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"Serious Problem" at IRS: Private Debt Collectors

Ray Martin of MoneyWatch

Last year the IRS reactivated a program using private debt collectors to collect unpaid taxes from individuals with delinquent tax debts. According to the National Taxpayer Advocate, the IRS' Private Debt Collection (PDC) program is a "most serious problem." A troubling finding of a recent report was that taxpayers, whose tax debts were...

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Questions and Answers on the Qualified Business Income Deduc…

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

The Tax Cuts and Jobs Act of 2017 introduced a new write-off for owners of pass-through entities that runs from 2018 through 2025. This deduction doesn’t require any cash outlay...

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Tax Cuts and Jobs Act of 2017: Impact on Individuals
On December 19, 2017, Congress passed a major tax package…
Charitable Contributions for High-Income Taxpayers
The government views those with income of $200,000 or more…
Death of an Employee: Tax Ramifications
When an employee dies, family members, co-workers and others may…

Key Tax Laws by Birthday
Many of the tax rules for individual taxpayers depend on…
Tax Advantages for Working Children
With summertime approaching, many children will be getting jobs during…
Tax Issues of Long-Term Care
Long-term care is different from medical treatment designed to cure…

Tax Consideration of Identity Theft
In its annual release in 2016, the Federal Trade Commission…
Tax Aspects of Disasters
The flooding in parts of Louisiana on August 11, 2016…
Tax Strategies for Windfalls
Individuals may have financial windfalls because of a variety of…

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Easy Money or Tax Trap for the Unwary

Kathleen M. Lach

It has become fairly common these days for individuals and businesses to raise funds for various purposes through a mechanism referred to now as “crowdfunding.” Whether for a charitable cause...

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When is it OK to Not Meet the Tax Deadline?
Consequence of Filing Your Tax Return Late or Failure to…
IRS Examining Coinbase Accounts
Coinbase, America’s largest platform exchanging bitcoin into U.S. dollars serving…
IRS Streamlined Installment Agreement Test Program Extended
The IRS is testing expanded criteria for streamlined processing of…

The IRS and Private Collection Agencies
If the IRS is bugging you about your unpaid taxes…
30% Business Interest Deduction Explained
The 30% business interest limitation for 2018 can have a…
Tax Cuts and Jobs Act Changing Professional Sports?
The Tax Cuts and Jobs Act, known as the Act…

Budget Act 2018 Reinstates Tax Breaks
Although the Bipartisan Budget Act of 2018 was not intended…
A New Deduction From the Tax Cuts and Jobs Act
The new Tax Cuts and Jobs Act brings a 20%…
New Tax Law Forces CPAs to Reconsider Marketing Tactics
Businesses may need to scale back on treating clients to…

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Charitable Contributions for High-Income Taxpayers

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

The government views those with income of $200,000 or more as “high-income taxpayers,” and charitable contributions are a popular write-off for this group of individuals. For 2015 (the most recent...

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Crowdsource Funding to Help Victims of the Las Vegas Massacre
One of the authors just received a call to assist…
Death of an Employee: Tax Ramifications
When an employee dies, family members, co-workers and others may…
Taxpayer Advocate Focuses on Private Debt Collectors and Passport Denials
The office of the IRS National Taxpayer Advocate Service (TAS)…

Payroll Software Focused on Compliance
Payroll Processing Software Roundtable Many things must be considered when selecting…
Trump's Tax Proposal
At the time this article was published, Donald Trump’s Unified…
How You Should Handle Your Clients’ Bankruptcy, Separation, Divorce and Debt
Let’s face it–events happen that you can’t control. Sometimes you’ve…

What Firms Can Do to Stop Pushing Talent into Competitors’ Hands
Our industry’s workforce is changing rapidly and is skewing younger…

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Understanding Pay Options with the new DOL Regulations

Jerry Love, CPA/PFS, CFP, CVA, ABV, CITP, CFF, CFFA

This article is a follow up to the prior article which highlights the new regulations for the Fair Labor Standards Act (FLSA) from the Department of Labor (DOL) raising the...

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What is a Credit Score?
This is a question on many people’s minds. A few…
Department of Labor Releases New Regulations on Overtime Rules
It has taken the Department of Labor (DOL) almost two…
Signing Up for Medicare
Most people do not know they can incur penalties by…

Affordable Care Act - Plan of Attack
By now every employer and CPA assisting employers is well…
SSARS 21 and Other Critical Changes
I am going to give you the highlights of four…
Will Your Clients Run Afoul of ACA's Largest Penalty?
Failure to read this article and understand it could cost…

Employee or Independent Contractor for ACA?
The question of when a person can be paid and…
Helping Clients Develop a Household Budget
I am frequently asked by clients to help them develop…
Affordable Care Act - 1040 Reporting Requirements
When Congress passed the Affordable Care Act (ACA) in 2010…

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How Interest Can Be Deducted When Money is Borrowed to Buy I…

Julie Welch, CPA, CFP

If a taxpayer borrows money to purchase investments, such as mutual funds, bonds or stock, the interest paid on the loan can usually be deducted. There are two limitations, however...

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Audits and Tax Return Retention
"How long should my client keep his/her tax returns and…
Tactics to Use When Preparing 1040s
Be Alert for Digital Documentation Now that companies are going digital…
Even A Nonworking Spouse Can Contribute $5,500 To An IRA
If your client is married and either that person or…

Contribute An Extra $1,000 to Your IRA and An Extra $6,000 to Your 401(k) if 50+
If your client is age 50 or older, he or…
Roth IRA Contribution Withdrawals Are Tax-Free
Roth IRAs are similar to traditional IRAs in that the…
You Can Claim Lifetime Learning Credits for Continuing Education Courses
You can offset the costs of higher education with two…

Favorable Tax Rate On Dividends
Generally dividends you receive on stock you own are taxable…
Tax Return Retention Policy
“How long should my client keep his/her tax returns and…
You Can Use Health Savings Accounts to Reduce the Cost of Your Medical Care
Health Savings Accounts (HSAs) are similar to individual retirement accounts…

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CPAs Wanting to Do It Themselves

Joshua Fluegel

In its ongoing effort to stay on the forefront of developments in tax profession technology, CPA Magazine talks to Mark Strassman, president of Make My Day CPA. Strassman discusses CPAs’...

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Top Small Business Software All Provide Phone Support
CPAs serving small businesses have many demands for their accounting…
Breaking Developments in 1040 Tax Software
There have been many changes to 1040 tax software over…
The IRS Issues Final Treasury Regulations Governing R&D Tax Credit Claims
On October 3, 2016, the IRS issued Final Treasury Regulations…

Identity Theft: Response Plan
In this information age, identity theft is no longer something…
Tax Resolution Services Prove Valuable
Tax Resolution is a fascinating way to expand your firm…
Lewis Testifies at Congressional Committee
Chairman of the AICPA Tax Section’s Tax Executive Committee, Troy…

Crowdfunding Requires Reviews by CPAs
The need for CPA reviews may explode when Jumpstart Our…
6 Tax Tips for Tax Season
The dawn of a new year brings a fresh opportunity…
Tips and Tricks for Tax Professionals
Here are three quick tips and tricks to help tax…

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Estate Planning After Tax Reform

Martin M. Shenkman, CPA, MBA, PFS, AEP, JD

Tax Reform has not been enacted at the time this article is written, but it appears likely that some variation of the House and Senate proposals will be enacted. Because...

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Crowdsource Funding to Help Victims of the Las Vegas Massacre
One of the authors just received a call to assist…
Technology and CPA Estate and Longevity Planning
Estate planning is a vital service for clients. While historically…
Checklist: Elder Financial Abuse
Aging clients are growing in number and practitioners should address…

16 Ways to Turn 1040s into Planning Clients
An individual income tax return can be a treasure trove…
CPAs' Role Grows After Estate Tax Repeal
Donald Trump won the Presidency and the Republicans control both…
Documentation to Transfer Closely Held LLC Interests by Gift or Sale
Funding Irrevocable Trust with Family or Closely Held LLC Interests LLCs…

Checklist: 1040 Planning Idea
√ MULTI-GENERATION CRT Blended families are common, perhaps the norm (only…
Practice Management Tips on Serving as Monitor for Aging Clients
CPA practices, large and small, should retool to capitalize on…
Checklist: Single Membership LLC Creative Planning Applications
Limited liability companies (LLCs) are ubiquitous in client planning. The…

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