Category: Taxes
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My Friday client communications
Good communication is key to effective tax and financial planning! In today’s complex environment it is too easy to miss a communication and lose momentum. I try to review the status of all time-sensitive open issues weekly.
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First impressions of Tax Cuts and Jobs Act
FOR ME AND MY CLIENTS: I calculated my own taxes under the tax reform proposal and it’s not a tax cut for me. It’s a wash. I don’t see tax cuts for my middle income self-employed clients but I haven’t taken the time to do calculations yet. New Jersey clients will be hurt by the…
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Chaos, ignorance, propaganda and fraud rule the tax reform effort
“Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further tax cuts…for the Middle Class. The House and Senate should consider ASAP as the process of final approval moves along. Push Biggest Tax Cuts EVER,” There is so much wrong with this latest statement…
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Tax tip: Avoid Late Filing Penalties
I had a few cases lately where small business organizations filed late tax returns and were then surprised by the size of the IRS late filing penalty. The penalty applies to regular for-profit, nonprofit and charitable organizations. The penalty is assessed even if the organization had no net income. The late filing penalty is applied…
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‘Tuna tail’ public opinion after tax reform?
The president’s most recent public approval rating according to the latest NBC/Wall Street Journal poll: I noticed that the graph looks like a fish. Looking ahead, we will see the impact of the tax reform proposal reflected in the next public opinion poll. If this tax reform proposal is as unpopular as I think it will be…
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Preparer Tax Identification Number (PTIN) Update
The IRS requires that anyone who prepares or assists in preparing federal tax returns for compensation must have a valid Preparer Tax Identification Number (PTIN) before preparing returns. This allows the government to track tax returns by preparer and, in my opinion, has resulted in the decrease of fraudulent or abusive tax returns. In prior…
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2017-2018 tax services agreement
From time to time it becomes necessary to update my service agreement. This is a revised generic tax services agreement proposed for next tax season. Dear : Thank you for choosing me to help you with your taxes. My goal is to give a stress-free tax filing experience. Clear communication plays an important part…
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Tax reform: “your results may vary”
Investors have cheered the prospect of a tax cut since it first became a reasonable possibility with Trump’s election. The markets reflect that enthusiasm. But now a closer look at the proposed legislation and its uphill battle ahead paint a different picture. First, it is clear that not all large businesses will benefit. Wall Street…
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Eight reasons why we must keep the estate tax
Update 10/9/2017: It now appears certain that Republicans will abandon their effort to repeal the estate tax due to public accumulated public resistance. It is important for the United States to keep the estate tax in place for a wide range of public policy, social equity and financial reasons. I have long promoted the basic…
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First glance at the Republican tax reform bill
The Republican tax reform bill has no t yet been released. This blog post is meant as a brief summary of the issues most important to individuals and small businesses as reported by news sources. Significant provisions Individual tax rates are 12%, 25% and 35% and 39.6% The standard deduction would be increased so fewer…