Cool evenings. Colorful leaves. Pumpkin-flavored everything. These are just a few of the reasons I love fall and I bet you do, too. This time of year I often hear that CPA’s like yourself are starting to ask themselves some tough questions. As we enter into the final months of
Many small businesses operate as S corporations to avoid the complexities of C corporations and to avoid double taxation. C corporations are taxed before money is distributed to their shareholders who are taxed yet again. On the other hand, the income of S corporations flows directly to shareholders who pay
The federal government taxes large estates, but under the recent Tax Cuts and Jobs Act, (TCJA), P.L. 115-97, which went into effect January 1, 2018, the exemption for estate and gift taxes doubled – temporarily. The double exemption disappears after 2025 unless Congress extends it. There has been concern that
To taxpayers facing large capital gains, very few strategies exist to defer or eliminate the tax altogether. That all changed with tax reform. The Tax Cuts and Jobs Act passed at the end of December 2017 created major changes in the tax structure, and not the least of these may
Homebuying and homebuilding are good for the economy. That fact, and not lawmakers’ desire to give working families a break, is what makes the mortgage interest deduction a sacred cow. The government sees the deduction as something of a reverse stimulus. By encouraging people to buy houses, and therefore encourage
For about a generation, spousal support payments have been tax-deductible for obligors and alimony receipts have been tax-reportable for obliges. Effective January 2019, the times they are a-changin’. Payments will no longer be tax deductible and receipts will no longer be tax-reportable. According to some, the change is just a
Have you heard? The Supreme Court ruled on South Dakota v. Wayfair and Quill v. North Dakota has been overturned. What does this mean? Online retailers are going to face new challenges in the months to come and will need to decide whether to start collecting tax, what software they
We’ve all been there. You’re in the middle of preparing a tax return for a client, you’re missing a document or the answer to a question. You’ve asked them for it 3 times in 3 days and…crickets. They don’t send what you’re asking for or even respond to your multiple
It’s hunting season, and as every good hunter will tell you, you have to plan ahead. When you’re out in the woods for days at a time, bad planning could literally mean the difference between life and death. Now, we’re not talking about anything quire that serious, but the truth
Tips for Value Billing At what point do you decide how much to charge clients and prospects under value billing in your scenario, and at what point do you tell the client how much you’re going to charge them? How do you do that when you don’t know yet how