Use your full legal name consistently on all tax forms to save time and headaches. Listen to the podcast.
This podcast discusses the two main issues controlling a Health Reimbursement Arrangement in a sole proprietorship. Spoiler alert: it is possible but there are no income tax benefits for the business owner so it rarely makes sense to do as a ‘stand alone’ strategy. Other strategies used in combination with a HRA are usually preferred. […]
The Treasury Department’s current proposal to index cap gains would certainly save a lot of money for some people. News coverage refers to the proposal as “Tax Cuts 2.0”. This single proposal would cut federal income taxes by $102 billion over the next decade. 86% of the savings would go to top 1% wealthiest people. […]
Please read this if you are required to provide a letter from a Certified Public Accountant. I am pleased to provide accountant’s letters for various purposes. It may be a verification for litigation support or another type of legal proceeding, a bank loan or employment issue. The American Institute of Certified Public Accountants calls this an “Agreed-Upon Procedure” […]
This is a sample high-value agreement for small business accounting services that incorporates cost-saving technologies and procedures to save time and money while maintaining a high level of professional service (revised July 22, 2018). Contents: A) Communications B) Work Process C) Fees D) After End of Agreement E) Miscellaneous Provisions Thank you for choosing me […]
IRS added support for the popular tax shelter strategy known as “back door IRA” this week. The explanation is contained in this Forbes article. https://www.forbes.com/sites/jeffreylevine/2018/07/13/irs-unlocks-the-door-for-high-income-savers/amp/
In New Jersey nonprofit organizations must now file their annual reports online. The new online system is not working currently, according to a report today by a member of the NJCPA. A number of problematic issues were discussed at the Nonprofit Interest Group Meeting of the New Jersey Society of Certified Public Accountants today.
I am happy to discuss how some local nonprofit organizations use their annual IRS information filing in conjunction with strategic marketing plans to grow their support.
There are three ways that taxpayers most often get into trouble with the tax authorities. Recognizing these three tax traps can help us avoid them. Under-reported income. This is usually the most obvious omission and usually easiest for tax authorities to spot and assess additional taxes. Sometime the taxpayer’s omission is deliberate and sometimes it […]