How Income Taxes Became Part of The Constitution, Ron Cohen Episode 26
Tax update with Ron, Episode 26: How Income Taxes Became Part of The Constitution
This week we talk about:
What you need to do when you close your business. (Do it right or you will receive surprise tax bill with penalties)
Deloitte on various areas of the new Inflation Reduction Act
The Sixteenth Amendment to the US Constitution and how it impacts you every minute of every day!
Links:
IRS
https://www.irs.gov/newsroom/what-business-owners-need-to-do-when-closing-their-doors-for-good
Deloitte:
https://dhub.blob.core.windows.net/dhub/Newsletters/Tax/2022/TNV/220816_1.html?elqTrackId=5084e0514b8d42c9bf737d3b3d14179c&elq=e4e5be066b7749d6b921281778051bb2&elqaid=98458&elqat=1&elqCampaignId=18145
Detailed discussions of the following tax issues related to the new law are also available from Deloitte:
• Book-minimum;
• Stock buyback excise;
• Clean-energy provisions; and
• Financial reporting considerations.
We’ll provide links to additional resources as they become available.
https://www.irs.gov/irs-history-timeline
https://www.irs.gov/pub/irs-utl/irs-history-timeline_march-2019.pdf
https://www.archives.gov/milestone-documents/16th-amendment
Then, after WWII, with the Cold War and massive expansion of the federal government, the IRS system exploded for everyone. See the attached for the history of U.S. rates: https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspx
American Dreams Podcast:
www.youtube.com/channel/UC-gL-bLP0-ZI2cDfuGWbWmA
Please let us know if there are specific topics you’d like to hear about in future episodes.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
rcohen@groco.com
510.797.8661
We hope you found this podcast helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP CPAs & Advisors
Email: rcohen@groco.com
510.797.8661
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Click here to learn more about Greenstein, Rogoff, Olsen & Co., LLP (GROCO.com) Advisors to the ultra-affluent.
About GROCO:
Greenstein, Rogoff, Olsen & Co., LLP is a full-service Certified Public Accounting firm located in the Silicon Valley region of the San Francisco Bay Area. It has been consistently ranked as one of the top family office IRS, state and local strategy and advisory firms in the San Francisco Bay Area. Founded by Morey Greenstein, the practice has grown into a premier regional family office strategy and advisory firm with offices in the Kansas City and San Francisco Bay Areas.
GROCO® provides strategic family office strategy and advisory, financial, wealth preservation, business valuation, planning and consulting services to high net worth individuals, closely-held businesses and individuals expecting significant liquidity events. Specific expertise includes delivering these services to Venture Capital partners, individuals, and family offices. Many named partners in the largest VC firms are long-time clients of GROCO.
About Ron Cohen, CPA, MST, Partner GROCO:
Ron has more than 3 decades of experience in public accounting and related industry work. Ron has extensive knowledge in International Tax and has traveled extensively throughout Europe and Asia handling various compliance issues. He has also served as a tax director for a company with sales in excess of $2 billion. Ron previously taught courses in taxation and financial accounting at a local College.
Prior to his life as a CPA advisors, Ron did some stand-up comedy in Chicago and received advice from several comedians with national T.V. shows. However, after observing that the vast majority of comedians have a very low taxable income, Ron decided to follow his father’s example and become a CPA. He earned an undergraduate accounting degree from the University of Illinois, Chicago, and then a Masters in Taxation from Golden Gate University. Ron lives in Fremont with his wife, who teaches high school English, and has two sons and two grandchildren.
Posted 8/23/2022
We appreciate our subscribers and clients. As the IRS, state and local agencies try to increase revenue any way they can. Our firm seeks to insure that our clients pay all of their government obligations, but no more. Using confusion and ambiguity to extract more money from citizenry is not right nor in concert with the efforts and insightful brilliance of our founding fore fathers.
We don’t use tricks or schemes, but rather appropriate strategies to accomplish our clients best interest while seeing that their fair share is exactly that. And not something justified by a bureaucracy that has grown inefficient and unmanageably cumbersome from it’s own massive weight.
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