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Avoid IRS Trouble by Reporting Bitcoin Cash
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
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
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?
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?
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 was...
Tax Extension Filing Tips
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. Many...
Wait a Minute - My 1099 Doesn't Look Quite Right
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
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
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
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?
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
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
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
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
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. As a...
401(k) Plans As Your Personal Piggy Bank
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...
Love Losing Money on the Side?
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
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...
Tax Tactics to Help With College Costs
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...
Pay Up or Stay Home
Pay Up or Stay Home
March 2016
If you're looking to use your U.S. passport 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
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...
Tax Considerations When Delaying Social Security
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
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
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
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
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
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
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?
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 you’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 month’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 aren’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 – 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 lifes major stressors can be the sale of a home. If you havent 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 Bushs 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 months 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, youre 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 isnt 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, thats 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 businessperson’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 dont panic; individual tax returns arent 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
(Washingtons 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 year’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 TaxesSo 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 Dont 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...
CashIs 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 isnt true. No, our busiest days are the last few days of the year. Its in...
The Road Ahead
July 2003
I dont 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, Wheres the Basis?
April 2003
Ok, its 9:00 am and you have an appointment with your CPA at 10:00 am. Youve worked hard all year to keep your information in order and youve 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, its 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...
Home Office Deductions
December 2002
Consumers who set up home offices should not fear taking the home office tax deduction if they qualify. Many believe that the deduction is a red flag that...
Big Deductions for Year-End Purchases.. Dont 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 its 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....
 

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