A primer on the China tariffs

Posted Leave a commentPosted in Financial Planning, News and Politics, Taxes

What do you need to know as a consumer about about the China trade tariffs that starts today? This is a short bullet point summary. Legal background Tariffs are taxes authorized under Title 19 of U.S Code in 1930. The tax is based on Constitutional authority “The Congress shall have Power To lay and collect […]

Legal advice by an accountant

Posted Leave a commentPosted in Financial Planning, lawyer, Legal

Avoiding the unauthorized practice of law Effective immediately, I am adding this clause to all engagement agreements Legal advice Advice regarding business strategies may involve an application of general principles of business law but my services do not extend to the actual practice of law. I am not a lawyer. I am not offering legal […]

An accounting niche opposite the AICPA trend

Posted Leave a commentPosted in Accounting, Financial Planning, Small Business, Wealth Management

An advertisement by a top-qualify national information publishing firm joined up with a prominent AICPA event to deliver an educational program designed to prepare CPA firms for imminent change. The bullet points describing the course content are: End-to-end, automated cloud-based tax preparation AI-enhanced, highly intuitive tax research A cloud-driven, Integrated Audit Approach that focuses on […]

Ten million people with tax debt can still move forward with a normal financial and personal life

Posted Leave a commentPosted in Accounting, Financial Planning, Taxes

Millions of Americans are saddled with tax debt that prevents them from moving financially. That financial struggle impacts other aspects of life including mental and physical health and relationships. I’ve observed that the key to resolving these problems – even when they seem insurmountable in the beginning – is to establish a supportive professional relationship […]

Tax filing trends indicate future direction for professionals

Posted Leave a commentPosted in Financial Planning, IRS, Tax Planning, Taxes

We are only half way through the tax filing season but so far the IRS reports that tax filer behaviors are significantly different than a year ago. The number of tax returns filed has dropped by more than 12% and the number of paid preparer returns (often including the more complicated tax returns) dropped even […]

Continuing the tax planning conversation

Posted Leave a commentPosted in Financial Planning, Retirement, Tax Planning

A big part of the tax and financial planning conversation I’m having lately with local upper middle class people my age and older is questioning the wisdom of keeping multiple houses especially those big vacation places at the Jersey shore. (Some have houses and condos elsewhere but shore houses seem to dominate life for many […]