Author Sidney Kess, CPA, J.D., LL.M

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Tax Strategies

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Required ACA Reporting Forms

Required ACA Reporting Forms

The Patient Protection and Affordable Care Act (referred to as ACA or Obamacare) requires employers and...

Taxes and Technology

Taxes and Technology

Technology continues to expand at an ever-increasing rate and taxes are not immune from the impact...

Net Investment Income Tax for Estates and Trusts

There is a 3.8% additional Medicare tax imposed on trusts and estates that have net investment income...

Obamacare Tax Credits & Considerations

The main provision of the Patient Protection and Affordable Care Act of 2010, otherwise known as the...

Year-End Tax Planning for Individuals/Businesses

Now that the final quarter of the year is under way, it is an ideal time to focus on year-end tax...

Obamacare Consulting

Key provisions of the Patient Protection and Affordable Care Act (also referred to as the Affordable...

Roundup of Recent Tax Court Decisions

The U.S. Tax Court is the court to use when the amount of federal taxes is in dispute and the taxpayer...

New Tax Landscape for Trusts

Trusts have historically been used for a variety of reasons: to benefit family members, charities,...

Income Deferral Strategies

In 2013, there is a new, harsher tax landscape for high-income taxpayers. The top rates on ordinary...

Retirement Income Can Impact Medicare Surtax on Net Investment Income

Taxes and Retirement Income Individuals may receive a variety of income when they retire. Different...

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Editor Blog

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Bitcoin Qualifies for Capital Gains Due to IRS Guidance

Bitcoin will be treated a property according to guidance issued by the IRS March 25th. See www.bitcoin4biz.com...

Expanding Your Practice with QuickBooks Consulting

QuickBooks Consulting (QBC) fits neatly in the category of expanding your practice because it is one...

NSA Cyber-Tracking Avoidance Techniques

The nuisance of online machine-generated advertising has recently been exceeded by word that Google,...

Spring 2013 Statistics of Income Bulletin Now Available

  WASHINGTON — The Internal Revenue Service today announced the availability of the spring 2013...

Apple's dirty little tax secret

Cathy Kearney, an accountant in the Irish city of Cork, lives with her husband and children in a large,...

IRS Should Take More Aggressive Action to Address Travel Card Misuse

WASHINGTON – Although the Internal Revenue Service’s (IRS’s) travel card program controls are generally...

CPAs Hard to Find for SSAE 16/SAS 70 Audits

Service Organization Control (SOC) engagements are seen as a growth area for CPA firms. John McLaughlin,...

CPA Fraud Examiner

Robert Gralla is a CPA, Certified Fraud Examiner and Certified Forensic Accountant who has experience...

4 Tips on Bond Portfolios for Tough Times

The extraordinary measures taken by the United States Federal Reserve to stimulate employment growth...

Crowdfund & Small Firm Auditing

The signing of the Jumpstart Our Business Startups Act (JOBS Act) in April of this year has put the spotlight...

Author Julie Welch, CPA/PFS, CFP

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Client Tax Tip

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Client’s Children Hired for Their Business

Client’s Children Hired for Their Business

If your client has chores their children can do in their business, they should consider hiring them....

Have Employer Pay for Tuition and Exclude Cost From Income

Have Employer Pay for Tuition and Exclude Cost From Income

Education expenses can reduce taxes in one of three ways. First, job-related education expenses can...

Use Health Savings Accounts to Reduce the Cost of Medical Care

Health Savings Accounts (HSAs) are similar to individual retirement accounts (IRAs) for medical expenses....

Why Give Appreciated Property to Charity

  Donating appreciated property to charity can produce substantial tax savings. Appreciated...

Help Clients Maximize a SIMPLE Retirement Plan

Savings Incentive Match Plan for Employees (SIMPLE plans) are retirement plans that can be set up...

Retirement Plan Distributions Before 59 ½

Penalties generally apply if you withdraw money from your retirement plan before you reach age 59 ½....

Avoid 50% Penalties on Distributions From Your Retirement Plan

When it comes time to withdraw money from a retirement plan, you should consider both nontax as...

Don’t Assume Social Security Benefits Are Taxable

Up to 85% of Social Security benefits can be taxed. However, it is possible that no Social Security...

23 Year-End Tax Tips

Time Your Income and Deductions - Accelerate income in light of the elimi­nation of the Adjusted...

10 Ways the American Opportunity Tax Credit Reduces College Cost

  The costs of higher education may be offset with two credits: the American Opportunity tax...

Author Martin M. Shenkman, CPA, MBA, PFS, J.D.

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Tax Checklist

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Aging Clients and Home Improvements as Medical Expense Deduction

Aging Clients and Home Improvements as Medical Expense Deduction

With an aging population, higher income tax rates and more clients trying to live at home than in facilities,...

Practice Development: Quicken for Later Life Planning

Practice Development: Quicken for Later Life Planning

Every CPA can and should be a proactive to help clients with estate planning matters. In the past,...

LLC and FLP: The Swiss Army Knife of Planning Options

LLCs are ubiquitous in tax and business planning for clients. They have become the default answer...

Post-ATRA Trust Income Tax Planning

Income tax planning for trusts has been profoundly affected by the dramatic changes the American Taxpayer...

Help Clients Save Taxes Using Form 1065 Post ATRA

Partnerships, and limited liability companies (LLCs) taxed as partnerships (both to be referred to...

Income Tax Tips and Estate Planning

Since so few clients have estates subject to federal estate tax ($10.5M+ for a couple) income tax...

Life Insurance Planning Post-ATRA

Insurance has, and will always remain, an integral part of many estate plans, regardless of the status...

CPA's Role in Estate Planning Post-ATRA

Introduction  SALY (same as last year) can be a recipe for disaster if you don’t verify the...

21 Tips for S Corporations with Trusts and Estate Shareholders

There are over two million S corporations. In 2012 there has been a tremendous shift of wealth to...

10 Tax Tips on Reimbursement and Ways You May Access Assets in a Domestic Asset Protection Trust

If you are considering making large gifts in 2012, you may be concerned about whether you can have...

Author E. Martin Davidoff, CPA, Esq.

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IRS Representation Advisor

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IRS Posts New Forms for Offers in Compromise

IRS Posts New Forms for Offers in Compromise

On December 31, 2013, the IRS posted the January 2014 revision to Form 433-A (OIC), Collection Information...

IRS Provides Guidance for Clients Affected by DOMA

IRS Provides Guidance for Clients Affected by DOMA

 In July, I wrote about how the United States Supreme Court found Section 3 of the Defense of...

Defense of Marriage Act Overturned with Respect to Federal Benefits and Federal Tax Laws

On June 26th, the United States Supreme Court found that Section 3 of the Defense of Marriage Act...

Steps to Effective IRS Audit Resolution, Part II

You can view the first half of this article by visiting http://www.cpataxmag.net/davidoff-stories/42-e-martin-davidoff-columns/869-steps-to-effective-irs-audit-resolution....

Steps to Effective IRS Audit Resolution

When taxpayers receive the dreaded notice that their business is going to be examined by the Internal...

The American Taxpayer Relief Act of 2012

On New Year’s Day, Congress completed its compromise to avoid the fiscal cliff. Here are the...

Offers In Compromise Improving

On May 21st, the IRS announced major revisions to the Offer in Compromise program (http://www.irs.gov/newsroom/article/0,,id=257542,00.html)....

IRS Appeals in Collection Matters

The most underutilized arm of the Internal Revenue Service with respect to Taxpayer collection issues...

Dealing with the IRS Regarding Collections, Penalty Abatements and Examinations

In practicing before the IRS regarding collection matters, penalty abatements and examinations, I...

New IRS Procedures Claim to Provide 'Fresh Start' for Taxpayers

Over the past several weeks, the IRS has made some significant changes in collection policies and...

Author Jerry Love, CPA/PFS

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Financial Planner

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Paying for College and Finding Means to Do So

Paying for College and Finding Means to Do So

Over the last 50 years, going to college has become an expected rite of passage for a large majority...

Advanced Preparation for Social Security Retirement Benefits

Advanced Preparation for Social Security Retirement Benefits

Retirement is the goal that most of us look forward to at the end of our career. There is much debate...

Advising Clients Over Social Security Disability

According to the Social Security Administration’s Fact Sheet in February of 2013, 25% of the 25-year-olds...

The Affordable Care Act's Influence on Long-Term Care

A recent article by Christine Vestal, ACA Spurs State Shift in Long Term Care, caught my attention...

What Spouse Receives Based on Your Social Security

Earlier this summer, I wrote an article about the topic of when a person should start drawing their...

Do You Have Enough Money to Retire?

This is a question I am frequently asked by the Baby Boomer generation. After all, most of us have...

When Should You Begin Drawing Social Security?

This is a question that I am frequently asked by clients. Should they start as soon as they turn 62,...

Small Business Gets Tax Credit for Providing Health Insurance

The Affordable Health Care Act (AHCA) is being called the most historic overhaul of the U.S. health...

10 Tax Tips On Implications for Debt Forgiveness

In general, if you are liable for a debt that is reduced, canceled, forgiven, or discharged, you must...

14 Tips to Inderstand the Fundamentals of Annuities

An annuity is an investment option that many people find difficult to understand and frequently turn...

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Feature Stories

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How Has SOC Reporting Changed in 2014?

How Has SOC Reporting Changed in 2014?

The AICPA recently issued an update to the Trust Services Principles and Criteria for Security, Availability,...

Supreme Court Holds Inherited IRAs Not Retirement Funds in Bankruptcy

Supreme Court Holds Inherited IRAs Not Retirement Funds in Bankruptcy

Clark v. Rameker became a controversial case when the bankruptcy court, district court and 7th circuit...

Time & Billing Evolution

Time and billing studies have found that merely tracking time always more than pays for itself in professional...

Bitcoin for Charitable Contributions

By: Jason Tyra, CPA | Bitcoin has seen tremendous growth over the last twelve months. Taxpayers...

The Innocent Alien

By: Philip Panitz, Tax Attorney | When one reads the title of this piece, it is probably a natural...

Among Bitcoin’s Largest Liquidity Providers: SecondMarket

By: T. Steel Rose, CPA | This past September, the investment firm SecondMarket created the Bitcoin Investment...

ACA Medicare Tax Guidance

By: Robert Brant, CPA and Kenneth J. Burstiner, CPA | In March 2010, the Patient Protection and...

Bitcoin Tax Checklist

By: Jason M. Tyra, CPA | Last year was very kind to Bitcoin. So kind, in fact, that for the first time,...

The Dos and Don'ts of Engagement Letters

Engagement letters should be used for all engagements including tax returns and non-attest financial...

Bitcoins, Dwollas and Frictionless Transactions

By: T. Steel Rose, CPA | Coming to a technology client in the near future, if it hasn’t happened already,...