Articles & Videos
Startup Fundraising – Do You Know Who You Are Talking To?
Startup Fundraising – Do You Know Who You Are Talking To? Venture capital, private equity, mezzanine debt, venture debt, angel money, investment bank? What’s the difference and who are the players? Many people start looking for funding and become involved with investment bankers or business brokers without really understanding what they are looking for or…
Republican Lawmaker Pushing Real Tax Reform
Republican Lawmaker Pushing Real Tax Reform By Kent Livingston Will our country ever see true tax reform? While politicians continue to battle over who should pay what and who is getting away with highway robbery, none of them seem to be able to come up with a better plan to actually fix our country’s broken…
Six Facts About the American Opportunity Tax Credit
Six Facts About the American Opportunity Tax Credit Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009. Here are six important facts the IRS…
Tax Strategies for the Wealthy: Qualified Personal Residence Trust (QPRT)
Tax Strategies for the Wealthy: Qualified Personal Residence Trust (QPRT) Wealth management is an important issue for those with substantial assets to protect. Many people incorrectly assume that their estates will escape federal estate tax as a result of underestimating what their principal residence will be worth when they die. Often, our homes are our…
Making Your Medical Deductions Count
Making Your Medical Deductions Count April 15th is almost here and if you are owing tax it may pay to take a second look at that return to see if you claimed all medical deductions you are entitled to. Your diligence in keeping track of expenses will pay off. IRS Publication 502 has a complete listing…
GROCO Warns of Common Tax Filing Mistakes
GROCO Warns of Common Tax Filing Mistakes Tax return anxiety is on the rise as the federal tax filing date looms. The prospect of filing an erroneous return increases as more rely on tax software to help prepare their returns. For the week ending March 28, more than 10,000 electronic returns were filed from home…
Loss on Sale of 1244 Stock
Have you considered a loss on sale of 1244 stock as a tax strategy? Ordinarily, a loss on a sale or exchange of stock is a capital loss. Capital loss treatment is generally less advantageous than ordinary deduction treatment because of the fact that a capital loss recognized by an individual is applied, first against…
Section 213 Medical, Dental, etc., Expenses
Section 213 Medical, Dental, etc., Expenses (a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent, to the extent that such expenses exceed 7.5 percent of adjusted gross income.…
Prevent an IRS Audit, 10 Strategies
Prevent an IRS Audit, 10 Strategies Do you like to prevent an IRS audit, well, here are 10 strategies that might help avoid an agent making a visit to your home or office. I don’t know many people who like these experiences, but knowing strategies to prevent an unwanted visit could certainly save you from…
When to Exercise Your Stock Options
When to Exercise Your Stock Options “Deciding when to exercise your option can be a complex decision. Therefore, it is important to know the rules before you decide to cash in your options.” Know the Rules Employee stock options can provide you with a substantial source of deferred income and permit you to control the…
Accounting Joke Videos
Accounting Joke Videos Insanity So, you’re saying it’s ok. Insanity, is a side-effect of tax law. Accounting Classes I tried taking a course on ethics for my CPE credits, but everything contradicted what I learned in my accounting classes. Feelings So, you’re saying that I should own my feelings… but my accountant said that it…
Series LLC: Simplify Your Legal Entity Structure
Series LLC: Simplify Your Legal Entity Structure By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP Many businesses are being set up as a Series LLC where multiple projects are involved. Rather than setting up an entirely new Limited Liability Company (LLC) for each project, a Series LLC can be formed, with…
Transferring the Family Home to Your Children
Transferring the Family Home to Your Children An estate and tax planning specialist mentioned to us recently that one of the most common arguments among siblings is over the fate of the family home after the death of a parent. For both sentimental as well as financial reasons, the transfer of a residence can be…
Best Accounting Jokes
Best Accounting Jokes One-liners Definitions of Accountants Newton’s Laws of Accounting Top 10 Signs Your Accountant is Nuts Top 10 Signs You’ve Hired a Bad Accountant Top 10 Pick-Up Lines of Accountants Top 10 Ways To Make Doing Your Taxes More Fun Top 10 Signs You Work in Public Accounting/Consulting You Might Be An Accountant…
70% Qualify for Free 1040 Software
70% Qualify for Free 1040 Software People with an income up to almost $50,000 will get free access to tax return preparation software, the Internal Revenue Service said Tuesday. That means 70 percent of taxpayers can prepare their taxes for free using software available through the IRS Web site — www.irs.gov Still, that is fewer…
Wealthy Should Prepare for Audits by Keeping Organized Records
Wealthy Should Prepare for Audits by Keeping Organized Records Expensive art collections, investment hobbies and offshore bank accounts may raise red flags when it comes to IRS audits. In 2011, the Internal Revenue Service audited 29.93% of taxpayers who reported more than $10 million of annual income [1]. This percentage increased by 18.38% from 2010.…
What Separates Ultra Rich From Everyone Else?
What Separates Ultra Rich From Everyone Else? By Alan Olsen There’s an old cliché in the sporting world that many coaches have used in an effort to help lift their teams when they face what appear to be insurmountable odds. The saying goes: “They put their pants on one leg at time,” or something very…
“Madoff” or “Ponzi-Type” Tax Losses
“Madoff” or “Ponzi-Type” Tax Losses Update: 12/9/09 Wall Street Journal Article: http://online.wsj.com/article/SB124623441944466541.html In addition to other good information about the type and amount of refunds people are obtaining it says in the last paragraph: “On Monday, Sen. Charles Schumer (D., N.Y.) proposed a bill that seeks to further expand the carry-back period up to six…
Military Family Tax Relief Act of 2003
Military Family Tax Relief Act of 2003 On Nov. 11, 2003, President Bush signed into law the Military Family Tax Relief Act of 2003. Among its provisions are these tax breaks related to military personnel: Death benefits The death gratuity paid to survivors of deceased Armed Forces members rises to $12,000 and is not taxable…
Voluntary Compliance Program for Withholding Agents
Voluntary Compliance Program for Withholding Agents In a memo dated February 25, 2005, the IRS Large & Mid-size Business Division, announced that based on recently received Chief Counsel Advice, withholding agents participating in the Section 1441 Voluntary Compliance Program (VCP) would not be subject to interest charges under certain circumstances. Section 1441 requires withholding agents…