Husband and wife partnerships are complicated

Posted Leave a commentPosted in Accounting, Small Business, Taxes

I’m talking taxes here, not relationship advice. I’m the last person who should be giving advice on marital relationships. Unfortunately, I might not be much help on the tax and legal issues either. The best I hope to accomplish in this blog post is to list some of the issues, in bullet format, that should be […]

Don’t replace common sense with technology

Posted Leave a commentPosted in Tax Planning, Taxes

Tax filing is like grocery shopping Technology has transformed the annual tax filing ritual but far too many people are replacing good judgement with purely online mechanical tools. The result is a recent spike in errors leading to costly tax penalties and higher tax payments over the long-term. The most important part of the tax […]

One door closes, another opens

Posted Leave a commentPosted in Accounting, Taxes, technoogy

“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us”. – Alexander Graham Bell A poorly matched tax engagement ended early yesterday on the same day as I brought in a record amount of new business. I hardly have time […]

Impact of Tax Reform on the Finances of Seniors

Posted Leave a commentPosted in Retirement, Taxes

Most of the changes included in the Tax Cuts and Jobs Act are already effective for 2018. These are mostly good news for seniors. Retirees will be less affected by the tax law changes than other Americans since the changes do not affect the way Social Security and investment income are taxed.However, changes that become effective […]

#IRSFails

Posted 1 CommentPosted in IRS, Taxes

In this blog I’ve occasionally written about the extraordinary level of difficulty I’ve experienced resolving clients’ tax matters with IRS. Most recently posts like “Fun and Games With the IRS”  and  “Today’s adventures with IRS” attempt to document serious service deficiencies in a lighthearted and almost comical blog post. Today CPA Trendines covers the same […]

The Impact of “Funny Numbers”

Posted Leave a commentPosted in Accounting, Ethics, Taxes, Values

Will the ‘tone at the top’ trigger an increase in tax fraud? There are a few topics that I don’t talk about or write about in this blog. It’s usually because they are some combination of distasteful, unethical. illegal, immoral, controversial and a ‘no-win’ situation. One of those topics is accounting fraud. I covered the […]

After an audit: don’t let IRS scare you away from proper deductions

Posted Leave a commentPosted in Taxes

This seems to be an increasingly common scenario: IRS audits a self-prepared tax return and discovers errors taken on deductions1.  The taxpayer is assessed additional taxes and penalties. This increases the probability that the following year’s tax return will be audited for the same issues. On the following year the taxpayer typically takes one of three […]

Tax Preparation Fees for 2017 Tax Returns

Posted Leave a commentPosted in Accounting, Taxes

“How much do you charge for tax returns?” Of course this is a common question from new and prospective clients during tax season. The answer is that I simply use the published national average fee for tax services as a benchmark. Those rates are published by the National Society of Accountants (NSA) here. This is a […]