Possible Blog topics, articles and links: http://blogs.findlaw.com/courtside/2010/02/toyota-recall-lawsuits-a-rundown.html

With millions of Toyota cars, SUVs, and trucks recalled by the Japanese automaker, FindLaw obtained a number of lawsuits that have been filed against Toyota around the country.

Here’s a quick overview of allegations raised in some of these recall lawsuits:

Wrongful Death. Some lawsuits charge that family members died because of unintentional or sudden acceleration that caused Toyota drivers to crash and lose their lives.

Sudden or Unintended Acceleration. Toyota and Lexus owners are claiming that their cars accelerated when their feet were on the brakes, or during their normal driving.

Electronic Throttle Control System (‘ETCS-i’ or ‘ETCS’) defects. Owners allege that the electronic systems of their Toyota’s lack a failsafe that can override an electronic defect when their accelerator or gas pedal is pushed.

Fraud. Owners charge that they are victims of Toyota’s alleged fraud in selling them defective cars that were supposed to be safe.

Negligence, Defective Product and Product Liability Claims. Toyota owners charge that they are driving defective cars that Toyota negligently manufactured.

Breach of Warranty. Many lawsuits allege that Toyota breached implied and express warranties that it gave owners, i.e., that their cars would be fit to drive, and due so safely.
It appears that most of the lawsuits were filed in federal courts in an effort to get as many potential plaintiffs across the country as possible. Others Toyota lawsuits were filed in state courts like California and Texas. One Toyota owner even sued near Detroit, the Motor City.

Taxpayers Reminded to Attach Settlement Statement and Other Key Documents; Must Paper File; Update 2/12/10
Note Regarding Signatures: While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS recognizes that the elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of the buyer and seller. The settlement statement that must be attached to the return is considered to be properly executed if it is complete and valid according to local law. In locations where signatures are not required the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return even in cases where the settlement form does not include a signature line.

Download More Updated Information for IRS – February 12, 2010 at
http://www.irs.gov/newsroom/article/0,,id=204671,00.html.

The inspiration for this course came from the Bravo cable television series “Inside the Actors Studio.” Our intention is to help you learn from the BEST by bringing in top business leaders to talk about their careers, their companies, and the critical business decisions with which they are commonly faced and to expose you to these successful executives—for you to see what makes them tick.

The discussions are open to the business community at no charge, space permitting.

Time: Thursdays 10:00am-11:50pm
Where: Cal State San Marcos, Markstein Hall 125
Hosts: Rajnandini (Raj) Pillai and David Bennett

Spring 2010 Executives

DATE
EXECUTIVE SPEAKER

January 28
Jeff Moorad — Owner, Padres

February 4
Jeff Campbell — CEO, Burger King (retired)

February 11
Judi Sheppard Missett — Founder/CEO, Jazzercise

February 18
Dr. Kathleen Davis — CEO, Sports Marketing Research Institute

February 25
Ted Waitt — Founder/CEO, Gateway

March 4
Jung-Ho Pak — Artistic Director & Conductor, Orchestra Nova

March 18
Greg Koch — Co-Founder & CEO, Stone Brewery

April 8
Irwin Jacobs — Founder/Chairman of the Board, Qualcomm

April 15
George Hage — CEO, Hitron USA & Founder/CEO, RevoBiolabs, Inc.

April 22
Bill Strauss — Founder/CEO, ProFlowers, Inc.

April 29
Mark King — CEO, TaylorMade, Inc.

Two new companies are giving consumers a way to download songs for free by watching a few ads. The idea has been tried before, but this time it appears it might work, because the startups have found advertisers who are willing to pay around $2 to have a moment of your time.

That means recording companies can get about as much compensation from the free services as they receive from a download on iTunes that costs the consumer $1.29.

“You pay for the song by paying attention to the advertiser,” said Richard Nailling, CEO of FreeAllMusic.com, which launched an invitation-only test of its service in December. “It’s a fair trade of attention for music.”

http://www.nctimes.com/business/article_26c4bd28-8e48-5968-874e-8d7b5511a789.html

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Clinching the office pool for March Madness entitles you to a pot of money and gloating rights. And nobody can take that away from you, except maybe the IRS.

Even if your winnings seem like chump change, any money you pocket from gambling is considered taxable income. It’s not likely that the Internal Revenue Service will come after you for your NCAA pot, but there are times when reporting even casual winnings becomes more formal.

Depending on how often you frequent casinos or buy lottery tickets, you might also want to think about keeping a log of your gambling habit.

Regardless of whether you come out a winner, here are some points to remember when it comes time to file:
http://www.nctimes.com/business/article_bc942cc2-ea7e-58ea-8097-504947544503.html

Legislative changes in November 2009 expanded and extended the credit and also added documentation requirements for claiming the credit. Due to increased compliance checks by the IRS, failure to submit documentation will slow down the issuance of any applicable refund.

Filing Requirements

2009 Tax Return

Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.

• Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties’ names, property address, sales price and date of purchase.
• Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties’ names, property address, purchase price and date of purchase.
• Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

Note Regarding Signatures: While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS recognizes that the elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of the buyer and seller. The settlement statement that must be attached to the return is considered to be properly executed if it is complete and valid according to local law. In locations where signatures are not required the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return even in cases where the settlement form does not include a signature line.

Long-Time Residents: The November 2009 legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. For long-time residents claiming the credit, the IRS recommends attaching, in addition to the documents described above, any of the following documentation of the five-consecutive-year period:

• Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
• Property tax records or 
• Homeowner’s insurance records.

Nightclub had appealed previous permit violations

By SARAH GORDON – sgordon@nctimes.com | Posted: Tuesday, February 9, 2010 8:40 pm

The city of San Marcos on Tuesday suspended the Jumping Turtle’s entertainment permit after a weekend melee at the controversial music venue and restaurant that led to two stabbings, widespread brawls and a woman being hit in the face with a bottle, according to sheriff’s officials.

Citing numerous violations, the city first revoked the nightclub’s entertainment permit in late November, but the order had been stayed while the business appealed it.

Tuesday’s suspension, which prevents the restaurant and bar from hosting live music, is effective immediately, said city spokeswoman Jenny Peterson.

She said the municipal code allows the city to suspend an entertainment permit to forestall an immediate threat to public safety and health. Early Saturday’s multiple assaults and fights after a rap performance show the venue is unsafe, city officials said.

“This incident posed a serious threat to the public health, welfare and safety of San Marcos residents,” San Marcos City Manager Paul Malone said, adding that the The Jumping Turtle had repeatedly failed to maintain a safe environment.

At least four victims, including the two who were stabbed, suffered moderate injuries, sheriff’s officials said. Two women were arrested, but few other suspects were identified.

On the night of the violence, the Jumping Turtle allegedly violated several terms of its entertainment permit, including failing to have an on-site manager, having minors present for entertainment while alcohol was served and failing to have a minimum of six security guards, according to the city’s suspension order.

The business owners can appeal the suspension, Peterson said.

Opened in 2003 by San Marcos residents Matt Hall and Laura Mouradian, The Jumping Turtle at 1660 Capalina Road quickly became a popular showcase for underage and young-adult bands with little or no professional performance experience.

The first public sign of a problem came in May, when the city added strict conditions to the Jumping Turtle’s entertainment permit, including banning people under 21 from the premises when alcohol is being served and a band is playing.

City officials said the new rules were in response to alleged incidents involving underage drinking and fights at the establishment.

The owners said the new conditions were unfair and the city’s allegations were overblown.

In November, Hall and Mouradian filed a claim against the city, and later a federal lawsuit, alleging the city’s actions and allegations amounted to harassment and a deprivation of rights.

Starting in 2010, the existing $100,000 income test for converting a traditional IRA to a Roth IRA no longer applies.  Conversions that occur in 2010 will be able to have half of the taxable converted amount taxed in 2011 and the other half taxed in 2012.  (On May 17, 2006, President Bush signed the Tax Increase Prevention and Reconciliation Act of 2005 into law.  This tax bill included a provision dealing with conversions of traditional IRAs to Roth IRAs.)  Since Roth conversions increase tax revenues, it seems unlikely that the previous income ceiling will be reinstated anytime soon.   Check out the Roth IRA rules at www.rothira.com

By Kerry M. Kerstetter, MBA~CPA~ATP~ATA

Neal Boortz recently posted this side by side comparison of the two largest Ponzi schemes used to steal investor money in this country. Another big difference between the two schemes was the fact that Madoff’s victims invested their money voluntarily, while Social Security is funded at the point of a gun. Madoff’s investors stopped giving him their money as soon as it was revealed to be a fraud. IRS is still forcing people to pay in to the SSA even now that’s its collapse has been revealed to be imminent.