands of qualified people out there that would do it for a high 5-figures and no bonuses.
Blame the companies for making these stupid deals to get what they think are “brilliant minds”.
News And Record Jobs
Doing your taxes is hardly a fun time. Once done, most people treat the process as out of out of sight, out of mind. This is fine so long as you hold on to the records you used to come up with the numbers on your return.
So, just what are tax records? They consist of anything that proves a claim you made on your taxes. If you own a business and took a client to dinner, the receipt from the restaurant would constitute the tax record. If you improve your home, the receipts generated from buying the materials would constitute the proof of payment you need. If you pay someone to build a website for your business, the invoice they send you and payment receipt would constitute the tax record.
So, how long do you have to hold onto these items? As is always the case with tax issues, the answer is “it depends.” There is three year statute of limitations on most tax returns. If you file on April 15th, 2006, then the statute runs out on April 15th 2009. So, should you toss everything on April 16, 2009? There are exceptions to this rule, so I would probably not take that step.
Exceptions? What exceptions? The first has to do with the payment of tax due. Let’s assume you filed on April 15th, 2008, but haven’t paid everything due. 2008 was a rather rough year for most people, so this was a fairly common result. The problem is the statute does not start running till you actually pay the tax due. The good news is once you do, the statute of limitations is only two years from that date instead of three.
Another major exception has to do with unreported income. If the IRS claims that you under reported your income by 25 percent or more, the statute of limitations is six years. Most prudent people use this as the time figure for holding their tax records. Does this mean everyone is a crook? Not at all. Think about it. How are you going to prove your innocence if the IRA accuses you of tax fraud? With your records!
Now, there is one final large group of exceptions. There is no statute of limitations if you don’t file a tax return. If you haven’t filed since 1990, the IRS can pretty much look at everything you file now without restriction. The same is true if you file a fraudulent tax return with the intent to evade taxes.
Finally, there is also a practical situation that gives rise to much longer periods for which tax records should be held. If you own something that is going to create a capital gain, you need to keep the records from when you purchased it. The classic example is a house. The profit on a home is determined very generally by subtracting the amount you pay from the amount you eventually sell it for minus any cost of improvements. Obviously, you are going to need copies of the purchase agreement and any receipts for improvements. If you’ve owned your home for 15 years, you’ll need to have kept that purchase agreement for the full 15 and then some.
Tax records are the key to defeating any audit by the IRS. The Agency will not take your word for it when it comes to expenses. As a result, it makes sense to save everything for at least six years and sometimes longer depending on your particular situation.
Richard A. Chapo writes about income taxes for BusinessTaxRecovery.com.
Will a bad driving record keep me from getting a job?
I interviewed for a position with a great company. The pay is good as well as the hours which is great for a currently unemployed person. However, the HR lady called and said she was surprised to see that I was cited for driving with a suspended license. I explained the situation and she said she understands, but she has to confer with her boss. Prior to this, everything was going well. This job has nothing to do with driving a car, and I would hate to lose over something so silly. Someone please give me some good news!
You’re too vague to give any advice.
Rhetoric Vs. Results: Exploring The Democrat Record On Jobs
