CPA communication with a prior tax preparer

Posted 3 CommentsPosted in Accounting, Taxes

Is it ever appropriate for a CPA tax preparer to communicate with the prior CPA tax preparer in order to gain an understanding of a proposed tax engagement? Consider this situation: Prospective tax client presents his prior tax returns with a request to prepare the current tax return and all appears to be in order except […]

Misunderstandings of tax treatment of health insurance

Posted 3 CommentsPosted in Accounting, Employee Benefits, Taxes

An article in Forbes earlier this month was apparently misunderstood by some readers. PPACA is certainly difficult and some issues are not yet resolved. But we should not let that confusion undermine our understanding of basis tax principles governing the treatment of health insurance premiums paid by an employer. I suggest that it would be good […]

The latest financial planning twist for same-sex couples

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

I try to follow developing news for my same-sex couple clients (some now married, some not) and occasionally post something that attempts to summarize or help with planning like this “Financial Planning Checklist for Unmarried Couples” that has turned out to be quite popular. Recall that in 2013 the Supreme Court ruled on a case […]

When QuickBooks is a no-brainer

Posted Leave a commentPosted in Accounting, Computers and Internet, Financial Planning, Small Business, Taxes

I ran into an old friend by chance on a Philadelphia sidewalk today. We used to see each other often but now he lives more than an hour away with his three dogs at a rural country place in beautiful upper Bucks Country. He knows that I am an accountant but we’ve never “talked business” […]

What’s new in income tax software about the Affordable Care Act

Posted 1 CommentPosted in Computers and Internet, Taxes

Tax return preparation software must be redesigned this year in response to implementation of the Affordable Care Act’s provisions that took effect in 2014. This is what’s new in most tax preparation software packages about Affordable Care Act: 1) a new Health Care tab to the Data Entry Menu with additional screens or tabs to help complete the […]