Sunday, April 15, 2012

‘Tax battlers’ fighting — for your cash

They’re the surest thing after death and taxes — those pesky ads from tax lawyers and accountants that flood TV and radio every year at this time.

You know the ones. They claim to offer unique services to battle the IRS and to be able to cut your out-sized tax bill by tens of thousands of dollars.

Well, you should avoid them like a third piece of pie. They are a waste of money, local accountants claim.

“I believe that those who advertise that they can get you a special deal with the IRS are misleading their prospective clients and fraudulently advertising their services,” said Kenneth Morris, a Long Island CPA, who claims these professionals offer no special powers.

“These lawyers can’t get you any special deals with the IRS. They often take your money and you still have the problem,” warns Bernard Kiely, a CPA in Morristown, NJ.

Kiely cites Roni Deutsch, the so-called “Tax Lady” of late night television who offered to “get in between you and the IRS.” Her California law firm declared bankruptcy last year after state authorities charged she resolved only 10 percent of her clients’ tax problems.

“The facts of each particular situation are the facts, and no lawyer or others can change or dance around the facts,” Morris says.

Kiely’s advice for those who believe they have tax woes: Help yourself and avoid the lawyer’s steep fees. Deal directly and honestly with the IRS. It will save you money.

No, really.

“The IRS has the power to waive penalties, and I have seen them do it,” Kiely says. Morris agrees with Kiely that the taxing authorities will negotiate.

“Believe it or not, the IRS, or Treasury Department, is run like a business and is willing to make compromises on tax liabilities due from taxpayers. It will do whatever it takes at the least amount of cost to them to collect as much of the tax liability due from a taxpayer in the least amount of time,” Morris says.

But if you or your spouse have neglected to file taxes in years, make peace with the IRS, Kiely says. Don’t let the IRS come looking for you.

Edward Karl, vice president with American Institute of Certified Public Accountants (AICPA), says taxpayers should take several steps before contacting the IRS — including, perhaps, hiring legal counsel or a financial adviser.

“Don’t choose based on emotion. See if you can find someone who has a reputation as a trusted adviser and maybe is recommended by a friend or relative,” Karl says. Then examine the person’s record. Ensure that the adviser does have years of experience in resolving disputes with the IRS.

Also, establish at the outset the range of the adviser’s fees. “It doesn’t make sense to pay $10,000 to someone when you already have a $10,000 bill to the IRS,” Karl says.

Kenneth Morris, Bernard Kiely, Roni Deutsch, tax lawyers, American Institute of Certified Public Accountants, Kiely

Nypost.com

Friday, April 13, 2012

Home Team Lineups

TODAY
Apr. 12

FRI
Apr. 13

SAT
Apr. 14

SUN
Apr. 15

MON
Apr. 16

TUE
Apr. 17

WED
Apr. 18

Yankees

NO
GAME

L.A.A.
1:05
YES
WCBS

L.A.A.
1:05
FOX
WCBS

L.A.A.
8:05
ESPN
WCBS

Minn.
7:05
YES
WCBS

Minn.
7:05
YES
WCBS

Minn.
7:05
YES
WCBS

Mets

NO
GAME

Phi.
7:05
SNY
WFAN

Phi.
4:05
SNY
WFAN

Phi.
1:35
SNY
WFAN

Atl.
7:10
SNY
WFAN

Atl.
7:10
SNY
WFAN

Atl.
12:10
SNY
WFAN

Knicks

NO GAME

Wash. 7:30 MSG ESPN

NO GAME

Mia.
1:00
ABC
ESPN

NO GAME

Bos.
8:00
TNT
ESPN

Nets 7:30 MSG ESPN

Nets

NO
GAME

Phil. 7:00 YES WBBR

Bos. 7:30 YES WBBR

NO GAME

Mia. 7:30 YES2 WBBR

NO GAME

Knicks 7:30 YES
WFAN

Rangers

Ottawa
7:00
MSG Network
ESPN 1050 AM

NO
GAME

Ott.
7:00
MSG
ESPN

NO
GAME

Ott.
7:30
MSG
ESPN

NO
GAME

Ott.
7:30
MSG+2
WNYM

Devils

NO
GAME

Fla.
7:00
MSG+
WNYM

NO
GAME

Fla.
7:30
MSG+
WFAN

NO
GAME

Fla.
7:00
MSG+
WBBR

NO
GAME

Red Bulls

NO
GAME

NO
GAME

S.J.
7:00
MSG+
WLIB

NO
GAME

NO
GAME

NO
GAME

NO
GAME

HOME

AWAY
Nypost.com

Thursday, April 12, 2012

Sanchez & Holmes are working it out

The Jets are in Disney World, not to celebrate a Super Bowl championship, but in hopes of taking the first steps toward one.

Quarterback Mark Sanchez, wide receiver Santonio Holmes and other teammates are working out together in Orlando and spending time at the theme park, according to an NJ.com report.

Florida is where Holmes spends his offseason with trainer Tom Shaw and he extended an invite to some of his teammates.

“I know for a fact Santonio Holmes and Mark Sanchez are close,” Shaw told the web site.

UPDATES FROM OUR JETS BLOG

That could not have been further from the truth when the two ended last season with a tense relationship amid a fractured locker room. But the two have taken strides this offseason to repairing their bond with Sanchez meeting Holmes in Florida earlier this year and Holmes congratulating Sanchez on his contract extension on Twitter.

Tight end Dustin Keller and receiver Patrick Turner are working out, and may be joined by running back Joe McKnight later this week. The workouts began Monday and they will work together through the week until the Jets gather for the first time as a team on April 16 in Florham Park.

“Mark was in charge, everyone was listening to his instructions,” Shaw said. “Guys from other teams, too. [Titans running back] Chris Johnson, Larry Taylor, who used to be with the Jets. Once we finished the workout for the day, Sanchez took over. He was in charge of the whole offensive part. He is working hard, and he’s doing everything he can to get better.”

* Former Jets receiver Jerricho Cotchery re-signed with the Steelers yesterday, agreeing to a two-year deal, ESPN.com reported last night.

As a free agent, Cotchery also drew interest from the Rams and Chiefs.

jterranova@nypost.com

Santonio Holmes, Holmes, Mark Sanchez, Sanchez, Tom Shaw, Dustin Keller, the Jets, Patrick Turner

Nypost.com

600B Apple

Continued enthusiasm for Apple Inc.’s lofty shares temporarily pushed the tech giant’s market capitalization over the $600 billion mark.

Apples shares jumped as high as $644 yesterday, an all-time high, before falling back to $628.44, down $7.79 or 1.2 percent.

The stock needs to finish above $643.52 to hit $600 billion in market value.

Apple Inc., market capitalization

Nypost.com

Buying time for Tim

AOL shareholders should check their mail, because a check is on the way after The company sold 800 patents to Microsoft for $1.1 billion.

The deal, which sent shares of the New York company soaring 43 percent yesterday, will lead to either a dividend or stock buyback, likely by the end of the year.

AOL will return the bulk of the $1.1 billion to investors, CEO Tim Armstrong told The Post yesterday.

“We have a real plan to get a significant portion to shareholders by the end of the year,” Armstrong said.

AOL has been facing pressure from shareholders and activist investors to come up with a plan to lift the company’s shares, which were down 8 percent over the 52 weeks through last week.

Hedge fund Starboard Value has been angling for control of five board seats and lobbied for a number of strategic changes, including killing Patch, a network of hyperlocal news sites.

The $1 billion fund, through a spokesman, declined comment on the move, but people close to the matter said a statement could be issued as soon as today calling the sale a first good step.

The fund believes more needs to be done to improve AOL’s bottom line, these people said.

“In many ways this was the easy thing for them to do,” said a person familiar with Starboard CEO Jeff Smith’s thinking, speaking of the patent sale. “Shareholders need to make sure the [AOL] board is held accountable for the hard stuff.”

That being said, Smith may want to cover his ears.

Armstrong said yesterday that AOL would continue to invest in Patch, and said revenue and traffic at the sites were growing this year.

“You shouldn’t expect the plug pulled anytime soon,” said one Wall Street insider close to AOL. “Armstrong is going to have a pretty big halo for a while now, and Patch is a pet project of his.”

The sale price includes a licensing fee of $100 million. The company could strike similar licensing deals with companies like Google, the source said.

Patents have been hot properties as tech companies take to court to pound each other into submission or wring each other for royalties. Google spent $12.5 billion to buy Motorola Mobility and its patent portfolio last year, and such deals have sparked an intellectual-property boom.

“We happen to be in a market where patent values have gone up,” Armstrong said. “Smartly, we have bought and sold assets at good market times, and now is a strong time.”

gsloane@nypost.com

AOL, Tim Armstrong, Microsoft, The company, shareholders, Starboard

Nypost.com

Wednesday, April 11, 2012

Report: Cable $200 a month by 2020

Move over, $5 a gallon gas — America’s new household budget buster may soon be the $200 a month cable bill.

While wages for US workers have remained stagnant, cable bills have quietly climbed 6 percent a year and will pass $200 a month by 2020, according to an alarming industry forecast released yesterday.

“As pay-TV costs rise and consumers’ spending power stays flat, the traditional affiliate-fee business model for pay-TV companies appears to be unsustainable,” said Keith Nissen, research director at research firm NPD Group, which issued the forecast.

NPD blamed the TV price-spiral on a perennial tug-of-war between cable operators and creators of programming over who gets the bigger share of ever-rising cable payments.

Steadily rising cable bills, the report said, are spawning a new backlash and outright revolt by tens of thousands of consumers who’ve already cut the cable cord.

About 9 percent of TV homes cut cable from their household budget in 2011 — opting to watch shows online, while another 11 percent planned to do so, said a report from Deloitte in January.

“Cable faces big challenges on how to stay relevant,” said NPD analyst Russ Crupnick.

“One way or another, people will be spending much more in the future on entertainment,” he said.

Currently, households spend an average $86 monthly for basic and premium cable offerings — not counting Internet or phone service, said the NPD report.

That’s expected to climb to $123 by 2015 — and then hit $200 a month by 2020, the report said.

Rivals offering broadband and online options for providing video to homes include Netflix, Amazon video and iTunes, among many others.

“Other options aren’t going to be free, either,” said Crupnick.

NPD Group, Keith Nissen, cable bills, cable operators, household budget, premium cable

Nypost.com

With Jeter around, no reason for Yankees to panic

headshotKen Davidoff
Follow Ken on Twitter
Blog: Baseball Insider

BALTIMORE — If it was someone else, you’d accuse him of acting. But Derek Jeter wore the sly grin yesterday afternoon in the Camden Yards visitors’ clubhouse, putting on his socks one at a time like the rest of us and completely impervious to the tension surrounding his team.

And in the least shocking development since the Kim Kardashian-Kris Humphries divorce, Jeter led the way with four hits in the Yankees’ first victory of the season, 6-2 over the Orioles last night. The captain contributed three singles, a double and a sacrifice bunt and started two double plays in the field.

Getty Images

DO-IT-ALL DEREK: Derek Jeter lays down a sacrifice bunt, part of his 4-for-4 night, which also included starting two double plays.

“A lot of times, the first of anything can be the most difficult,” Jeter said after the game. “You try to get the first out of the way. You don’t want to think about it too much.”

Some baseball deficiencies are real and difficult. Lefty pitcher can’t get out righty hitters? You might have a LOOGY (Lefty One-Out GuY) on your hands. Speedy fellow can’t hit? Make him a defensive replacement/pinch-runner.

Some liabilities can be overcome with more ease. It’s a must. A team or a player is not “clutch”? Once the maligned party delivers in a big spot, that label dissipates quickly.

When you have a player such as Jeter, who has made a career out of challenging geeks like me that assert that the whole notion of “clutch” is overrated, you can change your team profile in a hurry.

The sweep at Tampa Bay, at the hands of the mighty Rays, left Joe Girardi concerned enough to call a team meeting after Sunday’s 3-0 finale.

“No panic,” the manager urged, a simple message that can feel challenging for a team with this payroll and these expectations.

The change in venue helped, as the Rays are excellent and the Orioles, despite entering the game 3-0, aren’t very good. The change in pitchers helped, too, as Ivan Nova shook off concerns about a rough spring training by scattering 10 hits over seven innings, striking out seven, walking none and picking up another seven outs on the ground.

However many times Jeter has kicked off an important game with a hit, add another to his ledger. His leadoff single against Baltimore starter Brian Matusz turned into a run as Jeter advanced to second on Robinson Cano’s groundout to second and, following an Alex Rodriguez walk, scored on Mark Teixeira’s single to right.

With the game still tied at 1-1 and Orioles on first and second in the bottom of the third, it was Jeter who fielded Nick Markakis’ grounder up the middle, stepped on second and threw to first for an inning-ending twin-killing. And after Russell Martin singled home the lead run and an Eduardo Nunez sacrifice fly plated a second run, a Jeter double to right field brought in Martin for a game-changing, three-run fourth. Jeter started an inning-ending, 6-4-3 double play in the fifth to officially put Nova in line for the victory.

Just for the heck of it, Jeter added a single to right in the eighth, as he capitalized on Nunez’s self-called steal by poking a grounder through the newly created hole. Jeter now has a .412 batting average and .444 on-base percentage in the first four games, and every indication is that he has picked up from where he left off with last year’s .327 BA and .383 OBP in the second half.

“He had great at-bats,” Girardi said.

“I just want to be comfortable,” Jeter said. “If you’re comfortable, then good things happen. … If I’m comfortable, then I’m confident the success will be there.”

Comfort and confidence rarely have been issues for Jeter. Thanks largely to his efforts, the rest of the team can follow suit tonight and beyond, now that the first win is history.

kdavidoff@nypost.com

Derek Jeter, Ken DavidoffFollow Ken, Orioles, Kim Kardashian-Kris Humphries divorce, the Orioles

Nypost.com