This section of our website contains useful information, Web links and tools. Please check back regularly for updates and recent revisions. Our goal is to provide information and resources that will make the process of financial planning and tax preparation simpler.
Getting a divorce? There are tax issues you need to understand
Sep 19th, 2019

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce.   Alimony or support payments. […]

Strict substantiation requirements may preclude vehicle related deductions. Read more..
Sep 18th, 2019

The U.S. Tax Court ruled that a taxpayer who worked as a taxi driver and a real estate appraiser wasn’t eligible to deduct vehicle-related expenses relating to an appraisal business he operated from a friend’s house. The court stated that the taxpayer didn’t meet strict substantiation requirements. Rather, he offered only inconsistent testimony and noncontemporaneous […]

4 negative outcomes of jointly owning property with a family member
Sep 18th, 2019

A common estate planning mistake that people make is to own property jointly with an adult child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple technique for leaving property to that person without the need for probate. But any […]

Have you moved recently? Update your address with IRS.
Sep 17th, 2019

Taxpayers lose their “the IRS should’ve known we changed our address” argument. The U.S. Tax Court has ruled that the IRS properly mailed a deficiency notice to a married couple’s last known address. The taxpayers didn’t live at that address at the time the deficiency notice was mailed and argued that the IRS Appeals Officer […]

4 tough questions to ask about your sales department
Sep 17th, 2019

Among the fastest ways for a business to fail is because of mismanagement or malfeasance by ownership. On the other hand, among the slowest ways is an ineffective or dysfunctional sales department. Companies suffering from this malady may maintain just enough sales to stay afloat for a while, but eventually they go under because they […]

Budgeting is key to a successful start-up
Sep 16th, 2019

More than half of recent college graduates plan to start a business someday, according to the results of a survey published in August by the American Institute of Certified Public Accountants (AICPA). Unfortunately, the AICPA estimates that only half of new businesses survive the five-year mark, and only about one in three reach the 10-year […]

Attention: Accounting rule delays in the works
Sep 16th, 2019

On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term insurance contracts. Summary of the changes The following table summarizes key implementation date […]

Complicated rules for Inherited IRA’s.
Sep 11th, 2019

The IRS has ruled that an IRA wasn’t an inherited IRA after the deceased IRA owner’s wife was appointed sole beneficiary by a state court. Before the state court ruling, the only beneficiaries were the children of the deceased. In a private letter ruling, the IRS stated that, because the wife is entitled to the […]

The key to retirement security is picking the right plan for your business
Sep 11th, 2019

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made […]

FBAR Reporting
Sep 10th, 2019

Taxpayers with certain foreign financial accounts must report them on their returns. They may also need to file a Report of Foreign Bank and Financial Accounts (FBAR) or face penalties. One taxpayer didn’t file FBARs for his Swiss accounts, prior to 2011. In 2011, he signed an agreement with the IRS to voluntarily disclose the […]