What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. One area that involves judgment and expertise is when it comes to interpreting tax codes for various purposes such as taking
By Paul S. Hamann & Jack Salewski, CPA, CGMA Having a Reasonable Compensation figure that is “reasonable” isn’t enough anymore. With the IRS turning up the heat on Reasonable Compensation compliance [See IRS TECH TARGETS S CORP OFFICER COMPENSATION], having that figure backed up by a credible source and documented is
Tax planners can provide tremendous value in the sale of a business. Business owners and shareholders may not be aware of the tax consequences that will come with selling their shares or assets—and offsetting these costs requires a thoughtful tax strategy. This is especially true for the sale of a
When your client informs you that they intend to sell their business, they may be expecting to simply collect the profits and celebrate. The unfortunate news you will have to break to them is that the tax consequences can significantly reduce their proceeds—which is why they will need a tax
A key to business growth is finding ways to get more done with less effort. Small business owners are often juggling so many tasks that they struggle to stay focused on what is adding the most value to the business. In theory, you may know that you need to hire
When it comes to creating a peaceful and profitable tax practice, there is ONE recipe for success that you can ALWAYS count on: automation! Here’s the cold, hard truth: Client experience is what makes or breaks a tax practice. Without a thoughtful and efficient system in place, your clients may
What if there was a straightforward way to improve profitability and reduce liability for your tax practice? Creating a written tax plan can separate the professionals from the amateurs. Anyone can come up with an idea and call it a tax plan. The real question is whether that idea will
By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of
We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. So, if lowering your AGI is considered “above the line” deductions, are
It’s common practice for businesses to take on debt, but unforeseen occurrences like a recession or a pandemic might make it more challenging to make payments on time. There are many small business owners who are, at the moment, having difficulty paying back their corporate debt. There are other options