Like most kids growing up I had to learn the importance of telling the truth. To encourage that Dad used to say “You will be in far less trouble telling me the truth than if you lie to me.” The message was clear; either way there will be an undesirable consequence BUT coming clean always [...]
I am often asked what we do after the tax filing deadline is over. Anne Field’s article “6 Ways to Get the Most Out of Your Accountant” provides a good insight into what your accountant does the rest of the year after your taxes are filed. We are your business partner by negotiating with lenders [...]
Most business owners should cheer that the House voted to repeal this reporting requirement for businesses that was slated to take effect in 2012. The Senate is on board with the repeal as well but the issue is how the estimated revenue from this reporting requirement will be replaced. In my opinion this reporting change [...]
Ken and Daria Dolan’s article “11 Outrageous Taxes” discusses 11 various charges that are being levied or have been proposed as future charges. Whether these are taxes or user fees depend on your point of view. While most people are familiar with “sin taxes” some of these on this list are clearly unusual and creative [...]
Honestly my father and his generation (World War II Vets) would be absolutely appalled at the lack of manners that exists in today’s world. Seriously, how many of you “men” actually stand up when a woman leaves the table? When was that last time you stood up when she returned? How about opening the car [...]
Due to recent IRS regulations it is more important than ever to choose the right tax preparer. Paid tax preparers who file Federal returns after January 1, 2011 must have a Preparer Tax Identification Number (PTIN). PTIN’S are issued by the IRS and subject the preparer to competency exams and continuing education requirements. Attorneys, CPAS [...]
Throughout the past year we have spent much time anticipating whether or not the Bush tax cuts would be extended; well as you all know they were. One consequence of the extensions happening so very late in the year is that the IRS can’t accept individual income tax returns for those who itemize until February [...]
I love this time of the year perhaps more than any other. From a business perspective we have moved well into our “busy season”, which actually starts during the third quarter of each year, and have done much of the planning to ensure its success. There is another layer of planning beyond the “plain vanilla” [...]
The IRS has issued Information Release (IR-2011-1) that specifies taxpayers with the following issues need to wait until mid to late February to file their 2010 individual income tax returns. Itemized deductions on Schedule A. Claiming higher education tuition and fees deductions. Teachers claiming the Educator Expense Deduction. To read IR-2011-1 please click the following [...]
The following is the 2nd part of the summary (see below) of the Tax Relief Act of 2010 and is provided compliments of UHY Advisors, Inc. UHY is a tax and business advisory services firm with whom we have had a strategic partnership with for over 25 years: Changes to the Federal Estate Tax Law [...]
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