HEROES ACT Can Combat Economic Downtown

July, 2020

The HEROES Act, otherwise known as the Health and Economic Recovery Omnibus Emergency Solutions Act, can greatly improve the benefits for the earned income tax credit (EITC) for eligible workers who don't have...

IRS Questions and Answers on COVID-19 IRA and 401(k) Loans & Distributions

June, 2020

The CARES Act stimulus package substantially relaxed the rules around certain retirement account loan and distribution requirements, but with much confusion. As a result, the IRS recently put out a FAQ...

Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program

May, 2020

One of the most important provisions of the CARES Act for small businesses is called the Paycheck Protection Program (PPP). The PPP is a $349 billion program designed to assist small businesses (fewer than 500 employees) facing...

Should You File an Amended 2018 Return?

April, 2020

During the holiday season in December, Congress passed the Consolidated Budget Appropriations Act of 2020. Included in this Act was a tax package that renewed more than 24 tax...

Taxes and Tariffs: The U.S. Response to France's Digital Tax

March, 2020

Back in July of 2019, France passed what was dubbed a "digital tax" targeting the largest tech companies. Impacting approximately 30 big companies such as Amazon, Google, Facebook, and Apple,...

When Should You Switch Your Side Hustle to a Business Entity Structure?

February, 2020

Starting a side hustle today is easier than ever. Between the numerous websites that act as marketplaces and project jobs that can be found on the internet, almost anyone can turn a skill or hobby they have into something they...

2020 Tax Brackets, Deductions, Plus More

January, 2020

Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts...

How to Defer, Avoid Paying Capital Gains Tax on Stock Sales

December, 2019

The markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale. If you’ve held the stocks for more...

Tax Changes 2019

November, 2019

With the start of the fourth quarter of 2019 underway, it's time to see what the Internal Revenue Service (IRS) will expect of filers for their 2019 taxes. The following are a list of major changes that filers need to be aware of...

How to Get the IRS to Pre-Approve Your Taxes

October, 2019

It might seem odd, but it is possible to get the IRS to give you a straight-forward and binding answer to ambiguous tax positions in advance. How does this happen, you ask? The answer is through an IRS...

The Five Key IRS Rules of Taxation for Lawsuit Settlements

September, 2019

Coming out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and...

3 Big Tax Issues to Look Out for in Your Estate Plan

August, 2019

There are three big tax issues that can derail an otherwise well-executed estate plan. These include Family Limited Partnerships, Revocable Trust Swap Powers and Trust Situs. Below we explore the pitfalls with each issue...

Why Some People Are Afraid of the Hobby Loss Rules

July, 2019

Many tax advisors are very cautious when it comes to claiming hobby losses – and some would argue overly so. This conservative view stems from the impression that the taxpayer usually loses when challenged...

When Saving for Retirement in Taxable Account Is a Good Idea

June 2019

Most people associate saving for retirement with tax deferred or non-taxable accounts: 401(k)s, 403(b)s, Traditional IRAs, Roth IRAs, etc. The tax benefits of these types of retirement accounts give...

HSA Accounts and Their Incredible Long-term Benefits

May 2019

Pretty much everyone has heard about 401(k) plans, but beyond these – Health Savings Accounts (HSAs) also can be great retirement vehicles. HSAs are tax-advantaged savings accounts for those with...

Trump Tax Law Makes Now the Perfect Time for the Roth Conversion Retirement Trick

April 2019

Converting a traditional IRA to a Roth IRA takes some fortitude and faith in the future numbers because this change can accelerate your tax bill. The current market and tax rate cuts from President...

Winners and Losers of the Tax Bill

March 2019

In 2018 when President Trump and the Republican Congress rewrote the tax code, everyone knew there would be winners and losers. Exactly how this will play out is just starting to be seen – it closes loopholes while...

When Is A Loan Not A Loan?

February 2019

With the sweeping new tax legislation in 2018 capturing everyone’s attention, other changes have taken a back seat. There were several Tax Court cases in 2018 that rendered important decisions...

Divorce Can Be Taxing

January 2019

Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already...

The Top Things You Can Do Now to Cut Your Tax Bill

December 2018

It's the most wonderful time of the year - tax planning time. The Tax Cut and Jobs Act (TCJA) means many people will see lower tax bills this year, but that doesn't mean you should pass on tax planning....

What's the Best Type of Business Entity for Tax Purposes

December 2018

There are several major types of business entities, including S Corporations, C Corporations, Limited Liability Companies (LLCs) and being self-employed. Each type of structure has its own...

IRS Releases New Projected 2019 Tax Rates, Brackets and More

November 2018

Bloomberg recently released projected tax rates, brackets and other numbers that apply to the 2019 tax year (the IRS will release the official numbers later this year). Note, these...

Tax Reform 2.0

October 2018

The House Republicans recently introduced legislation that, bundled together, is being referred to as Tax Reform 2.0. Expanding on the Tax Cuts and Jobs Act (TCJA), it’s composed of three main bills that...

Would a $1,000 Tax Deduction get you in the Gym?

September 2018

America is one of the heaviest societies in the entire world. Two-thirds of Americans are classified as obese or overweight using Body Mass Index as a measurement. These aren’t just ugly...

Summer Jobs and Taxes

August 2018

Summer is in full swing and, with school out, lots of high school and college kids are working seasonal jobs before they return to their studies. It doesn’t matter if it’s mowing lawns, checking out groceries, painting houses or...

Social Security Ground Zero: 16 Years to Impact

July 2018

Every year, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (OASDI) issues its annual report on the Social Security system. The report...

Will Blockchain Technology Disrupt Audit and Assurance Services?

June 2018

Blockchain technology is raising speculation over the future of audit and assurance work and the impact it could have on accountants. Originally created to serve as the foundation for cryptocurrencies, blockchain technology has developed and been...

What the New Tax Law Means for the Home Equity Loan Interest Deduction

May 2018

Prior to the recent tax law changes, taxpayers were allowed to deduct qualifying mortgage interest on loans up to $1 million, plus the interest on an additional $100,000 in home equity...

High-Tax States Scheming to Offset New Tax Law Impact

April 2018

The new GOP tax law places high income and property tax states at a distinct disadvantage. Before the new tax bill, any and all state and local taxes (commonly referred to as SALT) could be...

Estate Planning Essentials You Need to Revisit Due to the New Tax Law

March 2018

Estate planning is never done. Just like a piece of real estate, it needs periodic maintenance and care to make sure it’s in good shape when you need it most. Provisions in the newly...

2017 vs. 2018 Federal Income Tax Brackets

February 2018

New Federal Income Tax Brackets 2017 - 2018, Chart 2017 vs. 2018 Federal Income Tax Brackets...

Cryptocurrency Tax Essentials

February 2018

Cryptocurrency Tax Essentials - Cryptocurrency is hot right now. As it emerges as an asset class of its own, many people are still confused how to treat it for federal income tax purposes. In response, the IRS issued guidance back in 2014 that treats...

Everyone's an Owner

January 2018

Some experts are predicting that the recent tax legislation will create a ton of new business creation and activity – just not the kind that lawmakers originally intended. These people are predicting...

The Final Tax Bill

December 2017

The much anticipated Republican tax bill is finalized, with President Trump expected to sign the legislation into law before Christmas. The final bill codifies significant changes to personal business tax laws, both in terms of tax structure......

The Most Wonderful Time of the Year - Tax Planning Season

December 2017

Now is the time to focus on year-end tax planning. Careful and strategic planning can help minimize your tax bill and maximize what you keep. Given the uncertainty and sweeping scope of proposed tax law changes......

The Trump Tax Reform Plan - What Is and What May Be

November 2017

Major tax reform enactment is a rare event, with the last occurring back in 1986 under President Ronald Reagan. As a result, current discussions could pan out to be much about nothing; however, with the solid majorities that......

Be Smart About Giving to Hurricane Victims

October 2017

From Texas to Florida, a large swath of the United States was recently slammed with back-to-back hurricanes, leaving flooded streets, damaged buildings and wreckage all around. Huge economic costs will be associated......

Avoid IRS Trouble by Reporting Bitcoin Cash

September 2017

IRS guidance on the tax treatment of cryptocurrencies already exists. Right now, the IRS considers cryptocurrencies to be “intangible assets.” As a result, they are subject to capital asset......

Fill Your IRA & 401(k) to the Brim

August 2017

Some people say that 50 is the new 30. Living longer and healthier lives might make you feel young if you are 50, but your retirement account begs to differ. Anyone who’s turning 50 or older on or before Dec. 31......

Yes, You Can Lower Your Property Taxes

July 2017

You can pay off your mortgage, never again seeing a bill from the bank for principal or interest, but you can never pay off your property taxes. Property taxes also, unfortunately, only seem to go one way...

Could Potential Tax Changes and a Private Equity Black Hole Undermine the Value of Your Business?

June 2017

Until a few years ago, the average private equity fund’s multiyear performance materially outperformed the S&P 500. More recently however, the average private equity fund is performing more in-line with this benchmark......

IRS Turns Over Tax Debt Collections - How Will It Turn Out?

May 2017

Bundled in with a 2015 law, Congress gave the IRS a directive to give private debt collection agencies the task of collecting certain types of delinquent tax debt. This isn't a first; in fact, a similar tactic......

Tax Extension Filing Tips

April 2017

It’s not long before tax returns for individuals will be due for 2016. This year April 18 is the deadline for filing. For a lot of people, filing on time is not only impractical but outright impossible......

Wait a Minute - My 1099 Doesn't Look Quite Right

March 2017

The rules around Form 1099s are long and can be complex. So what are you supposed to do if someone sends you're a 1099 that doesn't look quite right? Perhaps they made a mistake and put an extra zero on it, taking......

Top Tips to Prepare for Tax Season

February 2017

It's here again, the most wonderful time of the year - tax season. Uncle Sam is the reason for the season, and the IRS is ready to give everyone a nice tax bill. Fortunately for you, we have the top tax tips - Maximize Retirement Plans......

Reconsidering C Corporations

January 2017

Once considered a last resort for entity choice, C corporations deserve reconsideration, especially surrounding the dreaded double taxation issue...

Tax Planning Guide for 2017

December 2016

This 2017 personal tax planning guide aims to provide you with information and planning tips to assist you in understanding and making the most of the laws affecting your tax...

Can You “Trump” the IRS Under the President-Elect’s Proposed Tax Plan?

December 2016

President-elect Donald Trump’s agenda places tax changes as a high priority item. Some of the proposed changes are a radical departure from where the tax code stands now and will significantly impact both...

End of 2016 Means the End of Tax Breaks - Maybe

November 2016

For a number of years, Congress created significant uncertainty by waiting until the eleventh hour to renew or extend numerous tax provisions. In response to the frustration expressed by both individual taxpayers......

Dog Days of Summer Rentals: Taxes and Your Airbnb, HomeAway or VRBO Rental

October 2016

The advent of sites such as Airbnb, HomeAway and VRBO have created the opportunity for millions of people to run a great side business renting out their home. There are people who make tens......

Ins and Outs of the New 529-ABLE Savings Accounts

September 2016

New 529-ABLE programs are currently available offering tax-free saving options for families with special needs individuals. With what promises to be the first of many, current......

New IRS Business Audit Campaigns

August 2016

Traditionally, the IRS subjects large corporate taxpayers to nearly continuous audits of their tax returns. In recent years however, IRS funding has been substantially reduced, making this strategy unsustainable......

401(k) Plans As Your Personal Piggy Bank

July 2016

Short-sighted. Impulsive. Terrible idea. Robbing your own retirement. These are just some of the things you will hear in the financial media when it comes to borrowing money from your 201(k) plan......

Love Losing Money on the Side?

June 2016

This might come as a shock to those who think the IRS has already been aggressive in enforcing hobby loss limitations, but the Treasury Inspector General for Tax Administration (TIGTA)......

Tax Scam Season is Back

May 2016

Cybercriminals are on the prowl, and phishing schemes are surging this year. Stolen information is increasingly being used to file fake tax returns. IRS experts expect an increase in tax fraud this year. While the agency often is able to identify......

Tax Tactics to Help With College Costs

April 2016

Now that we are in the midst of tax filing season, it is a great time for families and college students to re-familiarize themselves on the available tax benefits that could potentially lower higher education costs......

Pay Up or Stay Home

March 2016

If you're looking to use your US Passports on your next international trip and you're delinquent on your taxes, some recent changes to federal law may have you......

Tax Basics - What All 20 and 30 Somethings Need to Know

February 2016

Whether you prepare your tax return yourself or hire a professional, there are certain things you should know. Often it is not until a person reaches their mid- to late twenties that tax returns become ore complex and they need to be more informed.....

Tax Considerations When Delaying Social Security

January 2016

The timing of when you take your Social Security can have a potentially significant impact on your overall tax strategy during retirement. While each person's case is unique, delaying Social Security often tends......

Make Your Moves Now for 2015 Year-End Tax Planning

December 2015

The end of the year is approaching and now is the time to take action to lower your tax bill. Here are four moves you can make now so you can have a smile on your face when you do your 2015 tax return next year...

New Trade Pact Could Impact Your Business

November 2015

More than five years of contentious negotiations have come to an end, and the Trans-Pacific Partnership is now complete. The TPP is the largest trade deal in more than two...

Smarter Charitable Giving

October 2015

Many donors who give substantial sums regularly or on occasion often make the same mistake - not having a plan. Donor-advised funds offer a great way to give with a plan...

Tax, Estate Planning and Benefits Opportunities for Same-Sex Couples

September 2015

On June 26, the Supreme Court made a historic ruling in the case of Obergefell v. Hodges, affirming a constitutional right to same-sex marriage in all 50 states. Prior to...

Legal Settlements - Taxing Thoughts

August 2015

Finally, you've received your legal settlement. Perhaps your car was wrecked or you suffered an injury - whatever damages you endured receiving your legal settlement or judgment...

Tax Strategies For Selling Your Business - A Family Affair?

July 2015

When it comes to selling your business, finding an optimal tax strategy depends on the purchaser. Transferring a business inside a family requires very different tactics and treatment compared to a...

Things to Consider Before Using Your Roth IRA to Pay for College

June 2015

Roth IRAs have a lot going for them - investment options and tax benefits are just two advantages. One area where Roth IRAs are not advantageous is when it comes to paying for college, especially...

Eight Things to Consider When Filing an Amended Tax Return

May 2015

Now that we are past the traditional individual tax return filing deadline of April 15, you might find yourself in a situation where you need to amend your return. In order...

The Obamacare Tax: What Happens When You Don't Pay?

April 2015

Recently, the Obama administration announced that approximately three to six million households likely face a penalty for failing to obtain minimum essential healthcare...

Lesser Known Trusts Can Create Big Tax Savings

March 2015

The big issue for tax planning with trusts is who gets the tax liability. Different trusts attach the tax liability to different sources. This is important...

Mortgage Interest Deduction - Not as Simple as it Seems

February 2015

The mortgage interest deduction is one of the most popular in the whole tax code; however, it is more complicated than it first appears...

2015 Tax Deduction, Exemption and Credit Update

January 2015

It is that time of the year again. The Internal Revenue Service has announced its annual adjustments for 2015 tax provisions. Many...

Year End Tax Planning: What Can You Still Do?

December 2014

The vast majority of actions you can take to reduce your 2014 tax liability need to be done on or before Dec. 31. While there are a few exceptions, nearly everything that...

Mutual Fund Distributions Tax Guide

November 2014

Mutual funds held in taxable accounts are subject to a wide range of distributions rules. This can make the taxability of income and capital gain distributions you receive seem...

Be Careful Where You Die In 2015

October 2014

We have all heard the phrase that nothing in life is certain except death and taxes. Well, there is a particular irony to this, considering that many people are literally...

8 Things that Could Trigger a Business Audit

September 2014

Whether you're doing taxes for your own business or a client's business, the small - but real - possibility exists for an...

Consider Tax Implications When Choosing a Retirement Plan

August 2014

Most people think about their retirement, but not everyone plans for it. They believe everything will be fine if they sign up for their employer's 401(k) - or that they will have enough to...

Taxpayer Bill Of Rights

July 2014

Most people think that they are at the mercy of the IRS. They think they have no rights whatsoever - but they are wrong. Taxpayers have always had certain rights in dealing with...

In the Market for a Vacation Home? First Consider the Tax Implications

June 2014

Summer is here again and vacation is on everyone's mind. While planning your holiday, you might begin thinking that perhaps you should just buy a second home rather than spend the money renting a beach house or staying in hotels. In the right situations...

Key Provisions of the President's Fiscal Year 2015 Budget

May 2014

President Obama recently released his proposed fiscal year 2015 federal budget. Inside this budget are a number of proposed tax law changes. Here is a look at some of the highlights...

The Real Deal on Tax Deadlines

April 2014

April 15 is a date almost everyone knows. It is the deadline to file your individual income tax return. But is April 15 the real deadline? You can always just file an extension and worry later,...

New Simplified Home Office Deduction

March 2014

If you have a home office, the IRS now offers a choice of methods in preparing your 2013 tax return. You can deduct your home office expenses the traditional way or use the new...

Careful Treatment of Property Sales Can Yield Tax Savings

February 2014

The question of whether the sale of property will yield capital gains or ordinary income is an important tax consideration. Currently, the maximum individual rate on ordinary income is 43.4...

IRS Introduces New Regulations Related to Partnership Terminations

January 2014

The Internal Revenue Code and its related regulations stretch over 70,000 pages long - but that does not mean every issue is addressed. In early...

2013 Individual Year-End Tax Planning Guide

December 2013

The year-end for 2013 brings numerous new individual tax planning opportunities, thanks to the American Tax Payer Relied Act (ATRA) of 2013 and the Affordable Care Act (ACA). Additionally,...

Outrunning Rising College Costs

November 2013

It is no surprise that the cost of college is rising fast - at approximately twice the rate of general inflation. As a result, many parents and would-be...

Avoiding Unreasonable Compensation Penalties

October 2013

The IRS is increasing scrutiny of executive compensation, and executives are often shocked when the IRS challenges their pay. While the...

Same-Sex Marriage Can Be Taxing

September 2013

In the case Windsor vs. U.S., the Supreme Court struck down the main provision in the Defense of Marriage Act (DOMA) that defined marriage for...

Tax Breaks Provide Savings for Investors Part 2

August 2013

This is the last installment of our series on tax breaks for investors. We will look into three more provisions that might provide tax advantages and help you build...

Tax Breaks Provide Savings for Investors

July 2013

In this second part of our series on tax breaks for investors, we explore three more provisions that might apply to your situation and provide you with valuable...

Tax Breaks Benefit Investors When They Know Where to Look

June 2013

The tax code is filled with special provisions for investors that can help lower their tax bill. Some are common, while...

Health Care Mandate for Large Employers

May 2013

The new employer mandate or "shared responsibility" requirements are one of the most significant provisions under the Affordable Care Act (ACA). Starting in 2014, large employers...

ATRA Simplifies Estate Taxes

April 2013

The American Taxpayer Relief Act (ATRA), passed by Congress on Jan. 1, 2013, greatly simplifies the tax code's estate and gift tax provisions and shows that Republicans and Democrats in Washington...

Canceled Debt Does Not Excuse Taxpayers from IRS Liabilities

March 2013

Cancellation of debt might let you off the hook as far as your creditor goes, but your responsibility to the IRS could very well remain. When a taxpayer...

Fiscal Cliff Deal Tax Changes

February 2013

On Jan. 1, the House and Senate reached agreement on a deal to avoid the full force of $600 billion in tax hikes and spending cuts that...

Commonly Overlooked Tax Deductions and Credits

January 2013

No one wants to pay more in taxes than required. But every year, taxpayers miss out on some common tax deductions and credits simply because they are not aware of them. Even people who...

Frivolous Tax Arguments

December 2012

These are some of the many arguments used by tax protesters to justify their failure to file or pay federal income taxes. The theories are varied and often creative, but the results are...

Innocent Spouse Relief and Filing a Joint Tax Return

November 2012

When a married couple files a joint tax return, each spouse is legally responsible for the entire tax liability, even if only one of the spouses is responsible for the failure to pay. Known as...

Penalties for Noncompliance with the Affordable Care Act’s Individual Mandate

October 2012

In June, the U.S. Supreme Court upheld the constitutionality of Obamacare’s individual mandate by concluding that imposing a penalty for not purchasing health insurance is a valid...

Business or Hobby? It Matters to the IRS

September 2012

Are you running a business or is it a hobby? Although in reality the lines may blur, it makes a big difference on your...

What Happens If I Don't Pay My Taxes?

August 2012

According to the IRS, taxpayers are required to file an income tax return “for any year in which a filing requirement exists,” based on factors such as age, filing status and income. Even...

Time Running Out on Rare Estate Planning Opportunity

July 2012

Individuals, couples and small business owners have a rare opportunity to consider a major estate planning strategy before the end of 2012 - when gift and estate tax rates will revert to...

Let Your Uncle Help with Your Vacation

June 2012

Summer's nearly here and the kids are looking forward to their freedom, or at least the first few weeks of their freedom, but then what? If your kids are typical, it won't be long...

Going, Going, Gone?
Tax Provisions Set to Expire In 2012

May 2012

Now that April 17 is behind us, what do taxpayers do for the rest of 2012? If you received a refund this year, perhaps you can use it to pay for part of your vacation. But after that, you might...

The Truth About Taxes - Who Pays Taxes and Where Do they Go?

April 2012

Have you ever wondered who’s telling the truth about taxes? It seems that no matter where you go in this presidential election year, someone is giving you their spin on who is paying too much or too little...

Sticking to Tax Deadlines Means the World to Uncle Sam

March 2012

Recall that saying: “Time flies when you’re having fun.” I’m not sure if you can say preparing tax returns is fun, but time certainly seems to fly by during tax season as due dates approach. I thought we could take a...

Should You File a Tax Return?

February 2012

We have been asked on many occasions whether a client or someone they know should file an income tax return. You might think the answer to that question is easy, but certain circumstances make the question...

Finding Deductions In the Oddest of Places

January 2012

Happy New Year to one and all! Here’s hoping that everyone has the best year they have ever had....

Businesses must avoid going overboard on holiday gifting

December 2011

“It’s the most wonderful time of the year…” Or so at least one seasonal song would have us believe. I can’t argue with that sentiment since it truly is a time for...

Some Unexpected ‘Gifts’ Come With a High Price

November 2011

“Never look a gift horse in the mouth” is one of those old adages that many of us grew up with. Sometimes, though, even the wisest among us might want to stop...

Back Taxes – What Do You Do?

October 2011

You’ve had a great day. Everything went right at work. You finally landed that new account you’ve been chasing, and you found $20 in an old pair of pants. Things have certainly gone your way; until you get...

Minimizing Taxes on Your Investment Income – Part II

September 2011

Last month, we discussed ways to minimize taxes on your investment income through tax-deferred investments, including qualified retirement plans. This month, we will discuss various...

Minimizing Taxes on Your Investment Income - Part 1

August 2011

If you watch television, surf the Internet, listen to the radio or read any news publication, you’ve heard a lot about income taxes. Say what you will, but every American has a stake in the ongoing debate in...

Preparer Registration Protects the Taxpayer

July, 2011

Unless you are in the tax return preparation business, it’s not likely that you’ve heard much about the controversies surrounding the Internal Revenue...

States Eye Online Sales Taxes to Help Close Budget Gaps

June, 2011

With many states facing revenue shortfalls, there is a renewed intensity over how state governments can collect sales taxes from online retailers. New York, Illinois and other states have...

Repeal Of Tax Reporting Mandate Is Good News For Small Businesses

May, 2011

Business groups that opposed the additional reporting of transactions to the Internal Revenue Service – a provision called “1099” for the form it would have required – were...

Last Minute Tax Considerations

April, 2011

April 18 is fast approaching and with it, the deadline for filing your 2010 income tax return. While the majority of your 2010 tax figures are already in place, there...

Medical Expenses – What Can You Deduct?

March, 2011

This is the time of year when many of us begin the frantic search for tax deductions. While most of the deductions allowed were set in stone on Dec. 31, 2010, there might still be some gems to...

The Return of Estate Taxes – Should You Elect Out?

February, 2011

One great concern for many tax planners at the end of 2010 was how to adjust for the reversion of estate tax provisions to pre-Bush levels. Congress and the President solved that problem with the passage and enactment...

2010 Tax Update

January, 2011

There were a number of tax law changes as the following tax legislation was passed...

Renewable Energy Systems Fuel Tax Incentives

December, 2010

The climate of our economy has brought a great deal of attention to investing in renewable energy systems and going green. With an opportunity to stimulate the economy and increase jobs, this concept is receiving a stronger...

Prepare Now for 2010 Tax Incentives

November, 2010

November is an ideal time of the year to begin preparing yourself for the 2010 tax season. As is the case every year, there are a few fine points to pay attention to...

Tax Benefits Change for College Funding Programs

October, 2010

Everyone knows the cost of college tuition has skyrocketed to almost incomprehensible levels. According to CollegeBoard.com, the average tuition and fees for in-state...

New 1099 Requirement Presents Potential Challenges for Small Businesses

September, 2010

While the new health care bill affects the way small businesses maintain and administer medical plans, one small provision in the bill has nearly been overlooked in the hubbub...

Is Help on the Way for Private Company Accounting Standards?

August, 2010

In the past, we have discussed the differences between the cash and accrual bases of accounting. While these differences can be hard to grasp, the overall concepts of the two methods are fairly straightforward. The accrual basis of...

The Value of an Audit

July, 2010

Times are tough and youÂ’re looking for ways to reduce your overhead. As you are scanning your income statement you come to the line item for accounting services and think...

Charitable Giving Through Life Insurance

June, 2010

This monthÂ’s financial planning article focused on meeting your life insurance needs. If you are young and just starting a family, you might have realized that you need more insurance than you...

Is a checkbook enough? - Documenting losses on a part-time business

May, 2010

What do Tupperware, Shaklee and Mary Kay have in common? Their products arenÂ’t similar, but they all do business the same way and depend on the average consumer to sell their products. Based on their bottom lines, these companies and...

Health Care Reform: How will it affect your pocketbook?

April, 2010

President Barack Obama came into office promising an era of change. On March 23 he delivered on one campaign promise by signing into law what is arguably the most sweeping change to the...

Uncover Tax Advantages of Running a Home-Based Business

March, 2010

Sometimes it seems like every other television commercial or online ad is encouraging you to start your own home-based business. If you have embarked on the work-at-home...

The Tax Top 10 List - Mistakes that Cost You Money

February, 2010

With the arrival of 1099s and W-2s from your employer, banks and others, it's time to get down to the business of filing your income tax return. While technology...

Refund Anticipation Loans - Do They Make Sense?

January, 2010

Tax season is upon us and millions of Americans are anxious to obtain their oh-so-important refunds. If you fall into this group, try not to let impatience push you into opting for a refund anticipation loan...

End of the Year Deals

December, 2009

The holiday season is upon us and 2010 is just around the corner. With everything else on your plate, we have to remind you that the tax year is coming to a close Ã‚Â– that is our job. Here are a...

Year-End Reminders: April 2010 Can Hurt Less

November, 2009

The leaves are falling and winter is just around the corner - so, too, is the end of the year. With that comes the inevitable ritual of searching for ways to minimize your tax burden for 2009. With 10...

Foreign Bank Accounts - Do You FBAR?

October, 2009

Are you required to file a report on a foreign bank or financial account? Before you answer that question, you might want to consider recent pronouncements from the Internal Revenue Service. Failure to file...

Beware of expiring tax provisions

September, 2009

About this time every year, we enter a special season known as "Planning Time." With the children back in school, we begin our year-end tax-planning rituals. Eight months of 2009 are behind us, so...

Charitable Contributions: Intention Does Not Equal Deduction

August, 2009

How often have you been called by the Fraternal Order of Widget Makers or the Benevolent Fund seeking donations for a supposedly charitable purpose? How many times have you made a commitment on the telephone when you had...

VAT - Those Three Letters Mean A Lot!

July, 2009

It's no secret that the United States is in an economic downturn. Unemployment is high and the government is pumping massive stimulus funds into the economy. The United States Treasury is borrowing trillions of dollars...

7216 – A Number That Will Live in Infamy

June, 2009

No doubt, the title of this month’s article may have certain historians rolling their eyes, but if you use a tax practitioner to prepare your tax return, the number 7216 could well become the bane of your existence because this is the...

The High Cost of Taxes – How Does Your State Compare?

May 2009

According to the Tax Foundation, on average, Americans paid 9.7% of their income to state and local taxes in 2008. On top of that number, add the amount paid in Federal...

Ponzi Scheme Losses – The IRS Comes Through

April 2009

On March 12, 2009, Bernard L. Madoff admitted guilt to eleven counts of fraud in connection with a $50 billion Ponzi scheme. He immediately went to jail, where he will most likely spend the rest of his...

Economic Stimulus – The Final Tally

March 2009

Last month, we focused in broad terms on the pending economic stimulus bill proposed by President Obama, along with the version passed by the House of Representatives. At that time, the Senate had not...

What’s Congress Up To Now?

February 2009

It’s no secret that Congress is working on a massive stimulus plan that includes both spending and tax cuts. Recently, the House of Representatives passed its version of a plan that would cost $819 billion. Since...

To Catch a Thief – Uncle Sam Requires Your Help

January 2009

What do you suppose the largest bank in the country, and the smallest business in the country, have in common? If you said ‘handling cash’, you would be correct. The Federal government has put all businesses...

New Year, New Rates
Standard Mileage and Other Rates for 2009

December, 2008

Every year about this time, the Internal Revenue Service publishes new rates for everything from domestic mileage deductions to foreign housing allowances. Knowing...

Utilizing AMT and Research Credit Carry-Forwards

November 2008

As part of the Economic Stimulus Act of 2008, depreciation rules were amended to allow a 50-percent bonus deduction for depreciating a qualifying property. In general, any property depreciable under the modified accelerated...

The Financial Statement Audit -
Is It Worth the Expense and Hassle?

October 2008

As year-end approaches, many businesses are facing the prospect of an annual financial statement audit. Some businesses, like public companies and large borrowers, are required to obtain annual audits, while some just...

2008 Year End Planning

September 2008

You’ve made it two-thirds of the way through 2008 and now it’s time to start minimizing the tax hit coming your way on April 15, 2009. Luckily, there have been some changes in 2008...

New Housing Bill Has Something for Everyone

August 2008

July 28, 2008 was a good day for homeowners and would-be homeowners. On that day, President Bush received The Housing Assistance Act of 2008 (T-HAT). T-HAT has provisions...

Farmers and Heroes - New Tax Benefits

July 2008

May 2008 was a good month for most farmers and members of the military - Congress overrode the President’s veto of its 2008 Farm Bill and passed much needed relief for military personnel. Both...

The Minimum Wage – Are You in Compliance?

June 2008

Do you know what is happening in July? No, not just Independence Day, as important as that is. It’s “raise” day. If you have any employees that currently earn minimum wage, expect to...

Getting Value from Your CPA

May 2008

How did you fare on April 15? Did you file on time or extend? How was your tax bill? Did you owe money or receive a refund? We won’t talk about whether you paid too much tax because no matter...

The Tax Audit - Minimizing your Risks

April 2008

Clients ask many questions, but one of the most frequent of them is, “will taking a deduction for (fill in the blank) flag my return for an audit?” Of course, the answer is often a qualified...

Stimulating the Economy – One Taxpayer at a Time

March 2008

One of President George W. Bush’s first acts after taking office was to sign legislation to provide a “rebate” to taxpayers as a means of stimulating the economy in 2001. Thanks to the...

The Tax Audit
What’s the IRS Up To?

February 2008

This subject was hard to write about, not because of the topic, but because it was almost irresistible to add a comment on the economic stimulus package that President Bush and...

Congress Takes Aim at Preparers

January 2008

Happy New Year! The New Year has arrived, with all of its promises and pitfalls, including one of man’s greatest fears – filing the income tax return. If you use a paid...

The U.S. Federal Income Tax – An Historical Perspective

December 2007

How many times have you looked at your income tax bill and thought your taxes were ridiculously high? If you’re like most Americans, the answer probably falls somewhere between “every time...

Your Tax Return – Whose Responsibility Is It?

November 2007

This article is not for those of you who prepare your own tax returns. Let’s face it, when you prepare your own return, you are responsible for what is, or is not, included...

It’s That Time of Year - Year End Tax Planning

October 2007

September is over and summer is just a memory. Now we enter autumn, a particularly beautiful, sometimes dreary, time of year that brings its own special feeling. With tree leaves moving from their summertime green to bright...

Do It Yourself Tax Research

September 2007

These days, it seems everyone is into the “do it yourself” mode. Whether it’s doing your own legal work or adding on to the house, it seems there...

In Taxation, Certainty is an Illusion

August 2007

With the second half of 2007 now well under way, it’s time to start thinking about your year-end tax bill. Typically, this involves taking stock of where your income...

FIN 48 – A New Tool For the IRS

July 2007

A little less than a year ago, the Financial Accounting Standards Board (FASB) issued an interpretation (FIN 48) dealing with the reporting of income taxes. The...

Purchasing A Business – The Right Way

June 2007

Strong companies are bought and sold every day. While purchasing an established business has many advantages, there are some significant disadvantages that the wary...

Research and Development-
Not Just a White Coat Affair

May 2007

When you think about research and development, what images come to mind? Do you think about rows of lab tables surrounded by lab personnel in white coats? Maybe you see...

Five Things To Do In the Next 17 Days

April 2007

Tax Day (generally April 15) has many similarities to Christmas Day: they both come once a year. Even though we know that Christmas Day is inevitable, many of...

Selling Your Home?
Here Are a Few Tips

March 2007

One of life’s major stressors can be the sale of a home. If you haven’t had the pleasure of keeping your house immaculate for potential buyers to roam through (sometimes...

Finally, You Get the Credit You Deserve

February 2007

If you're like most people, you sometimes get irritated when your phone bill arrives and you see the taxes charged on it. Between excise taxes, universal...

Let's Get Organized
Tax Preparation Made Less Difficult

January 2007

Every year, millions of Americans spend an inordinate amount of time preparing their income tax returns. Some of this time is spent deciphering a complex...

Business Gifts
Showing Your Appreciation

December 2006

Are you hoping to make a big impression on those who have supported you this year? How are you going to do that? Maybe you want to have a holiday...

Reduce Your 2007 Tax Time Stress

November 2006

It's hard to believe, but 2006 is rapidly coming to a close and, by all accounts, it has been a dramatic year. Between events in the middle and far east, oil and...

An Audit is not Always a Bad Thing

October 2006

If you are a typical business owner, one of your guiding principles may well be that "lower expenses equal more money in my pocket." To some extent, that is a valid philosophy...

Travel and Entertainment - What's an Employer to Do?

September 2006

About 15 years ago, there was a consulting firm going public. Their business was helping clients streamline their operations. As a firm with clients all over the world, one...

Congress Giveth and Taketh
What the new tax law means to you

August 2006

In May 2006, Congress extended some of President Bush’s earlier tax reductions and even added its own reduction. The estate tax reductions of prior years were not extended...

This Thing Called Basis?

July 2006

This month’s financial planning article deals with excluding the gain on the sale of a personal residence, but just exactly how do you determine the gain on the...

The Dirty Dozen
(A Sequel)

June 2006

With all the sequels and remakes of popular movies currently on the market, it seemed appropriate to add one more to the growing list. No, you’re not about...

Home Sweet Home - Own or Rent?

May 2006

Spring is in the air and along with it comes a new feeling of freedom after the dreary winter months. Flowers are in bloom, baseball season has begun and...

Just a Gentle Reminder -
Your Uncle Sam Wants to Hear from You!

April 2006

April brings so many traditions of Spring that it's almost impossible to remember them all. Let's see, there's that wonderful weekend when you lose an hour...

Looming Deadlines

March 2006

March Madness is in the air and basketball isn’t the only thing on the minds of business owners throughout the country. If you operate your business in the...

Tax Simplification?
Not in 2005

February 2006

Seldom will you find one of our tax articles that reads more like a checklist than...well, than an article, but this month, that’s exactly what you will find here. With...

2005 - A Year of Change

January 2006

By all accounts, 2005 brought many changes to the United States. A busy hurricane season and a deeply divided congress contributed to most, if not all, of the significant...

Energy Conservation Incentives
Reducing the Electric Company's Bite Out of Your Paycheck

December 2005

Unless you live in a utilities-paid rental unit, chances are you have been experiencing sticker shock over your electric bill this year. It seems no matter...

Relief for Katrina Disaster Victims and Benefactors
(a tax perspective)

November 2005

Seldom will you see an article on this website that targets only one area of the United States. In fact, this is the first such article and hopefully it is the last. The subject, of course, deals...

Business Taxes - State Style

October 2005

Tax articles tend to be fairly predictable. First, they get a little boring. Second, they generally focus on Federal income tax and say very little...

An Expense is an Expense,
But it Takes Planning to Make a Deduction

September 2005

One of the greatest fears we accountants have is to fail in our duty to advise clients on how best to minimize their income tax bill. Just the shear volume of changes...

It's Never Too Early to Plan,
But Sometimes It Is Too Late

August 2005

This month we are going to talk about cash. No, we're not going to tell you how to make cash. You've probably already found a way to get your hands on some...

A Little Advice About Taxes

July 2005

Well, you've reached the halfway mark of 2005, and it's an exciting halfway point at that. The month starts with the fireworks of July 4th and continues on with...

High Federal Taxes - Everyone's Concern

June 2005

This month, we are concentrating on the small businesspersonÂ’s fifth greatest concern. According to the National Federation of Independent Businesses' most recent survey...

Energy Expenditures - Taking the Credit You Deserve

May 2005

This month's business article centered on the small business person's concern about the price and availability of fuel. Recent prices of oil and natural gas...

Survival Kit for April 15

April 2005

Once again, the dreaded April 15 due date is facing us. For the average taxpayer, that means it's finally time to take the shoe box and head to the tax preparer. It's hard...

Making the Right Choices

March 2005

Well folks, the time is drawing near for the first big due date of tax season - March 15. Now don’t panic; individual tax returns aren’t due yet. If, however, you do business in some...

Abusive Tax Shelters
This Dog's Bite is Worse than its Bark

February 2005

Several months ago, we discussed the American Jobs Creation Act of 2004 (AJCA or Act) and its impact on personal and business tax planning. We also mentioned...

Help Me Please
Getting Value from Your Tax Preparer

January 2005

Happy New Year!!! It may be one of the most used phrases in the United States, but it is nonetheless a true sentiment. We wish for you and all your family a happy...

December 2004 - A Time to Catch Your Breath - Or Brace for More Change?

December 2004

On November 4, 2004, much of the political rancor from the past several years had died to a dull roar; leaving a trail of web pages, web blogs, political commercials...

The Third Time is a Charm
(Washington’s October Surprise Part 1)

November 2004

Had he been alive today, President Regan may have said something like, "There you go again," on October 22, 2004 when President Bush signed into law The American Jobs Creation...

You Say You Have No Employees?
Don't be so sure

October 2004

This is the time of year we normally start talking about year-end tax planning, but we went back to last yearÂ’s articles in the archives and believe they are still applicable this year. Although we will be...

Everyone Deserves Independence

September 2004

In reviewing the articles we have included in this column over the past year, we found we have been a bit remiss in our duties. You see, this column falls under the general heading of Tax and...

Who Pays What?

August 2004

Ok, we know, you figure you're about to get a lecture on who really pays the income taxes in this country. In the interest of full disclosure, we might tell you that later on, but in the first part...

Passive Aggression - The Tax Code's Secret Weapon

July 2004

Over the course of the first six months, we have talked about many types of income and deductions. Income items like wages, dividends, interest, etc. are familiar to many of us and relatively easy to determine. The...

Taxing Issues

June 2004

For the last few months, we have been concentrated on Federal income tax issues. Given the time of year, we figured that's what might interest you. Now that we are a bit past April 15, though, we wanted...

Not All Deductions Are Created Equal

May 2004

We in the United States of America live in a country where individual liberties and the notion of the basic equality of all persons are jealously guarded. In America, just about anyone can go from poverty...

The Final Fifteen

April 2004

Baseball has the World Series, football has the Super Bowl, college basketball comes down to the Final Four, and tax season has the final fifteen - days that is. Ok, technically we can have one or two...

Interest & Dividend Income?
(I think I am going to have a headache!)

March 2004

I distinctly remember being taught in Business 101 that interest is what the company pays on its debt and whatever a company pays shareholders...

Deduction
(The Most Beautiful Word in the English Language)

February 2004

In our January newsletter, we spoke a little bit about some of the more common income items you might find on your personal or business tax returns. Most...

Guided Tour of TaxLand
(The Journey Begins)

January 2004

We wanted to start your New Year out on a good foot in this article, but Congress wouldn't cooperate by eliminating the income tax, so you will just have to settle for our very great wish that you have a happy and...

Your Year-End Checklist

December 2003

It's the time of year once again when we are told that Santa is on his way and he's double checking his list to make sure he gives the right presents to the right people. As the surrogate Santa that many...

So Many Taxes…So Little Time

November 2003

Fall is in the air and with it comes what some might say is the scariest time of year – Halloween. Yes, Halloween was a night of ghosts, goblins, witches,...

What You Don’t Know May Hurt You

October 2003

I know you have heard someone say, “Ignorance of the law is no excuse!” That may apply in traffic and criminal courts, but it is even worse, or so it seems, in civil court. You know, the place where the neighbor...

Cash…Is Not Always King!

September 2003

In our General Business article this month, we talked about what accounting basis business owners should use to account for their operations. Most small business owners will choose either the Cash,...

Travel Expenses - Keeping The IRS and
Your Employees Happy

August 2003

You may think the busiest days for CPA firms come somewhere around the March and April filing deadlines, but it isn’t true. No, our busiest days are the last few days of the year. It’s in...

The Road Ahead

July 2003

I don’t know about you, but I stand in awe of our government. You have the House of Representatives, the Senate and the President and they are the most confusing...

The Texas Giant

June 2003

Some folks absolutely love roller coasters while some of us are just a little bit skittish about placing our lives in the hands of engineers and ride operators we never met. Some of us downright hate roller coasters,...

A Thank You Note

May 2003

Last month was a month of celebration. Whether they were celebrating the first full month of Spring or observing a major religious holiday Americans took...

Basis, Basis, Where’s the Basis?

April 2003

Ok, it’s 9:00 am and you have an appointment with your CPA at 10:00 am. You’ve worked hard all year to keep your information in order and you’ve done...

Breaking Up Is Hard To Do, But Sometimes Very Profitable

March 2003

The first rule in taxes is, “Never make assumptions.” Aside from what “assuming” could ultimately make out of you and me, it could also cost you big...

Taking Stock of Gains and Losses

February 2003

Well fellow taxpayers, it’s February. That wonderful time of year when clients drop off their tax packages and head for Vail. Well some head to...

New Provisions for Tax Year 2002

January 2003

Tax season is coming fast and the IRS has already released a number of final tax forms and schedules for the 2002 tax year. The 2002 forms and schedules...

Big Deductions for Year-End Purchases.. Don’t Let Them Slip Away

November 2002

In a simpler tax world that we can only imagine, the way small businesses write off major expenses would be, well, a lot simpler. You'd deduct the costs...

Tax Tips for Transferring the Family Business

October 2002

Transferring control and ownership from one generation to another is one of the most daunting challenges facing family-owned businesses...

Steps to Avoid Year End Tax Penalties

September 2002

No one enjoys paying taxes but even worse is getting a penalty because you didn't meet the IRS's rules for paying your taxes. Here's a three-step guide...

Avoid these tax strategy pitfalls

August 2002

While many of the strategies available to small businesses for reducing their tax bills are relatively simple, some are much more complicated. That's...

Form of Organization

June 2002

Starting a new business can be a harrowing experience, whether it’s a full time or part time venture. Tax planning must be part of your basic strategy...

Job Creation and Worker Assistance Act of 2002

May 2002

The Job Creation and Worker Assistance Act of 2002 (HR 3090) is a somewhat scaled back version of what the White House and Republicans originally...

Alternative Minimum Tax: The Silent Threat

April 2002

The alternative minimum tax (AMT), created in 1969, was initially aimed at very wealthy Americans who were paying little or no income tax....

Whats New In the Way Of Taxes

March 2002

Well, here we are. Another tax year has come and gone and come again. Yes, it's time to act like an adult, buck up, take care of your responsibilities...

Some Credits are Worth the Wait

February 2002

Once upon a time, in the fairy tale land of Washington, D.C., a group of people got together and created magical realms called Empowerment Zones....

Run for Your Life

January 2002

Well, here we are again – another year has come and gone and now the daunting task of filing your income tax looms before you...

Not Another Christmas List? Yep.

December 2001

...

Happy Almost New Year

November 2001

...

Congress Offers Relief for Terrorism Victims

October 2001

...

Minimize Your Train Pain

September 2001

...

The New IRA Distribution Rules – This is Simple?

August 2001

...

Audits Don't Really Have to Be Bad or Do They?

July 2001

...

Devilish Details

June 2001

...

You Have Nothing to Fear - Or Do You!

May 2001

...

Just In The Nick of Time

April, 2001

...

What Are They Up To Now?

March 2001

...

Could MSA Mean My Savings Account?

February 2001

...

Help Yourself

January 2001

...

Have We Come to the End of the Road?

December 2000

...

State Tax Traps

November 2000

...

Fall Fun

October, 2000

...

Is the IRS Getting Too Much?

September 2000

...

You Deserve a Break Today!!!

August 2000

...

In This Deal, Everybody's a Winner (Except the IRS)

July 2000

...

Forget About 2000! Think About 2001!

June 2000

...

The Marriage Penalty

May 2000

The marriage penalty - the high cost of true love...

The Alternative Minimum Tax

April 2000

What is the AMT tax? Find out if you will be hit by this tax next year....

Documenting Your Charitable Contribution

March 2000

Make sure your charity thanks you in writing....

Pay Those Taxes!

February 2000

Can the IRS put you in jail for NOT paying your taxes?...

Investing with Pre-tax Dollars in a 401(k)

January 2000

Your money will go further with a good 401(k) plan than with almost any other financial investment....

Home Office Deductions

December 1999

If you work at home full-time or part-time, take advantage of the write-offs you are entitled but know the rules to make sure you qualify....

Getting Tax Help From the IRS Online

November 1999

The IRS provides business and individual taxpayers valuable assistance for filing taxes or for audits - online!...

Untrustworthy Trusts

October 1999

IRS cautions taxpayers against fraudulant trust arrangements....

Adequate Records For the IRS

September 1999

Should the IRS have to define what "adequate records" means to them at the time of an audit?...

Family Tax Opportunities and Traps to Look For

August 1999

New tax laws in 1999 can be generous if you know what to look for....

Entertainment Expense Deductions

July 1999

Understanding the definition of a qualified business expense is the key to getting Uncle Sam to help you pay part of the bill....

Common Deductions for the Small - or any - Business

May 1999

For all businesses, particularly small businesses, it's important to take every tax deduction to which the business is entitled. Small items added together can amount to substantial deductions....

Some Tax Implications of Y2K

April 1999

Have you considered how you would handle the costs incurred with correcting a Year 2000 computer-date problem?...

Failure To File and Substantial Understatement

March 1999

The 10th Circuit Court has issued another opinion on Failure to File and Substantial Understatement....

IRS and Electronic Services

February 1999

The IRS is rapidly expanding the electronic services it provides to both individual and corporate taxpayers....

Restructuring vs. Reform

January 1999

Most taxpayers will be affected much less by the recent IRS reforms than by the restructuring that starts this year, we hear from Margaret Richardson of Ernst & Young....