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Prologue to my Interview with Ric Franzi Author and Radio Show Host – But Take Note – This Part is all About Me.

November 20, 2009 6:04 pm / Leave a comment

By Stacie Clifford Kitts, CPA

A couple of weeks back you might remember that I bravely agreed to be a guest on Critical Mass the radio show on OCTalkRadio.net . I say bravely because if you know me well, you know that I am not a public person.

Yah yah – I am building an internet presence. And I regularly post to my blogs. But I do all that while sitting safely behind a desk in my quiet little office. But to put myself out there – you know to venture outside my “safe space” to be in a public arena – to be on “stage” – ‘tremble’ – not exactly something that I am comfortable doing.

You see, I was never the kid signing up for drama class, or participating on the debate team. I did not run for student government or even compete in sports. Although in the fifth grade, I was in the choir – I dabbled in gymnastics – and I made the cheerleading squad – I am not really sure what was going on there. I suppose the fifth grade was a year of anomalies for me.

But maybe in those days I was just too young to realize what appears to be the overriding theme, that whenever I stand before a crowd with people expecting me to say something intelligent or to be entertaining, let’s just say that I suffer from one of the most dramatic cases of stage fright that you will ever see. And regardless of how much I prepare or what techniques I use, the blood pressure will rise, the adrenalin will flow, the shaking will begin and while my face starts to glow a bright shade of red, I always wonder if this will be the moment when my ears will actually melt and slide off my head.

Now I don’t want to give the impression that I am a quivering mass of jittery anxiety, absolutely not, because frankly that would not be an accurate description of my personality. I am great in small groups, I have no trouble speaking my mind, and I can fight a good battle when needed. I am not a push over by any stretch.

But with all that said, I think my level of appreciation for people who are willing to step outside a typical comfort zone or who are willing to explore new avenues or concepts is somewhat enhanced. Frankly, I admire people who just put it out there – no doubt. And it is exactly that same willingness to put it out there that made me interested in contacting and interviewing Ric Franzi – author of Critical Mass The 10 Explosive Powers of CEO Peer Groups.

Ric and his partner have created a dynamic format to market their business and to highlight talented CEO’s and business owners here in Orange County. And I am excited to share with you in an upcoming post what I have learned about Ric, CEO Peer Groups, and Critical Mass the Radio Show. So please be sure to stay tuned.

More on the Worker, Homeownership, and Business Assistance Act of 2009

November 20, 2009 3:14 pm / Leave a comment

Here is an expanded outline on how the Worker, Homeownership, and Business Assistance Act of 2009 may affect some businesses (this outline does not include all the provisions of the act). Click here to read the bill as passed by both the House and the Senate.

  1. Allow for a 5 year carryback of 2009 NOLs
    1.  
        i. Small business will be exempt from the 1 election rule. Thus small business claiming the 5 year carryback for 2008 losses can still elect 5 year carryback for 2009 losses

      2. a. Removes the small business requirement
      b. Offset 50% of taxable income in 5th prior year
      c. Offset 100% of taxable income in 4th thru 1st prior years
      d. Only 1 election allowed (either for fiscal years beginning in 2008 or fiscal years beginning in 2009)

  2. Homebuyer credit
    1.  
        i. If using binding contract rule – must close by July 1, 2010

      2. a. Extended for purchases (binding contracts entered into by) through 4/30/2010b. Recapture waived for 2009 purchases
      c. Credit = lesser of 10% of purchase price or $8,000.
      d. Credit phases out for modified agi between $125k and $145k ($225k and $245k for married joint returns.)
      e. Can elect to treat 2009 purchases as if made in 2008 and claim credit on 2008 return
      f. Need not be a new buyer

        i. Existing homeowners living in current residence for at least 5 consecutive years during 8 year period ending on date of purchase are eligible for credit
        ii. Must live in new home for at least 3 years
        iii. Credit reduced to $6,500

      g. Limitations

        i. Purchase price must be < $800,000 ii. Skip buying a house for the kids – no credit allowed if can be claimed as a dependent of another taxpayer iii. No credit for taxpayers under 18 1. Emancipated minors out of luck unless one is at least 18

      h. MUST attach copy of settlement statement to the return

  3. Penalty for failure to file partnership or s corp returns increased to $195 per partner/shareholder per month beginning with 2010 returns.
  4. Electronic filing mandate
      a. Must use efile if preparing at least 10 individual income tax returns
      b. Individual income tax returns means returns for individuals, estates & trusts
  5. Large Corporation estimated tax payments increased to 100.58% for payments due in July, August or Sept.
      a. Large corporation is a corporation with at least $1b in assets at the end of the preceding tax year.

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