Category: Taxes
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Who wins and who loses under the new IRS?
The IRS is reducing its work force, adding new AI enforcement tools, while the Criminal Investigation division is shifting its resources, agents, and focus from the nearly $700 Billion small-business tax gap enforcement to combating border-related crimes. Without the threat of criminal prosecutions, the behavior of other taxpayers is likely to shift. While there is…
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Who pays $1500 for a simple tax return?
Last year I stopped charging for tax returns and worked since then to repackage my messaging. This post continues that effort. Almost nobody pays $1500 for just a simple tax return. That’s the point of this post. Yet lots of people want the confidence gained from the benefits of a strong relationship with a versatile…
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Will AI catch up to the speed of life?
Some in the advisory fields are raving about new AI research tools. I have yet to be convinced of their real value in my life. A few days ago I noticed an issue with workflow using Perplexity AI Deep Research. I was answering a client’s email in the early morning where he made a strange…
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Working class men and the future of the rural marina
We are now speaking with individuals who may want to be involved as ‘sweat equity’ shareholders, casual workers or just volunteers, tax-motivated real estate investors, and environmental professionals.
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Seven foundational concepts of professional tax practice
Seven foundational concepts of professional tax practice:
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Why does Congress protect tax cheaters?
The issue of tax cheating, audits, and enforcement have been in the news lately. The topic is of growing concern in my daily business conversations. This post describes my own experiences. Background Despite evidence that tax cheating by high income earners has soared over the past decade and that more recent Congressional action is making…
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What’s included in tax services?
Lately I use the term “bundled services” to describe how my tax service differs from some other professional providers. We also use the term ” old fashioned” and “relationship-based”. Whatever we call it, my standard accounting engagement agreement includes a bundle of basic and preliminary services and a bunch of advanced services to ensure a…
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Should a CPA prepare your tax return?
Summary The AICPA says “Simply put, a CPA will save you money in the long run and look out for your best interests. Anyone can drop numbers into software to prepare a tax return. However, a CPA will analyze your specific situation for tax savings opportunities and help you plan for next year.” This blog post expands…
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TurboTax user needs free tax advice
“I’m doing my tax return on TurboTax and I just have a quick question. I wonder if there is something wrong because I’m not getting any money back”. – a caller yesterday I pick up my own phone so sometimes I get these types of questions. Tax preparers tend to be irritated by calls asking…
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My comment on revised Statements on Standards for Tax Services
The AICPA proposed revisions to its Statements on Standards for Tax Services. Tax practitioners are asked to provide comments on the proposed SSTS changes. I submitted a comment regarding the disclosure on the use of estimates when a taxpayer is ill. *** The current standard on the use of estimates under unusual circumstances 2.4.1 says…